-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GVEDFJm2qwcW4Pg2icjXG93gC9pYaFOUPYo6nBR3JhYUgfDD9P1mwUZYET14eqqh
 jKyl0EGeuPfFgsW8Hu4BYw==

<SEC-DOCUMENT>0001137171-04-000093.txt : 20040127
<SEC-HEADER>0001137171-04-000093.hdr.sgml : 20040127
<ACCEPTANCE-DATETIME>20040126184613
ACCESSION NUMBER:		0001137171-04-000093
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20040127

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:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-111763
		FILM NUMBER:		04544386

	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>F-10/A
<SEQUENCE>1
<FILENAME>amendmenttoformf10-rev.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="IT">
<meta name="date" content="01/23/2004">
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
</head>

<body style="line-height:12pt; font-size:10pt; color:#000000">

<br>
<br>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:CG Times"
align="center"><b>As filed with the Securities and Exchange Commission on
January 26, 2004</b></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-18pt; text-indent:402pt; font-family:CG Times"
align="right"><b><u>Registration No. 333-111763</u></b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-right:-18pt; text-indent:558pt; font-family:CG Times"><b><u><br>
</u></b></p>
<p style="margin:0pt; line-height:17pt; font-family:CG Times; font-size:15pt"
align="center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>Washington, D.C.
&nbsp;20549</b></p>
<u>
<p style="margin:0pt; text-indent:108pt; font-family:CG Times; font-size:6pt"
align="center"><br>
</u></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>Amendment No. 1 to</b></p>
<p style="margin:0pt; line-height:17pt; font-family:CG Times; font-size:15pt"
align="center"><b>FORM F-10</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>REGISTRATION
STATEMENT</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>UNDER THE</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>SECURITIES
&nbsp;ACT OF 1933</b></p>
<u>
<p style="margin:0pt; text-indent:108pt; font-family:CG Times; font-size:6pt"
align="center"><br>
</u></p>
<p style="margin:0pt; line-height:20pt; font-family:CG Times; font-size:18pt"
align="center"><b>Pan American Silver Corp.</b></p>
<p style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt"
align="center"><i>(Exact name of Registrant as specified in its charter)</i></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:37.35pt; line-height:11pt; font-family:CG Times"><b>British
Columbia</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:256.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>1044</b></p>
<p style="margin:0pt; text-indent:452.4pt; font-family:CG Times; font-size:9pt"><b>Not
Applicable</b></p>
<p
style="margin-top:0pt; margin-bottom:-9pt; text-indent:23.35pt; line-height:9pt; font-family:CG Times; font-size:8pt"><i>(Province
or other Jurisdiction</i></p>
<p
style="margin-top:0pt; margin-bottom:-9pt; text-indent:225.4pt; line-height:9pt; font-family:CG Times; font-size:7pt"><i>(Primary
Standard Industrial</i></p>
<p
style="margin:0pt; text-indent:455.2pt; line-height:9pt; font-family:CG Times; font-size:7pt"><i>(I.R.S.
Employer</i></p>
<p
style="margin-top:0pt; margin-bottom:-9pt; text-indent:25pt; line-height:9pt; font-family:CG Times; font-size:7pt"><i>of
Incorporation or Organization)</i></p>
<p
style="margin-top:0pt; margin-bottom:-9pt; text-indent:224.5pt; line-height:9pt; font-family:CG Times; font-size:7pt"><i>Classification
Code Number)</i></p>
<p
style="margin:0pt; text-indent:453.95pt; line-height:10.35pt; font-family:CG Times; font-size:7pt"><i>Identification
No.)</i></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center">&nbsp;</p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>1500 - 625 Howe Street</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Vancouver, British Columbia</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Canada &nbsp;V6C 2T6</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>(604) 684-1175</b></p>
<p style="margin:0pt; line-height:9pt; font-family:CG Times; font-size:7pt"
align="center"><i>(Address and telephone number of Registrant's principal
executive offices)</i></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Pan American Minerals Inc.</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>c/o Harris, Trimmer &amp; Thompson</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>6121 Lakeside Drive, Suite 260</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Reno, Nevada 85511</b></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>(775) 825-4300</b></p>
<p style="margin:0pt; line-height:9pt; font-family:CG Times; font-size:7pt"
align="center"><i>(Name, address and telephone number of agent for service)</i></p>
<u>
<p style="margin:0pt; text-indent:108pt; font-family:CG Times; font-size:6pt"
align="center"><br>
</u></p>
<p
style="margin:0pt; text-indent:249.2pt; line-height:10pt; font-family:CG Times; font-size:8pt">Copies
to:</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:72.75pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Christopher
W. Morgan, Esq.</b></p>
<p
style="margin:0pt; text-indent:374.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Fred
R. Pletcher, Esq.</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:45.65pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Skadden,
Arps, Slate, Meagher &amp; Flom LLP</b></p>
<p
style="margin:0pt; text-indent:362.65pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Borden
Ladner Gervais LLP</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:81pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Suite
1820, North Tower</b></p>
<p
style="margin:0pt; text-indent:335.25pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>1200
Waterfront Centre, 200 Burrard Street</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:67pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>P.O.
Box 189, Royal Bank Plaza</b></p>
<p
style="margin:0pt; text-indent:353.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>P.O.
Box 48600, Stn. Bentall Ctr.</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:77.9pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Toronto,
Ontario &nbsp;M5J 2J4</b></p>
<p
style="margin:0pt; text-indent:341.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>Vancouver,
British Columbia &nbsp;V7X 1T2</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:97.9pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>(416)
777-4700</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:385.9pt; line-height:11pt; font-family:CG Times; font-size:9pt"><b>(604)
687-5744</b></p>
<b>
<p style="margin:0pt; text-indent:504pt; font-family:CG Times; font-size:9pt"><br>
</b></p>
<u>
<p style="margin:0pt; text-indent:108pt; font-family:CG Times; font-size:6pt"
align="center"><br>
</u></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Approximate date of commencement of proposed sale of &nbsp;the
securities to the public:</b></p>
<p style="margin:0pt; line-height:12.75pt; font-family:CG Times; font-size:9pt"
align="center">From time to time on or after the effective date of this
Registration Statement.</p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt"
align="center"><b>Province of British Columbia, Canada</b></p>
<p style="margin:0pt; line-height:13.7pt; font-family:CG Times; font-size:9pt"
align="center"><i>(Principal jurisdiction regulating this offering)</i></p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt">It
is proposed that this filing shall become effective (check appropriate box):</p>
<p
style="text-indent: -27pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt; padding-right: -18pt">A.
[&nbsp; ]</p>
<p
style="margin:0pt; padding-left:36pt; padding-right:-18pt; line-height:11pt; font-family:CG Times; font-size:9pt">Upon
filing with the Commission, pursuant to Rule 467(a) (if in connection with an
offering being made contemporaneously in the United States and Canada).</p>
<p
style="text-indent: -27pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 36pt">B.<font
face="Times New Roman"> [X]</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:11pt; font-family:CG Times; font-size:9pt">At
some future date (check the appropriate box below):</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-72pt; line-height:11pt; font-family:CG Times; font-size:9pt">1.</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-45pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
face="Times New Roman">[ &nbsp;]</font></p>
<p
style="margin:0pt; padding-left:108pt; line-height:11pt; font-family:CG Times; font-size:9pt">pursuant
to Rule 467(b) on ( &nbsp;&nbsp;&nbsp;&nbsp;) at ( &nbsp;&nbsp;&nbsp;&nbsp;)
(designate a time not sooner than 7 calendar days after filing).</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-72pt; line-height:11pt; font-family:CG Times; font-size:9pt">2.</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-45pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
face="Times New Roman">[ &nbsp;]</font></p>
<p
style="margin:0pt; padding-left:108pt; line-height:11pt; font-family:CG Times; font-size:9pt">pursuant
to Rule 467(b) on ( &nbsp;&nbsp;&nbsp;&nbsp;) at ( &nbsp;&nbsp;&nbsp;&nbsp;)
(designate a time 7 calendar days or sooner after filing) because the securities
regulatory authority in the review jurisdiction has issued a receipt or
notification of clearance on ( &nbsp;&nbsp;&nbsp;).</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-72pt; line-height:11pt; font-family:CG Times; font-size:9pt">3.</p>
<p
style="text-indent: -45pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 108pt"><font
face="Times New Roman">[X]</font></p>
<p
style="margin:0pt; padding-left:108pt; line-height:11pt; font-family:CG Times; font-size:9pt">pursuant
to Rule 467(b) as soon as practicable after notification of the Commission by
the Registrant or the Canadian securities regulatory authority of the review
jurisdiction that a receipt or notification of clearance has been issued with
respect hereto.</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-72pt; line-height:11pt; font-family:CG Times; font-size:9pt">4.</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; text-indent:-45pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
face="Times New Roman">[ &nbsp;]</font></p>
<p
style="margin:0pt; padding-left:108pt; line-height:11pt; font-family:CG Times; font-size:9pt">after
the filing of the next amendment to this Form (if preliminary material is being
filed).</p>
<p style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:9pt">If
any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus
offering procedures, check the following box. &nbsp;<font face="Times New Roman">[X]</font></p>
<p style="margin:0pt; font-family:CG Times; font-size:9pt"><br>
</p>
<p style="margin:0pt; padding-right:-18pt; font-family:CG Times; font-size:8pt"><br>
<br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:CG Times"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>PART I</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><b>INFORMATION
REQUIRED TO BE</b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><u>DELIVERED TO
OFFEREES OR PURCHASERS<a name="FlagTemp"></a></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:CG Times" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p
style="margin-top:0pt; margin-bottom:-13pt; padding-left:-18pt; padding-right:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><i><u>PROSPECTUS</u></i></p>
<p
style="margin-top:0pt; margin-bottom:16.5pt; padding-left:-18pt; padding-right:-18pt; text-indent:504pt; font-family:Times New Roman; font-size:11pt"
align="justify"><br>
</p>
<table cellspacing="0" width="632">
  <tr>
    <td valign="top" width="64">
      <p style="margin:0pt; font-family:Times New Roman"><img
      src="amendmenttoformf10002.jpg" alt="[amendmenttoformf10002.jpg]"
      align="middle" height="41.6" width="39.2"></p>
    </td>
    <td valign="top" width="560">
      <p
      style="margin-top:0pt; margin-bottom:6.5pt; line-height:18pt; font-family:Times New Roman; font-size:16pt"
      align="center"><b>PAN AMERICAN SILVER CORP.</b></p>
      <p
      style="margin-top:0pt; margin-bottom:7pt; line-height:16pt; font-family:Times New Roman; font-size:14pt"
      align="center"><b>Cdn$45,819,960</b></p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; line-height:15pt; font-family:Times New Roman; font-size:13pt"
      align="center"><b>Common Shares</b></p>
    </td>
  </tr>
</table>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:-18pt; padding-right:-18pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Pan American Silver Corp. (the "Company") may offer for
sale, from time to time, common shares ("Shares") &nbsp;of the Company
having an aggregate offering price of up to Cdn$45,819,960 (or its equivalent in
United States dollars or any other currency or currency unit used to denominate
the Shares) during the 25-month period that this short form base shelf
prospectus (the "Prospectus"), including any amendments hereto, remains
valid.</p>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:-18pt; padding-right:-18pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The specific variable terms of any offering of the Shares, will
be set forth in a prospectus supplement (a "Prospectus Supplement")
including, the number of Shares offered, the offering price and any other
specific terms.</p>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:-18pt; padding-right:-18pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">All shelf information permitted under applicable laws to be
omitted from this Prospectus will be contained in one or more Prospectus
Supplements that will be delivered to purchasers together with this Prospectus.
&nbsp;Each Prospectus Supplement will be incorporated by reference into this
Prospectus for the purposes of securities legislation as of the date of the
Prospectus Supplement and only for the purposes of the distribution of the
Shares to which the Prospectus Supplement pertains.</p>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:-18pt; padding-right:-18pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company may offer and sell Shares to or through underwriters
or dealers, directly to one or more purchasers, or through agents designated
from time to time. &nbsp;The Prospectus Supplement relating to a particular
offering of Shares will identify any underwriter, dealer or agent engaged in
connection with the offering and sale of Shares and will set forth the plan of
distribution for such Shares, including the proceeds to the Company and any
fees, discounts, concessions or any other compensation payable to any
underwriters, dealers or agents, and any other material terms of the plan of
distribution.</p>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:-18pt; padding-right:-18pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The outstanding common shares of the Company are listed on the
Toronto Stock Exchange (the "TSX") under the symbol "PAA" and quoted on
the Nasdaq National Market ("NASDAQ") under the symbol "PAAS". &nbsp;The
closing price of the Company's common shares on January&nbsp;23, 2004 on the
TSX was Cdn$19.45 and on NASDAQ was US$14.82.</p>
<u>
<p
style="margin-top:0pt; margin-bottom:5pt; text-indent:72pt; font-family:Times New Roman"
align="center"><br>
</u></p>
<p
style="margin-top:5pt; margin-bottom:5pt; padding-left:-17.1pt; padding-right:-19.35pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b>This offering is made by a Canadian issuer that is permitted,
under a multijurisdictional disclosure system adopted by the United States, to
prepare this prospectus supplement and the accompanying prospectus in accordance
with the disclosure requirements of Canada. &nbsp;Prospective investors
&nbsp;should be aware that such requirements are different from those of the
United States. &nbsp;Certain of the financial statements included or
incorporated herein have been prepared in accordance with Canadian generally
accepted accounting principles, and may be subject to Canadian auditing and
auditor independence standards, and thus may not be comparable to financial
statements of United States companies.</b></p>
<p
style="margin-top:5pt; margin-bottom:5pt; padding-left:-17.1pt; padding-right:-19.35pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b>Prospective investors should be aware that the acquisition of
the securities described herein may have tax consequences both in the United
States and in Canada. &nbsp;Such consequences for investors who are resident in,
or citizens of, the United States may not be described fully herein.</b></p>
<p
style="margin-top:5pt; margin-bottom:0pt; padding-left:-17.1pt; padding-right:-19.35pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b>The enforcement by investors of civil liabilities under the
federal securities laws may be affected adversely by the fact that the Company
is incorporated or organized under the laws of British Columbia, Canada, that
some or all of its officers and directors may be residents of Canada, that some
or all of the underwriters or experts named in the registration statement may be
residents of Canada and that a substantial portion of the assets of the Company
and said persons may be located outside the United States.</b></p>
<u>
<p
style="margin:0pt; padding-left:-17.1pt; padding-right:-19.35pt; text-indent:89.1pt; font-family:Times New Roman"
align="center"><br>
</u></p>
<p
style="margin-top:5pt; margin-bottom:0pt; padding-left:-17.1pt; padding-right:-19.35pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b>These securities have not been approved or disapproved by the
Securities and Exchange Commission or any state securities commission nor has
the Securities and Exchange Commission or any state securities commission passed
upon the accuracy or adequacy of this prospectus supplement or the prospectus to
which it relates. &nbsp;Any representation to the contrary is a criminal
offense.</b></p>
<u>
<p
style="margin-top:0pt; margin-bottom:2.5pt; text-indent:72pt; font-family:Times New Roman"
align="center"><br>
</u></p>
<p style="margin:0pt; font-family:Times New Roman" align="center">The date of
this Prospectus is January 26, 2004</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">2</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:22pt; line-height:11.35pt; font-family:Times New Roman; font-size:11pt"
align="center"><b>TABLE OF CONTENTS</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p
style="margin-top:6pt; margin-bottom:0pt; padding-right:36pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">DOCUMENTS INCORPORATED BY REFERENCE</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">5</p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">CERTAIN AVAILABLE INFORMATION</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">6</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">PRESENTATION OF FINANCIAL INFORMATION AND EXCHANGE RATE DATA</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">7</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">THE COMPANY</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">7</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">BUSINESS OF THE COMPANY</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">7</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">RECENT DEVELOPMENTS</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">8</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">USE OF PROCEEDS</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">9</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">DESCRIPTION OF SECURITIES</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">9</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">PLAN OF DISTRIBUTION</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">9</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">CHANGES TO CONSOLIDATED CAPITALIZATION</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">10</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">RISK FACTORS</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">12</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">AUDITORS, TRANSFER AGENT AND REGISTRAR</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">15</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">EXPERTS</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">15</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">LEGAL MATTERS</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">15</font></p>
<p
style="margin-top:5.5pt; margin-bottom:-12pt; padding-right:36pt; font-family:Times New Roman; color:#0000FF"><font
color="#000000">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</font></p>
<p
style="margin:0pt; padding-right:36pt; text-indent:460.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">15</font></p>
<font color="#000000"><br>
INDEX TO FINANCIAL STATEMENTS</font>
<p
style="margin:0pt; padding-right:36pt; text-indent:452.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font
color="#000000">&nbsp;&nbsp; F-1</font></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">3</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
&nbsp;
<p style="margin-top:10pt; margin-bottom:10pt; font-family:Times New Roman"
align="center"><b>DOCUMENTS INCORPORATED BY REFERENCE</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Information has been incorporated by reference in this
Prospectus from documents filed with securities commissions or similar
authorities in the Provinces of British Columbia, Alberta, Manitoba, Ontario and
Quebec.</b> &nbsp;Copies of the documents incorporated by reference in this
Prospectus may be obtained on request without charge from the Controller and
Corporate Secretary of the Company at 1500-625 Howe Street, Vancouver, British
Columbia, V6C&nbsp;2T6 (telephone: (604) 684-1175). &nbsp;These documents are
also available through the Internet on the System for Electronic Document
Analysis and Retrieval ("SEDAR"), which can be accessed at www.sedar.com.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The following documents, filed with the securities commissions
or similar regulatory authorities in the Provinces of British Columbia, Alberta,
Manitoba, Ontario and Quebec, are specifically incorporated by reference into
and form an integral part of this Prospectus:</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(a)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">the Annual Information Form of the Company, dated May&nbsp;20,
2003;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(b)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">the audited consolidated financial statements of the Company and
the notes thereon as at and for the years ended December&nbsp;31, 2001 and 2002,
together with the auditors' report thereon as set out in the Company's
annual report as well as the reconciliation of such financial statements to
United States generally accepted accounting principles ("U.S. GAAP") in
accordance with Item 18 of Form 20-F, filed on SEDAR on July 3, 2003;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(c)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">the unaudited consolidated financial statements of the Company
and the notes thereto for the three-month and nine-month periods ended September
30, 2003, together with management's discussion and analysis of financial
condition and results of operations in respect of such financial statements as
well as the reconciliation of such financial statements to U.S. GAAP in
accordance with Item 18 of Form 20-F;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(d)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">management's discussion and analysis of financial condition
and results of operations for the financial year ended December 31, 2002 as set
out in the Company's annual report;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(e)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">the information circular of the Company, dated April 9, 2003, in
connection with the Company's May 12, 2003 annual general meeting of members,
other than the sections entitled "Corporate Governance", "Executive
Compensation - Compensation Committee", "Executive Compensation - Report
on Executive Compensation" and "Executive Compensation - Performance Graph";</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(f)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated February&nbsp;27,
2003, relating to the completion of its acquisition of Corner Bay Silver Inc. ("Corner
Bay");</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(g)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated February&nbsp;27,
2003, relating to consolidated production figures from 2002;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(h)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated March 13, 2003,
relating to financial and operational results for the fourth quarter and year
ended December 31, 2002;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(i)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated May 22, 2003,
relating to financial and operational results for the first quarter of 2003;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(j)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated July&nbsp;7,
2003, relating to the filing of an unallocated preliminary base shelf prospectus
by the Company;</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">4</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(k)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated July 22, 2003,
relating to an offering (the "Debenture Offering") of US$75 million
aggregate principal amount of 5.25% convertible unsecured senior subordinated
debentures (the "Debentures") due July 31, 2009;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(l)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated July 30, 2003,
relating to the closing of the US$75 million Debenture Offering;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(m)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated August 7, 2003,
relating to the exercise of an over-allotment option in respect of an additional
US$11.25 million of Debentures pursuant to the terms of the Debenture Offering;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(n)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated August 22, 2003,
relating to financial and operational results for the second quarter of 2003;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(o)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated September 22,
2003, relating to recent developments at the Company's operations and
feasibility-stage projects;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(p)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated October 23, 2003,
relating to the buy-back of an existing 3% net smelter royalty on the Company's
Huaron silver mine in Peru from a group of Peruvian companies for US$2.5
million;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(q)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated October 31, 2003,
relating to an agreement to sell the Company's 50% interest in the Tres Cruces
gold project in Peru to New Oroperu Resources Inc.;</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(r)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company, dated November 12,
2003, relating to financial and operational results for the third quarter of
2003; and</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify">(s)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify">a material change report of the Company dated January 8, 2004
relating to the filing of an unallocated preliminary base shelf prospectus by
the Company.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Any documents of the types referred to above, including any
material change reports (excluding confidential material change reports),
interim unaudited consolidated financial statements of the Company (including
management's discussion and analysis of financial condition and results of
operations in the quarterly reports for such periods), annual audited
consolidated financial statements of the Company, including the auditors'
report thereon and the notes to such financial statements, any exhibits to
interim or annual consolidated financial statements and information circulars
(excluding the sections entitled "Corporate Governance", "Executive
Compensation - Compensation Committee", "Executive Compensation - Report of
the Compensation Committee" and "Executive Compensation - Performance Graph"
or similar sections permitted to be excluded under National Instrument 44-101 -
Short Form Prospectus Distributions), filed by the Company with a securities
commission or similar authority in Canada after the date of this Prospectus and
prior to the termination of the offering under any Prospectus Supplement shall
be deemed to be incorporated by reference into this Prospectus. &nbsp;Any
document filed by the Company with the United States Securities and Exchange
Commission (the "SEC") or Report of Foreign Private Issuer on Form 6-K
furnished to the SEC pursuant to the United States Securities Exchange Act of
1934, as amended (the "U.S. Exchange Act"), after the date of this
Prospectus shall also be deemed to be incorporated by reference into this
Prospectus if and to the extent provided in such document.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Any statement contained in this Prospectus or in a document
incorporated or deemed to be incorporated by reference in this Prospectus shall
be deemed to be modified or superseded for the purposes of this Prospectus to
the extent that a statement contained in this Prospectus or in any other
subsequently filed</b></p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">5</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>document which also is or is deemed to be incorporated by
reference in this Prospectus modifies or supersedes that statement. &nbsp;The
modifying or superseding statement need not state that it has modified or
superseded a prior statement or include any other information set forth in the
document that it modifies or supersedes. &nbsp;The making of a modifying or
superseding statement is not to be deemed an admission for any purposes that the
modified or superseded statement, when made, constituted a misrepresentation, an
untrue statement of material fact or an omission to state a material fact that
is required to be stated or is necessary to make a statement not misleading in
light of the circumstances in which it was made. &nbsp;Any statement so modified
or superseded shall not constitute a part of this Prospectus, except as so
modified or superseded.</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">A Prospectus Supplement containing the specific terms of an
offering of Shares and other information in relation to such offering will be
delivered to purchasers of such Shares together with this Prospectus and will be
deemed to be incorporated by reference into this Prospectus as of the date of
such Prospectus Supplement solely for the purposes of the offering of Shares
covered by that Prospectus Supplement.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Upon a new annual information form and the related annual
financial statements being filed by the Company with, and where required,
accepted by, the applicable securities regulatory authorities during the
currency of this Prospectus, the previous annual information form, the previous
annual financial statements and all interim financial statements, material
change reports and information circulars and all Prospectus Supplements filed
prior to the commencement of the Company's financial year in which the new
annual information form was filed shall be deemed no longer to be incorporated
into this Prospectus for purposes of future offers and sales of Shares
hereunder.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Some of the statements included or incorporated by reference in
this Prospectus constitute "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995.
&nbsp;When used in this Prospectus, the words "anticipate", "believe", "estimate",
"expect", "target", "plan", "budget", "may", "schedule" and similar words or expressions, identify forward-looking
statements. &nbsp;These forward-looking statements relate to, among other
things:</p>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the sufficiency of the Company's
    current working capital or anticipated operating cash flow;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the sufficiency of the mineral
    reserves or resources at Huaron, La Colorada, Quiruvilca, Alamo Dorado or
    other properties;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">estimated production from the
    Huaron, La Colorada, Quiruvilca, Alamo Dorado or other properties;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the estimated cost of or
    availability of funding for ongoing capital improvement programs;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the estimated costs or
    estimated completion dates of the proposed development of the Huaron and
    Alamo Dorado projects;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">estimated exploration
    expenditures to be incurred on the Company's various silver exploration
    properties;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">compliance with environmental
    standards;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">forecast capital or
    non-operating spending; and</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">levels of silver or other
    metals production, production costs and metal prices.</font></li>
</ul>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify">These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of assumptions
and estimates that are inherently subject to significant uncertainties and
contingencies. &nbsp;Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied by
such forward-</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">6</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
&nbsp;<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify">looking statements including, without limitation, the factors
identified in the Company's Annual Information Form, dated May 20, 2003, under
the caption &quot;Trends and Uncertainties&quot;. &nbsp;Investors are cautioned
against attributing undue certainty to forward-looking statements.
&nbsp;Although the Company has attempted to identify important factors that
could cause actual results to differ materially, there may be other factors that
cause results not to be anticipated, estimated or intended. &nbsp;The Company
does not intend, and does not assume any obligation, to update these
forward-looking statements to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements, other than as
required by applicable law.<b></b></p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>CERTAIN AVAILABLE INFORMATION</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company has filed with the SEC a registration statement on
Form F-10 (the "Registration Statement") under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), with respect to the
Shares. &nbsp;This Prospectus, which constitutes a part of that Registration
Statement, does not contain all of the information set forth in such
Registration Statement and its exhibits, to which reference is made for further
information. &nbsp;See "Documents Filed as Part of the Registration Statement".</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company is subject to the informational reporting
requirements of the U.S. Exchange Act, and in accordance therewith files reports
and other information with the SEC. Under a multijurisdictional disclosure
system adopted by the United States, the Company is permitted to prepare such
reports and other information in accordance with the disclosure requirements of
Canada, which are different from those of the United States. &nbsp;As a foreign
private issuer, the Company is exempt from the rules under the U.S. Exchange Act
prescribing the furnishing and content of proxy statements, and its officers,
directors and principal shareholders are exempt from the reporting and
short-swing profit recovery rules contained in Section 16 of the U.S. Exchange
Act. &nbsp;Under the U.S. Exchange Act, the Company is not required to publish
financial statements as frequently or as promptly as U.S. companies.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company files annual reports with the SEC on Form 40-F,
which includes:</p>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the Company's Annual
    Information Form;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">management's discussion and
    analysis of financial condition and results of operations;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the Company's consolidated
    financial statements, which have been prepared in accordance with generally
    accepted accounting principles in Canada ("Canadian GAAP") and
    reconciled to U.S. GAAP; and</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">other information specified by
    the Form 40-F.</font></li>
</ul>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company also furnishes the following types of information to
the SEC under cover of Form&nbsp;6-K:</p>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">material information the
    Company otherwise makes publicly available in reports that it files with
    securities regulatory authorities in Canada;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:5pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">material information that the
    Company files with, and which is made public by, the TSX; and</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">material information that the
    Company distributes to its shareholders in Canada.</font></li>
</ul>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Investors may read and copy any document the Company files with,
or furnishes to, the SEC at the SEC's public reference room at Room 1024, 450
Fifth Street, N.W., Room 1024, Washington, D.C. 20549. &nbsp;Copies of the
material can also be obtained from the SEC's public reference room in
Washington, D.C. by paying a fee. &nbsp;Please call the SEC at 1-800-SEC-0330
for further information on the public reference room. &nbsp;The SEC also
maintains a website (www.sec.gov) that makes available reports and other
information that the Company files or furnishes electronically with it.</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">7</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
&nbsp;
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">PRESENTATION OF FINANCIAL INFORMATION AND EXCHANGE RATE DATA</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company presents its consolidated financial statements in
United States dollars. &nbsp;All references in this prospectus to "dollars", "$" or
"US$" are to United States dollars and all references to "Cdn$"
are to Canadian dollars, unless otherwise noted. &nbsp;Except as otherwise
indicated, all financial statements and financial data contained in, or
incorporated by reference into, this Prospectus have been prepared in accordance
with Canadian GAAP, which differ in certain significant respects from U.S. GAAP.
&nbsp;For a description of the material differences between Canadian GAAP and
U.S. GAAP see note 16 to the Company's audited consolidated financial
statements for the years ended December 31, 2002 and 2001, note 8 to the Company's
unaudited interim consolidated financial statements for the nine months ended
September 30, 2003, each incorporated by reference into this Prospectus, and
note 15 to the audited consolidated financial statements of Corner Bay Silver
Inc., for the years ended June 30, 2002 and 2001 included in this Prospectus.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The following table sets forth, for each period indicated, the
exchange rates of the Canadian dollar to the United States dollar for the end of
each period indicated and the high, low and average exchange rates for each of
such periods (such rates, which are expressed in Canadian dollars are based on
the noon buying rates for United States dollars reported by the Bank of Canada).</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="134">&nbsp;</td>
    <td valign="top" width="124.2">
      <p
      style="margin:0pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b>Nine Months Ended<u></u></b></p>
      <p
      style="margin:0pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>September 30, 2003</u></b></p>
    </td>
    <td valign="top" width="342" colspan="3">
      <p
      style="margin:0pt; padding-right:2.2pt; font-family:Times New Roman; font-size:9pt"
      align="center"><br>
      </p>
      <p
      style="margin:0pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year
      Ended December
      31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="134">&nbsp;</td>
    <td valign="top" width="124.2">&nbsp;</td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>2002</u></b></p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>2001</u></b></p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>2000</u></b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="134">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">High</p>
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:89.1pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="124.2">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:3.95pt; font-family:Times New Roman"
      align="center">Cdn$1.5747</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-left:-5.4pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">Cdn$1.6155</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-left:-5.4pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">Cdn$1.6021</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:12.6pt; font-family:Times New Roman"
      align="right">Cdn$1.5590</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="134">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Low</p>
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:89.1pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="124.2">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:25.6pt; font-family:Times New Roman"
      align="center">1.3342</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.5123</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.4936</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:12.6pt; font-family:Times New Roman"
      align="right">1.4341</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="134">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Average</p>
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:89.1pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="124.2">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:25.6pt; font-family:Times New Roman"
      align="center">1.4295</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.5704</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.5484</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:12.6pt; font-family:Times New Roman"
      align="right">1.4850</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="134">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">End
      of Period</p>
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:89.1pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="124.2">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; text-indent:25.6pt; font-family:Times New Roman"
      align="center">1.3504</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.5796</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:21.6pt; font-family:Times New Roman"
      align="right">1.5926</p>
    </td>
    <td valign="top" width="114">
      <p
      style="margin-top:0pt; margin-bottom:1.65pt; padding-right:12.6pt; font-family:Times New Roman"
      align="right">1.5002</p>
    </td>
  </tr>
</table>
<p
style="margin-top:0pt; margin-bottom:5pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">On January 23, 2004, the noon buying rate reported by the Bank
of Canada was US$1.00 = Cdn$1.3119.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>THE COMPANY</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Pan American Silver Corp. is a company incorporated under the <i>Company
Act</i> (British Columbia). &nbsp;The Company's head office is located at 1500
- - 625 Howe Street, Vancouver, British Columbia, V6C&nbsp;2T6 and its registered
and records office is located at 900 Waterfront Centre, 200 Burrard Street,
Vancouver, British Columbia, V7X&nbsp;1T2. &nbsp;In this Prospectus, the term "Pan American" refers to the Company and its principal subsidiaries.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">A description of the Company's principal subsidiaries as at
its most recent financial year end is set out under the heading "Subsidiaries"
on page 3 of the Company's annual information form which is incorporated by
reference in this Prospectus.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>BUSINESS OF THE COMPANY</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Pan American is principally engaged in the exploration for, and
the acquisition, development and operation of silver properties. &nbsp;Pan
American: (i) owns and operates the producing Huaron silver mine in Peru; (ii)
owns and operates the producing La Colorada silver mine located in Mexico; (iii)
owns and operates the producing Quiruvilca silver mine in Peru; and (iv) mines
and sells silver-rich pyrite stockpiles at a small-scale operation in central
Peru. &nbsp;Pan American also either holds an interest in or may earn an
interest in non-producing silver resource and silver exploration properties in
Peru, Argentina, the United States, Russia and Mexico, including the significant
Alamo Dorado deposit in Mexico.</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">8</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>RECENT DEVELOPMENTS</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Although no decision has yet been made with respect to a
possible closure of the Quiruvilca Mine in 2004, Pan American has significantly
reduced the level of ongoing development and exploration work at the Quiruvilca
Mine in preparation for a possible closure. &nbsp;Production levels at the
Quiruvilca Mine were reduced in the fall of 2003 from approximately 45,000
tonnes per month to approximately 30,000 tonnes per month in preparation for a
possible closure in 2004. &nbsp;As a result of the reduced level of development
and exploration work, Pan American expects that minable reserves at Quiruvilca
will be exhausted at some point between July and September of 2004. &nbsp;Pan
American has budgeted US$2.9 million for concurrent reclamation and closure
related costs at Quiruvilca in calendar 2004 (including closing of adits,
rehabilitation of tailings ponds, rehabilitation of waste dumps and water
treatment). &nbsp;In the fourth quarter of 2002, Pan American prepared an
estimate of the expected future reclamation costs to be incurred at the
Quiruvilca and charged operations with a US$10 million provision for future
reclamation.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">In August 2003, the Company completed the offering of a total of
US$86.25 million aggregate principal amount of Debentures to increase its
financial strength and ability to fund new projects. &nbsp;See "Changes to
Consolidated Capitalization".</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">In July 2003, Pan American initiated a technical and economic
evaluation of a possible expansion of the Huaron mine in Peru, which would
increase this mine's production. &nbsp;In September 2003, a feasibility study
on the Huaron expansion was launched. &nbsp;The engineering portion of this
study is expected to be completed in January 2004 and the other components of
the study are expected to be completed in the first calendar quarter of 2004.
&nbsp;As part of the feasibility study, a US$1 million drill programme was
initiated to upgrade the mine's resources and to increase the proven and
probable reserve base. In October 2003, Pan American bought back the existing 3%
net smelter royalty on the Huaron mine from a group of Peruvian companies for a
total of US$2.5 million in cash. The buyout of the royalty should reduce the
mine's cash costs by approximately US$850,000 per year, starting in 2006.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">In July 2003, Pan American substantially completed a major
expansion at its La Colorada silver mine in Mexico. &nbsp;The expansion included
the construction of a 600 tonne per day oxide mill, which will add to the mine's
current production from the existing 200 tonne per day sulphide mill.
&nbsp;Production at La Colorada, however, has not reached design capacity as
quickly as anticipated in the original feasibility study for the expansion, and
actual silver production in 2003 is expected to be approximately 1.15 million
ounces below original estimates and anticipated silver production for 2004 is
expected to be approximately 900,000 ounces below original estimates.
&nbsp;Production at La Colorada is expected to reach design capacity during the
third calendar quarter of 2004, following additional capital expenditures of
approximately $1.5 million incurred over a 12 month period.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">A 6,000 metre infill drilling program has been initiated on Pan
American's 50%-owned Manantial Espejo silver-gold exploration property in
Argentina. &nbsp;Results to date have confirmed the size of the deposit and
increased Pan American's confidence in its geological model. &nbsp;The
drilling program and related geotechnical and environmental work is expected to
be completed in the first calendar quarter of 2004.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">In May 2003, Pan American completed a seven-hole drill program
on the Alamo Dorado project in Mexico and is undertaking metallurgical testing
to update a 2002 feasibility study completed by AMEC&nbsp;E&amp;C&nbsp;Services,&nbsp;Inc.
&nbsp;The updated feasibility study will examine the economic merits of
processing ore from the Alamo Dorado deposit in a conventional oxide leaching
mill circuit versus heap leach processing. &nbsp;The update will also examine
the economic merits of a combination mill for high grade ore and heap leach for
low grade ore. &nbsp;The updated study is expected to be completed in the second
calendar quarter of 2004. &nbsp;Until this study is completed and a production
decision made, the acquisition of Corner Bay and the Alamo Dorado project is not
expected to have any material affect on the operating results and financial
position of the Company.<br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">9</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">On February 20, 2003, the Company acquired all of the issued and
outstanding shares of Corner Bay pursuant to a plan of arrangement under the <i>Canada
Business Corporations Act</i>. &nbsp;Under this plan of arrangement, each Corner
Bay share was exchanged for 0.3846 common shares of the Company plus 0.1923
common share purchase warrants of the Company (the "Warrants"), resulting in
the issuance of a total of 7,636,659 common shares and 3,818,330&nbsp;Warrants.
&nbsp;Each whole Warrant allows the holder to purchase one common share of the
Company for a price of Cdn$12.00 at any time over a five-year exercise period.
&nbsp;Pan&nbsp;American also issued options to purchase up to 553,846 common
shares (having exercise prices of between Cdn$4.55 and Cdn$12.00 and having
exercise periods of between one and five years from the date of grant) in
consideration for the termination of 960,000 fully vested stock options held by
employees and shareholders of Corner Bay. &nbsp;Corner Bay, through its
subsidiary corporations, owns the Alamo Dorado silver-gold deposit in Mexico.
&nbsp;The Alamo Dorado project is described under the heading "Narrative
Description of the Business - Development Projects - Alamo Dorado Project"
on pages 32 through 38 of the Company's annual information form which is
incorporated by reference in this Prospectus.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Pan American currently has no outstanding forward sales
contracts in respect of its silver production and does not anticipate entering
into any forward sales contracts in respect of its silver production at any time
in the immediate or foreseeable future.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>USE OF PROCEEDS</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Unless otherwise indicated in the applicable Prospectus
Supplement, the net proceeds from the sale of Shares will be used by the Company
to fund ongoing development and exploration programs, acquisitions, working
capital requirements and for other general corporate purposes.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>DESCRIPTION OF SECURITIES</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company is authorized to issue 100,000,000 common shares,
without par value, of which 53,187,852 are issued and outstanding as at the date
of this Prospectus. &nbsp;There are options outstanding to purchase up to
1,801,704 common shares at prices ranging from US$3.42 to US$9.02 and warrants
outstanding to purchase up to 4,354,496<b> </b>common shares at prices ranging
from US$3.52 to US$9.02. &nbsp;Pursuant to the terms of the Debentures, each
US$1,000 principal amount of Debentures are convertible into 104.4932 common
shares (subject to adjustment in certain events), representing a conversion
price of US$9.57. &nbsp;Holders of common shares are entitled to one vote per
common share at all meetings of shareholders, to receive dividends as and when
declared by the directors of the Company and to receive a <i>pro rata</i> share
of the assets of the Company available for distribution to the shareholders in
the event of the liquidation, dissolution or winding-up of the Company.
&nbsp;There are no pre-emptive, conversion or redemption rights attached to the
common shares of the Company.</p>
<p style="margin-top:10pt; margin-bottom:10pt; font-family:Times New Roman"
align="center"><b>PLAN OF DISTRIBUTION</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company may offer and sell the Shares to or through
underwriters or dealers and also may offer and sell Shares to one or more other
purchasers directly or through agents. &nbsp;Each Prospectus Supplement will set
forth the terms of the offering, including the name or names of any
underwriters, dealers or agents, the number and the price or prices of the
Shares offered (or the manner of determination thereof if offered on a non-fixed
price basis), the proceeds to the Company from the issue or sale of the Shares
offered, the underwriting discounts or commissions, and any other fees,
commissions or concessions to be allowed or re-allowed to dealers.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Shares offered pursuant to any Prospectus Supplement may be
sold from time to time in one or more transactions at a fixed price or prices,
which may be changed, at market prices prevailing at the time of sale, at prices
related to such prevailing market prices, or at other negotiated prices.
&nbsp;The Company may only offer and sell Shares under this Prospectus during
the 25-month period from the date of this Prospectus.<br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">10</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Any underwriters, dealers or agents who participate in the
distribution of Shares may be entitled under agreements to be entered into with
the Company to indemnification by the Company against certain liabilities,
including liabilities under Canadian and United States securities legislation,
or to contribution with respect to payments which such underwriters, dealers or
agents may be required to make in respect thereof. &nbsp;Such underwriters,
dealers or agents may be customers of, engage in transactions with, or perform
services for, the Company in the ordinary course of business.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">In connection with any offering of Shares, the underwriters may
over-allot or effect transactions which stabilize or maintain the market price
of the Shares offered at a level above that which might otherwise prevail in the
open market. &nbsp;Such transactions, if commenced, may be discontinued at any
time.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>CHANGES TO CONSOLIDATED CAPITALIZATION</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Since December 31, 2002, the following changes have occurred to
the share and loan capital of the Company, on a consolidated basis:</p>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">on February 20, 2003, the
    Company completed the acquisition of Corner Bay by issuing 7,636,659 common
    shares of the Company and 3,818,330 Warrants (having an exercise price of
    Cdn$12.00 per common share for a five-year period ending February 20, 2008).
    &nbsp;The Company also granted 553,846 stock options to purchase common
    shares of the Company (having exercise prices of between Cdn$4.55 and
    Cdn$12.00 and having exercise periods of between one and five years from the
    date of grant) in consideration for the termination of 960,000 fully vested
    stock options held by employees and shareholders of Corner Bay;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the Company issued 2,193,306
    common shares of the Company pursuant to the exercise of stock options;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the Company issued 100,943
    common shares of the Company pursuant to the exercise of warrants;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">the Company reduced its $5.15
    million loan on the Huaron property from Banco de Credito del Peru by
    $1,489,583 to $3,656,249. &nbsp;The Huaron loan bears interest at six-month
    LIBOR plus 3% and is repayable at the rate of $135,417 per month;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">Pan American drew down
    $9,500,00 and cancelled $500,000 of its $10,000,000 La Colorada project loan
    facility with International Finance Corporation ("IFC"). &nbsp;The IFC
    loan bears interest at six-month LIBOR plus 3.50% until certain technical
    and financial tests are achieved and six-month LIBOR plus 3.25% thereafter.
    &nbsp;The IFC loan is repayable in semi-annual instalments of $1,000,000
    commencing November 15, 2004. &nbsp;In addition to the interest payments on
    the outstanding balance of the IFC loan, Pan American will be required to
    make additional payments to IFC by May 15 of each year if the average price
    of silver for the preceding calendar year exceeded $4.75 per ounce.
    &nbsp;Such payment would be equal to 20% of the positive difference between
    the average price per ounce of silver for a year and $4.75 multiplied by the
    number of ounces of silver produced by the La Colorada mine divided by
    $9,500,000 and multiplied by the greater of the loan balance at the end of
    the year or the originally scheduled loan balance at the end of a year;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">on July 30, 2003, the Company
    issued US$75,000,000 principal amount of Debentures and on August&nbsp;8,
    2003, the Company issued an additional US$11,250,000 principal amount of
    Debentures. &nbsp;Each US$1,000 principal amount of Debentures is
    convertible into 104.4932 common shares of the Company (subject to
    adjustment in certain events) at the option of the holder at any time prior
    to the earlier of the close of business on July 31, 2009 and the last
    business day immediately preceding any date fixed for redemption,
    representing a conversion price of US$9.57. &nbsp;To date, no Debentures
    have been converted into common shares. &nbsp;Pursuant to the terms of the
    indenture governing the Debentures, on or after July 31, 2005, the
    Debentures may be redeemed in whole or in part by the Company, at its option
    on not more than 60 and not less than 30 days prior notice and subject to</font></p>
    <p style="margin:0pt; font-family:Times New Roman" align="center">11</p>
    <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">&nbsp;regulatory approval, at a
    price equal to par, plus accrued and unpaid interest, if any, provided that
    the weighted average trading price of the common shares of the Company on
    NASDAQ for the 20 consecutive trading days ending five trading days
    preceding the date of the redemption notice equals at least 125% of the
    conversion price. &nbsp;On redemption or upon maturity, provided that no
    default or event of default has occurred and is continuing under the
    indenture governing the Debentures, the Company may, at its option, on not
    more than 60 and not less than 30 days prior notice and subject to
    regulatory approval, elect to satisfy its obligation to repay the principal
    amount of the Debentures by issuing and delivering that number of freely
    tradable common shares of the Company obtained by dividing the principal
    amount of the outstanding Debentures which are to be redeemed or have
    matured, as the case may be, by 95% of the weighted average trading price of
    the Company's common shares on NASDAQ for the 20 consecutive trading days
    ending five trading days preceding the date fixed for redemption or
    maturity, as the case may be. &nbsp;In addition, the interest payable on the
    Debentures may, at the Company's election, be payable by the application
    of the proceeds of the sale of the Company's common shares. &nbsp;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 on
    the Debentures has been classified in the Company's financial statements
    as a liability and the $63,201,000 fair value of the Debentures and the
    conversion option have been classified as equity. &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. For the three
    months ended September 30, 2003, the Company recorded accretion totalling
    $975,000 for the accretion of the 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 $202,000 is reflected as a reduction in the
    liability component of the Debentures;</font></li>
</ul>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">Pan American has sold forward
    19,860 tonnes of zinc according to the following schedule.</font></li>
</ul>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="180.133">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Month</b></p>
    </td>
    <td valign="bottom" width="191.267">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Total Quantity<br>
      (tonnes)</b></p>
    </td>
    <td valign="bottom" width="195.133">
      <p
      style="line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-bottom: 3pt"
      align="center"><b>Average Contract Price</b></p>
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>(US$/tonne)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">January 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,700</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$835.71</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">February 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,700</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$835.71</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">March 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,730</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$909.53</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">April 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,745</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$912.44</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">May 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,690</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$908.36</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">June 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,640</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$973.05</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">July 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,605</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$971.59</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">August 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,055</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,013.65</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">September 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,055</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,013.65</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">October 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,035</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,013.14</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">November 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">970</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,010.55</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">12</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="180.133">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Month</b></p>
    </td>
    <td valign="bottom" width="191.267">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Total Quantity<br>
      (tonnes)</b></p>
    </td>
    <td valign="bottom" width="195.133">
      <p
      style="line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-bottom: 3pt"
      align="center"><b>Average Contract Price</b></p>
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>(US$/tonne)</b></p>
    </td>
  </tr>
</table>
<table cellspacing="0">
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">December 2004</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">935</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,009.48</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">January 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">500</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,050.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">February 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">500</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,050.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">March 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">500</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,050.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">April 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">500</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,050.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">May 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">500</p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$1,050.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">June 2005</p>
    </td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500</u></p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>$1,050.00</u></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.133">&nbsp;</td>
    <td valign="top" width="191.267">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>19,860</u></p>
    </td>
    <td valign="top" width="195.133">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>$&nbsp;&nbsp;&nbsp;954.63</u></p>
    </td>
  </tr>
</table>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"
align="justify">These sales were designated as a hedge. &nbsp;The difference
between the average monthly London zinc cash settlement price and the forward
sales price will be credited or charged to Pan American's revenue during the
January 2004 through June 2005 period.</p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol" align="justify"><font face="Times New Roman">Pan American has sold forward 7,380
tonnes of lead according to the following schedule.</font></li>
</ul>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="180.867">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Month</b></p>
    </td>
    <td valign="bottom" width="190.2">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Total Quantity<br>
      (tonnes)</b></p>
    </td>
    <td valign="bottom" width="195.467">
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>Average Contract Price</b></p>
      <p
      style="margin:0pt; padding-bottom:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-bottom:0.5pt solid #000000"
      align="center"><b>(US$/tonne)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">February 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,000</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$741.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">March 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,020</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$736.50</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">April 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">1,015</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$706.98</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">May 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">985</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$726.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">June 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">875</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$632.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">July 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">930</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$717.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">August 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">680</p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right">$725.00</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; font-family:Times New Roman"
      align="justify">December 2004</p>
    </td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>&nbsp;&nbsp;&nbsp;875</u></p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>$605.00</u></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="180.867">&nbsp;</td>
    <td valign="top" width="190.2">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>7,380</u></p>
    </td>
    <td valign="top" width="195.467">
      <p
      style="margin-top:2.5pt; margin-bottom:2.5pt; padding-right:51.15pt; font-family:Times New Roman"
      align="right"><u>$700.15</u></p>
    </td>
  </tr>
</table>
<p
style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"
align="justify">These sales were designated as a hedge. &nbsp;The difference
between the average monthly London lead cash settlement price and the forward
sales price will be credited or charged to Pan American's revenue during the
February 2004 through December 2004 period.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>RISK FACTORS</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><i>Prospective investors in Shares should consider, in addition
to information contained in the Prospectus Supplement relating to that offering
or in other documents incorporated by reference herein, the risks described in
the Company's Annual Information Form under the heading "Narrative
Description of the Business - Trends and Uncertainties" and in the Company's
management's discussion and analysis of financial condition and results of
operations that are incorporated by reference herein as at the date of the
Prospectus Supplement relating to the particular offering of Shares and the
risks noted below.</i></p>
<p style="margin:0pt; font-family:Times New Roman" align="center">13</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Peruvian Mine Closure Law</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">On October 14, 2003, the Peruvian government published Law 28090
"Mine Closure Law" which establishes provisions relating to mine closure
plans. &nbsp;For existing mining operations the law provides that a mine closure
plan must be submitted for certification to the Peruvian 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 effect of the law
on the Company's Peruvian mining and exploration activities cannot be
determined.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The law provides that a mine operator must grant an
environmental warranty for the estimated costs associated with its mine closure
plan. &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 will 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, the impact of
this law on the Company's Peruvian mining and exploration activities cannot be
determined.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-right:-2.15pt; line-height:13pt; font-family:Times New Roman"><b>Level
of Indebtedness</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">As of September 30, 2003, the Company had approximately $35.1
million of consolidated indebtedness. &nbsp;In addition, the terms of the
Company's bank agreements and the Indenture governing the Debentures permit
the Company and its subsidiaries to incur additional debt.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company's substantial debt may have important consequences
to shareholders. &nbsp;For instance, it could:</p>
<ul>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">make it more difficult for the
    Company to satisfy its financial obligations;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">require the Company to dedicate
    a substantial portion of any cash flow from operations to the payment of
    interest and principal due under its debt, which would reduce funds
    available for other business purposes;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">increase its vulnerability to
    general adverse economic and industry conditions, including a decrease in
    the price of silver, zinc or lead;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">limit its flexibility in
    planning for, or reacting to, changes in its business;</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">place it at a competitive
    disadvantage compared with its competitors that have less debt or greater
    financial resources; and</font></li>
  <li>
    <p
    style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Symbol"
    align="justify"><font face="Times New Roman">limit its ability to obtain
    additional financing required to fund working capital or capital
    expenditures or for other general corporate purposes.</font></li>
</ul>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-right:-2pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company's ability to make payments on its indebtedness and
to fund its operations, working capital and capital expenditures, will depend on
its ability to generate cash in the future. &nbsp;This is subject to general
economic, industry, financial, competitive, legislative, regulatory, and other
factors that are beyond the Company's control. &nbsp;In particular, global or
regional economic conditions could cause the price of silver to fall and hamper
the Company's ability to repay its indebtedness, including the Debentures.
&nbsp;The Company's operations may not generate sufficient cash flow or
borrowings may not be available in an amount sufficient to enable the Company to
pay its indebtedness, or to fund its other cash needs. &nbsp;The Company may
need to refinance all or a portion of its indebtedness on or before maturity,
but such refinancing may be unavailable to it on commercially reasonable terms,
or at all, to meet its obligations or to successfully execute its business
strategy.</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">14</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:10pt; padding-right:-2pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Acquisitions</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">An element of the Company's business strategy is to make
selected acquisitions. &nbsp;For example, the Company completed the acquisition
of Corner Bay Silver Inc. in February 2003. &nbsp;The Company expects to
continue to evaluate acquisition opportunities on a regular basis and intends to
pursue those opportunities that it believes are in its long-term best interests.
&nbsp;The success of the Company's acquisitions will depend upon its ability to
effectively manage the operations of entities it acquires and to realize other
anticipated benefits. &nbsp;The process of managing acquired businesses may
involve unforeseen difficulties and may require a disproportionate amount of
management resources. &nbsp;There can be no assurance that the Company will be
able to successfully manage the operations of businesses it acquires or that the
anticipated benefits of its acquisitions will be realized.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Hedging Activities</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">From time to time, the Company engages in hedging activities in
connection with base metals, such as forward sales contracts and commodity put
and call option contracts, to minimize the effect of declines in metal prices on
our operating results. &nbsp;While these hedging activities may protect the
Company against low metal prices, they may also limit the price the Company can
receive on hedged products. &nbsp;As a result, the Company may be prevented from
realizing possible revenues in the event that the market price of a metal
exceeds the price stated in forward sale or option contracts. &nbsp;As of
December 31, 2003, the Company's zinc forward contract position had a negative
value of approximately $1.4 million and its lead forward contract position as at
December 31, 2003 had a negative value of $0.1 million. &nbsp;In addition, the
Company may experience losses if a counterparty fails to purchase under a
contract when the contract price exceeds the spot price of a commodity.
&nbsp;The Company's current policy is to not hedge the price of silver and
therefore it is fully exposed to declines in silver prices.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Employee Relations</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Certain of the Company's employees and the employees of
Peruvian mining contractors indirectly employed by the Company are represented
by unions. &nbsp;At November 30, 2003, there were 270 employees represented by
the Sindicato de Trebajadores de Pan American Silver S.A.C. - Mina Quiruvilca
(the "Quiruvilca Union") and 71 employees represented by the Sindicato de
Trebajadores de Shorey y Anexos (the "Shorey Union"). &nbsp;There are also
17 employees at the Huaron mine who are members of a "union committee" who
have rights pursuant to an agreement dated January 1, 2003. &nbsp;The Company
has experienced labour strikes and work stoppages in the past. &nbsp;The labour
agreements with the Quiruvilca Union and the Shorey Union expired on January 1,
2004, and ordinary course negotiations to renew the contracts will be ongoing in
2004. &nbsp;There can be no assurance that these contracts will be renewed on
terms favourable to the Company, if at all and the Company may experience future
work stoppages.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="justify"><b>Enforcing Civil Liabilities in the United States</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The Company is organized under the laws of the Province of
British Columbia, and its principal executive office is located in British
Columbia. &nbsp;Many of the Company's directors, controlling persons, officers
and the experts named in this prospectus are residents of Canada and a
substantial portion of the their assets and a majority of the Company's assets
are located outside the United States. &nbsp;As a result, it may be difficult
for U.S. investors to effect service of process within the United States upon
the directors, controlling persons, officers and the experts who are not
residents of the United States or to enforce against them judgments of United
States courts based upon civil liability under the federal securities laws of
the United States. &nbsp;There is doubt as to the enforceability in Canada
against the Company or against any of its directors, controlling persons,
officers or experts who are not residents of the United States, of original
actions or actions for enforcement of judgments of United States courts of
liabilities based solely upon the federal securities laws of the United States.</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">15</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>AUDITORS, TRANSFER AGENT AND REGISTRAR</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The auditors of the Company are Deloitte &amp; Touche LLP, Four
Bentall Centre, 2800 - 1055 Dunsmuir Street, Vancouver, British Columbia, V7X
1P4.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The transfer agent and registrar for the common shares of the
Company is Computershare Trust Company of Canada at its principal offices in
Vancouver and Toronto.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>EXPERTS</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The consolidated financial statements of the Company for the
years ended December 31, 2002 and 2001 which are incorporated in this Prospectus
by reference have been audited by Deloitte &amp; Touche LLP, independent
auditors, as stated in their report, which is incorporated herein by reference,
and have been so incorporated in reliance upon the report of such firm given
upon their authority as experts in accounting and auditing.</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The consolidated balance sheets of Corner Bay Silver Inc. as at
June 30, 2002 and 2001 and the consolidated statements of operations and deficit
and cash flows of Corner Bay Silver Inc. for each of the years in the three-year
period ended June 30, 2002 which are included in this Prospectus have been so
included in reliance on the report of PricewaterhouseCoopers LLP, independent
auditors, given on the authority of said firm as experts in accounting and
auditing.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>LEGAL MATTERS</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">Certain legal matters relating to the Shares offered pursuant to
any Prospectus Supplement will be passed upon for the Company by Borden Ladner
Gervais LLP and Skadden, Arps, Slate, Meagher &amp; Flom LLP. &nbsp;As of the
date of this Prospectus, the partners and associates of Borden Ladner Gervais
LLP, collectively, beneficially own less than 1% of the outstanding common
shares of the Company.</p>
<p
style="margin-top:10pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</b></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">The following documents have been filed with the SEC as part of
the Registration Statement of which this Prospectus forms a part: the documents
referred to under the heading "Documents Incorporated by Reference", the
consent of Deloitte &amp; Touche LLP, the consent of PricewaterhouseCoopers LLP
and the Power of Attorney.</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">16</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">&nbsp;<big><small><big><small><br>
<br>
<br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin-top:0pt; margin-bottom:15pt; font-family:Times New Roman"
align="center"><b>INDEX TO FINANCIAL STATEMENTS</b></p>
<table cellspacing="0" width="893">
  <tr>
    <td valign="top" width="753">&nbsp;</td>
    <td valign="top" width="97">
      <p
      style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><u>Page</u></b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><b>Consolidated
      Financial Statements of Corner Bay Silver Inc.</b></p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><b><br>
      </b></p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-2</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Auditors</small></big></small></big><small><small><big><big>'</big></big></small></small><big><small><big><small>
      Report</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-3</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Consolidated
      Balance Sheets as at December 31, 2002 (unaudited) and as at June 30, 2002
      and June 30, 2001 (audited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:504pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-4</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Consolidated
      Statements of Operations and Deficit for the six months ended
      December&nbsp;31, 2002 and December 31, 2001 (unaudited) and for the years
      ended June 30, 2002, June 30, 2001 and June 30, 2000 (audited)</p>
      <p
      style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-5</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">Consolidated
      Statements of Cash Flows for the six months ended December 31, 2002 and
      December 31, 2001 (unaudited) and for the years ended June 30, 2002, June
      30, 2001, and June 30, 2000 (audited)</p>
      <p
      style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-6</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Notes
      to Consolidated Financial Statements</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-7</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Supplementary
      Information about Mineral Property Expenditures for the six months ended
      December&nbsp;31,&nbsp;2002 (unaudited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:504pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-22</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Supplementary
      Information about General and Administrative Costs for the six months
      ended December&nbsp;31,&nbsp;2002 (unaudited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:504pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-23</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><b>Unaudited
      Pro Forma Consolidated Financial Statements of Pan American<br>
      Silver Corp.</b></p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><b><br>
      </b></p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-24</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Compilation
      Report</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-25</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Comment
      to Readers in the United States of America</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-26</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Pro
      Forma Consolidated Balance Sheet as at December 31, 2002 (unaudited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-27</p>
    </td>
  </tr>
  <tr>
    <small><big><small><big>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Pro
      Forma Consolidated Statement of Operations for the year ended December 31,
      2002 (unaudited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:432pt; font-family:Times New Roman"><br>
      </p>
    </td>
    </big></small></big></small>
    <td valign="top" width="97" align="center"><small><big><small><big>F-28</big></small></big></small></td>
  </tr>
  <tr>
    <small><big><small><big>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Pro
      Forma Consolidated Statement of Operations for the nine months ended
      September 30, 2003 (unaudited)</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:468pt; font-family:Times New Roman"><br>
      </p>
    </td>
    </big></small></big></small>
    <td valign="top" width="97" align="center"><small><big><small><big>
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-29</p>
      </big></small></big></small></td>
  </tr>
  <tr>
    <td valign="top" width="753">
      <p
      style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Notes
      to the Pro Forma Consolidated Financial Statements</p>
      <p
      style="margin-top:0pt; margin-bottom:5pt; text-indent:378pt; font-family:Times New Roman"><br>
      </p>
    </td>
    <td valign="top" width="97" align="center">
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
      align="center">F-30</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="753">&nbsp;</td>
    <td valign="top" width="97">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"
align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp; </small></big></small> </big><big><big><small><small>F</small></small></big></big><small><big><small><big>-1&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><i>Unaudited
and Audited Consolidated Financial Statements of</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p
style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt"><b>CORNER
BAY SILVER INC.</b></p>
&nbsp;
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><br>
<br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;F-2&nbsp;</p>
<p>&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p><br>
<br>
<p
style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>AUDITORS</big></small></big></small><big><big><small><small>'</small></small></big></big><big><small><big><small> REPORT</small></big></small></big></b></p>
<big><small><big><small>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">September 6, 2002</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">To the Directors of</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">Corner Bay Silver Inc.</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">We have audited the consolidated balance sheets of Corner Bay
Silver Inc. as at June 30, 2002 and 2001 and the consolidated statements of
operations and deficit and cash flows for each of the years in the three-year
period ended June 30, 2002. &nbsp;These financial statements are the
responsibility of the Company</small></big></small></big><small><small><big><big>'</big></big></small></small><small><big><small><big>s management. &nbsp;Our responsibility is to
express an opinion on these financial statements based on our audits.</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">We conducted our audits in accordance with Canadian and United
States generally accepted auditing standards. &nbsp;Those standards require that
we plan and perform an audit to obtain reasonable assurance whether the
financial statements are free of material misstatement. &nbsp;An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. &nbsp;An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">In our opinion, these consolidated financial statements present
fairly, in all material respects, the financial position of the Company as at
June 30, 2002 and 2001 and the results of its operations and its cash flows for
each of the years in the three-year period ended June 30, 2002 in accordance
with Canadian generally accepted accounting principles. &nbsp;</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">(signed) PRICEWATERHOUSECOOPERS LLP</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">Chartered Accountants</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">Toronto, Ontario</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="center"><b>COMMENTS BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING
DIFFERENCES</b></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">In the United States, reporting standards for auditors require
the addition of an explanatory paragraph (following the opinion paragraph) when
the financial statements are affected by conditions and events that cast
substantial doubt on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><big><small><big><small>s ability to continue as a going concern,
such as those described in note 1 to the consolidated financial statements.
&nbsp;Our report to the shareholders dated September 6, 2002 is expressed in
accordance with Canadian reporting standards, which do not permit a reference to
such events and conditions in the auditors</small></big></small></big><small><small><big><big>'</big></big></small></small><big><small><big><small> report when they are adequately
disclosed in the financial statements.</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">(signed) PRICEWATERHOUSECOOPERS LLP</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">Chartered Accountants</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify">Toronto, Ontario</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;F-3&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CONSOLIDATED BALANCE SHEETS</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>As at
December 31, 2002, June 30, 2002 and 2001</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(expressed
in Canadian dollars, unless otherwise stated)</b></p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:266.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">December
31</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:354.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">June
30</b></p>
<p
style="margin:0pt; text-indent:426.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>June
30</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:283.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:360pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:432pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>2001</b></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><br>
________________________________________________________________________________________________________</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:271.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(Unaudited)</b></p>
<b>
<p
style="margin:0pt; text-indent:459pt; font-family:Times New Roman; font-size:9pt"><br>
</b></p>
<p style="margin:0pt; font-family:Times New Roman"><b>ASSETS</b></p>
<p style="margin:0pt; font-family:Times New Roman">Current</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Cash</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275pt; font-family:Times New Roman">4,831,220</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:328pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:347pt; font-family:Times New Roman">5,323,564</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:400pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:419pt; font-family:Times New Roman">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Accounts
receivable</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:282.5pt; font-family:Times New Roman">163,965</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:354.5pt; font-family:Times New Roman">197,673</p>
<p style="margin:0pt; text-indent:426.5pt; font-family:Times New Roman">176,912</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Prepaid
expenses and deposits</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:292.5pt; font-family:Times New Roman">2,595</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">16,887</p>
<p style="margin:0pt; text-indent:431.5pt; font-family:Times New Roman">27,389</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -3pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275pt; font-family:Times New Roman">4,997,780</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:347pt; font-family:Times New Roman">5,538,124</p>
<p style="margin:0pt; text-indent:419pt; font-family:Times New Roman">4,226,723</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Deposits-
reclamation bonds</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:287.5pt; line-height:17pt; font-family:Times New Roman">30,000</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:359.5pt; line-height:17pt; font-family:Times New Roman">30,000</p>
<p
style="margin:0pt; text-indent:431.5pt; line-height:15pt; font-family:Times New Roman">30,000</p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman">Investments
</small></big></small></big><small><small><big><big>-</big></big></small></small><big><small><big><small>
quoted market value of $nil</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:9pt; line-height:17pt; font-family:Times New Roman">(2001
- - $61,933) (note 8)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:311.65pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:383.65pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; text-indent:431.5pt; line-height:15pt; font-family:Times New Roman">43,353</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Deferred
exploration expenditure (note 3)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:275pt; line-height:17pt; font-family:Times New Roman">8,781,564</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:347pt; line-height:17pt; font-family:Times New Roman">7,705,865</p>
<p
style="margin:0pt; text-indent:419pt; line-height:15pt; font-family:Times New Roman">4,551,072</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Property,
plant and equipment (note 4)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:275pt; line-height:17pt; font-family:Times New Roman">3,893,658</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:347pt; line-height:17pt; font-family:Times New Roman">3,896,461</p>
<p
style="margin:0pt; text-indent:431.5pt; line-height:15pt; font-family:Times New Roman">96,870</p>
<p
style="text-indent: 0pt; line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -5pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:256pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:270pt; line-height:20pt; font-family:Times New Roman">17,703,002</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:328pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:342pt; line-height:20pt; font-family:Times New Roman">17,170,450</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:400pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 419pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: -10pt; margin-top: 0pt; margin-bottom: 0pt">8,948,018</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -5pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><b>LIABILITIES</b></p>
<p style="margin:0pt; font-family:Times New Roman">Current</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Accounts
payable and accrued liabilities</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275pt; font-family:Times New Roman">1,355,103</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:328pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:354.5pt; font-family:Times New Roman">316,914</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:400pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:426.5pt; font-family:Times New Roman">387,963</p>
<p
style="text-indent: 0pt; line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -5pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><b>SHAREHOLDERS</small></big></small></big><big><big><small><small>'</small></small></big></big><big><small><big><small> EQUITY</small></big></small></big></b></p>
<big><small><big><small>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Capital
stock (note 5)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:270pt; font-family:Times New Roman">25,499,004</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:342pt; font-family:Times New Roman">24,314,504</p>
<p style="margin:0pt; text-indent:414pt; font-family:Times New Roman">14,813,154</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Contributed
surplus</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:282.5pt; font-family:Times New Roman">537,005</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:354.5pt; font-family:Times New Roman">537,005</p>
<p style="margin:0pt; text-indent:426.5pt; font-family:Times New Roman">537,005</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Deficit</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:268.3pt; font-family:Times New Roman">(9,688,110)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:340.3pt; font-family:Times New Roman">(7,997,973)</p>
<p style="margin:0pt; text-indent:412.3pt; font-family:Times New Roman">(6,790,104)</p>
<p
style="text-indent: 0pt; line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -5pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p style="margin:0pt; text-indent:412.3pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:270pt; line-height:20pt; font-family:Times New Roman">16,347,899</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:342pt; line-height:20pt; font-family:Times New Roman">16,853,536</p>
<p
style="margin:0pt; text-indent:419pt; line-height:18pt; font-family:Times New Roman">8,560,055</p>
<p
style="text-indent: 0pt; line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -5pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="margin:0pt; text-indent:419pt; line-height:18pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:256pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:270pt; line-height:20pt; font-family:Times New Roman">17,703,002</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:328pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:342pt; line-height:20pt; font-family:Times New Roman">17,170,450</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:400pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; text-indent:419pt; line-height:18pt; font-family:Times New Roman">8,948,018</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Nature of operations and
going concern (note 1)</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Commitments (note 10)</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><b>APPROVED BY THE BOARD OF
DIRECTORS</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">(signed) <small>JOHN H.
WRIGHT<big>, Director</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">(signed) <small>ROSS J. BEATY<big>,
Director</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-4&nbsp;</font></p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<br>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(expressed
in Canadian dollars, unless otherwise stated)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:174.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">For
the six months ended</b></p>
<b>
<p
style="margin:0pt; text-indent:342.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">For
the years ended</b></p>
</big></small></big></small><b>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>December 31,</small></big><small><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></small></small><big><small><small>&nbsp;</small></small></big></big></u></b></p>
<b>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><big><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>
</big></big></small><big><small><big>&nbsp;</big></small></big><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>June 30,</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>&nbsp;</big></big></small></small></u></b></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><br>
</u></b></p>
<b>
<p
style="text-indent: 180pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -8pt">2002</b></p>
<b>
<p
style="text-indent: 247.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt">2001</b></p>
<p
style="text-indent: 315pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b>2002</b></p>
<p
style="text-indent: 373.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b>2001</b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: -8pt; padding-bottom: 3pt"><b>2000</b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-bottom: 3pt">&nbsp;</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b>________________________________________________________________________________________________________</b></p>
</big></small></big></small>
<p
style="text-indent: 163.5pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -7pt; margin-bottom: 0pt"><font
size="1">(Unaudited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Unaudited)</font></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:468pt; line-height:18pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
<p style="margin:0pt; line-height:18pt; font-family:Times New Roman">OTHER
INCOME</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Interest</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:148pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:179.5pt; font-family:Times New Roman">61,361</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">49,739</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:292pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">94,013</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:355pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">127,474</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:418pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">48,611</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Other</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:179.5pt; font-family:Times New Roman">14,500</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">73,001</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">201,831</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">97,500</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">64,900</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -8pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:179.5pt; font-family:Times New Roman">75,861</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">122,740</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">295,844</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">224,974</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">113,511</p>
<p style="margin:0pt; font-family:Times New Roman">OTHER EXPENSES</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">General
and administrative</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:167pt; font-family:Times New Roman">1,765,998</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">497,925</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">1,467,007</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">798,073</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">521,338</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Amortization</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">9,109</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">25,312</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">19,251</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -8pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:167pt; font-family:Times New Roman">1,765,998</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">507,034</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">1,467,007</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">823,385</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">540,589</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Gain
on disposal of assets</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">(14,465)</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Gain
on disposal of investments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:312.8pt; font-family:Times New Roman">(5,805)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Writedown
of investments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">22,606</p>
<p
style="text-indent: -9pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-left: 9pt">Write-down
of property, plant<br>
and equipment&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>-&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>-&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>42,511&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>95,833</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<small><big><small><big>&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;
<small><big><small><big>-</p>
<p style="margin:0pt; font-family:Times New Roman">Write-down of deferred</p>
<p style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt">&nbsp;&nbsp;exploration
expenditure</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">373,627</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,088,239</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -8pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
</big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:167pt; font-family:Times New Roman">1,765,998</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">507,034</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">1,503,713</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:365pt; font-family:Times New Roman">1,292,845</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,636,969</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
</big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Loss
for the period</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:160.3pt; line-height:17pt; font-family:Times New Roman">(1,690,137)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:239.8pt; line-height:17pt; font-family:Times New Roman">(384,294)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:295.3pt; line-height:17pt; font-family:Times New Roman">(1,207,869)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:358.3pt; line-height:17pt; font-family:Times New Roman">(1,067,871)</p>
<p
style="margin:0pt; text-indent:421.3pt; line-height:15pt; font-family:Times New Roman">(1,523,458)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Deficit,
beginning of period</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:160.3pt; line-height:17pt; font-family:Times New Roman">(7,997,973)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:232.3pt; line-height:17pt; font-family:Times New Roman">(6,790,104)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:295.3pt; line-height:17pt; font-family:Times New Roman">(6,790,104)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:358.3pt; line-height:17pt; font-family:Times New Roman">(5,722,233)</p>
<p
style="margin:0pt; text-indent:421.3pt; line-height:15pt; font-family:Times New Roman">(4,198,775)</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
</big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Deficit,
end of period</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:130pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:160.3pt; line-height:17pt; font-family:Times New Roman">(9,688,110)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:229pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:232.3pt; line-height:17pt; font-family:Times New Roman">(7,174,398)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:292pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:295.3pt; line-height:17pt; font-family:Times New Roman">(7,997,973)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:355pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:358.3pt; line-height:17pt; font-family:Times New Roman">(6,790,104)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:413.95pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; text-indent:421.3pt; line-height:15pt; font-family:Times New Roman">(5,722,233)</p>
<small><big><small><big>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt">_________________________________________________________________________________________</p>
</big></small></big></small>
<p
style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -18pt; margin-bottom: 0pt">_________________________________________________________________________________________<br>
</p>
<p
style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -18pt; margin-bottom: 0pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<p
style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 8pt; margin-bottom: 0pt">Basic
and diluted</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">loss
per share</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:175.65pt; font-family:Times New Roman">($0.09)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:247.65pt; font-family:Times New Roman">($0.02)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:310.65pt; font-family:Times New Roman">($0.07)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:373.65pt; font-family:Times New Roman">($0.08)</p>
<p style="margin:0pt; text-indent:436.65pt; font-family:Times New Roman">($0.14)</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Weighted average number</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;of
shares outstanding</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:162pt; font-family:Times New Roman">19,385,808</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:234pt; font-family:Times New Roman">15,876,053</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:297pt; font-family:Times New Roman">16,697,807</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:360pt; font-family:Times New Roman">13,912,182</p>
<p style="margin:0pt; text-indent:423pt; font-family:Times New Roman">10,760,945</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">F-</big></small></big></small><big><big><small><small>5</small></small></big>
&nbsp;</p>
<small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<br>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(expressed
in Canadian dollars, unless otherwise stated)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:174.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">For
the six months ended</b></p>
<b>
<p
style="margin:0pt; text-indent:342.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">For
the years ended</b></p>
</big></small></big></small><b>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>December 31,</small></big><small><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></small></small><big><small><small>&nbsp;</small></small></big></big></u></b></p>
<b>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><big><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>
</big></big></small><big><small><big>&nbsp;</big></small></big><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>June 30,</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>&nbsp;</big></big></small></small></u></b></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><br>
</u></b></p>
<b>
<p
style="text-indent: 180pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -8pt">2002</b></p>
<b>
<p
style="text-indent: 247.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt">2001</b></p>
<p
style="text-indent: 315pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b>2002</b></p>
<p
style="text-indent: 373.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b>2001</b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: -8pt; padding-bottom: 3pt"><b>2000</b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-bottom: 3pt">&nbsp;</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b>________________________________________________________________________________________________________</b></p>
</big></small></big></small>
<p
style="text-indent: 163.5pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -7pt; margin-bottom: 0pt"><font
size="1">(Unaudited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Unaudited)</font></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:468pt; line-height:18pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman">CASH PROVIDED BY (USED IN)</p>
<p style="margin:0pt; font-family:Times New Roman">Operating activities</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:9pt; font-family:Times New Roman">Loss
for the period</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:166pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:169.3pt; font-family:Times New Roman">(1,690,137)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:229pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:239.8pt; font-family:Times New Roman">(384,294)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:292pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-right:-8.9pt; text-indent:295.3pt; font-family:Times New Roman">(1,207,869)</p>
<p
style="text-indent: 351pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: -8.9pt">$(1,067,871)
&nbsp;</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>
</big></big></small></small><big><small><big><small>$ (1,523,458)</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">Write-off of
deferred</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;exploration
expenditure</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">373,627</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,088,239</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Writedown
of investments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">22,606</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Amortization</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">9,109</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">25,312</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">19,251</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">Write-off of
property, plant</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;and
equipment</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">42,511</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">95,833</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">Gain on
disposal of</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;investments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:312.8pt; font-family:Times New Roman">(5,805)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Gain
on disposal of assets</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">(14,465)</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:169.3pt; line-height:17pt; font-family:Times New Roman">(1,690,137)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:239.8pt; line-height:17pt; font-family:Times New Roman">(375,185)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:295.3pt; line-height:17pt; font-family:Times New Roman">(1,171,163)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:365.8pt; line-height:17pt; font-family:Times New Roman">(573,099)</p>
<p
style="margin:0pt; text-indent:428.8pt; line-height:15pt; font-family:Times New Roman">(407,827)</p>
<p style="margin:0pt; font-family:Times New Roman">Net (increase) decrease in
non-cash</p>
<p
style="text-indent: 9pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">working
capitalbalances related to</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">operations
(note 11)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:176pt; font-family:Times New Roman">1,086,189</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:239.8pt; font-family:Times New Roman">(184,805)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:307.8pt; font-family:Times New Roman">(81,308)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">82,054</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">237,610</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -16pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:176.8pt; line-height:17pt; font-family:Times New Roman">(603,948)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:239.8pt; line-height:17pt; font-family:Times New Roman">(559,990)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:295.3pt; line-height:17pt; font-family:Times New Roman">(1,252,471)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:365.8pt; line-height:17pt; font-family:Times New Roman">(491,045)</p>
<p
style="margin:0pt; text-indent:428.8pt; line-height:15pt; font-family:Times New Roman">(170,217)</p>
<small><big><small><big><small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Investing activities</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">Deferred
exploration expenditure</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;and
property, plant and equipment</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:169.3pt; font-family:Times New Roman">(1,072,896)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:232.3pt; font-family:Times New Roman">(1,415,279)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:295.3pt; font-family:Times New Roman">(3,147,522)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:358.3pt; font-family:Times New Roman">(1,460,057)</p>
<p style="margin:0pt; text-indent:421.3pt; font-family:Times New Roman">(2,185,566)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option
receipts</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">5,975</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">25,000</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
on disposal of assets</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">28,057</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
on disposal of</p>
<p style="margin:0pt; text-indent:279pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">49,158</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">73,486</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Purchase
of assets under construction</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302.8pt; font-family:Times New Roman">(400,000)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Purchase
of equipment</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:312.8pt; font-family:Times New Roman">(6,873)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:169.3pt; font-family:Times New Roman">(1,072,896)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:232.3pt; font-family:Times New Roman">(1,415,279)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:295.3pt; font-family:Times New Roman">(3,505,237)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:358.3pt; font-family:Times New Roman">(1,454,082)</p>
<p style="margin:0pt; text-indent:421.3pt; font-family:Times New Roman">(2,059,023)</p>
<small><big><small><big><small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Financing activities</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Issue
of common shares</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:176pt; font-family:Times New Roman">1,184,500</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">350,849</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">6,058,850</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:365pt; font-family:Times New Roman">5,038,397</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">2,499,391</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Increase (decrease) in cash
during</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;the
period</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:176.8pt; font-family:Times New Roman">(492,344)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:232.3pt; font-family:Times New Roman">(1,624,420)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">1,301,142</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:365pt; font-family:Times New Roman">3,093,270</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">270,151</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Cash,
beginning of the period</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:176pt; line-height:17pt; font-family:Times New Roman">5,323,564</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:239pt; line-height:17pt; font-family:Times New Roman">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:302pt; line-height:17pt; font-family:Times New Roman">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:372.5pt; line-height:17pt; font-family:Times New Roman">929,152</p>
<p
style="margin:0pt; text-indent:435.5pt; line-height:15pt; font-family:Times New Roman">659,001</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; line-height:17pt; font-family:Times New Roman">Cash,
end of the period</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:166pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:176pt; line-height:17pt; font-family:Times New Roman">4,831,220</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:229pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:239pt; line-height:17pt; font-family:Times New Roman">2,398,002</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:292pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:302pt; line-height:17pt; font-family:Times New Roman">5,323,564</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:351pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:365pt; line-height:17pt; font-family:Times New Roman">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; text-indent:418pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; text-indent:435.5pt; line-height:15pt; font-family:Times New Roman">929,152</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: 0pt"><big><big><small><small>________________________________________________________________________________________</small></small></big></big><small><small><big><big>_</big></big></small><big><small><big><br>
</p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman">Supplemental
cash flow information (note 11)</p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><br>
</p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;F-</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>6</small></small></small></small></big></big></big><small><big><small></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><b>CORNER
BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman"><b>Notes to the consolidated
financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman"><b>December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b>(expressed
in Canadian dollars)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></small></big></small></big>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><b><big><big><big><big><small><small><small><small>1</small></small></small></small></big></big></big><small><big><small><small><big><small><big>.</big></small></big></small></small></big></small></big></b></p>
<small>
<big><small>
<big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>NATURE
OF OPERATIONS AND GOING CONCERN</b></p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:-0.35pt; font-family:Times New Roman"
align="justify">The Company is in the process of exploring its mineral
properties and is establishing the amount of ore reserves that are economically
recoverable from the Mexico property. &nbsp;The recoverability of amounts shown
for these properties and related deferred exploration expenditures are dependent
upon the discovery of economically recoverable reserves, the preservation of the
Company</big></small></big></small></small></big></small></big><big><big><big><big><small><small><small><small>'</small></small></small></small></big></big></big></big><big><small><big><small><small><big><small><big>s interest in the underlying mineral claims, the ability of the
Company to obtain the financing necessary to complete the development of the
properties, and future profitable production or, alternatively, upon the Company</big></small></big></small></small></big></small></big><small><small><small><small><big><big><big><big>'</big></big></big></big></small></small></small></small><small><big><small><big><big><small><big><small>s
ability to dispose of its interest on an advantageous basis. &nbsp;Changes in
future conditions could require material writedowns of the carrying amounts of
deferred exploration expenditure.</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:-0.35pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:-0.35pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></small></big></small></big>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><b><big><big><big><big><small><small><small><small>2</small></small></small></small></big></big></big><small><big><small><small><big><small><big>.</b></p>
</big></small></big></small></small></big></small></big><small>
<big><small><big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">These consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles (GAAP).
&nbsp;Significant differences from United States accounting principles are
disclosed in Note 15.</p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"
align="justify"><b>Basis of consolidation</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">These consolidated financial statements include the accounts of
the Company and its wholly owned subsidiaries, Corner Bay Resources Inc. and Pan
MacKenzie Resources Inc. (including its wholly owned subsidiary Minera Corner
Bay S.A. de C.V.).</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Deferred exploration expenditure</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The deferred exploration expenditure is recorded at cost, net of
incidental revenues generated from the particular properties. &nbsp;These net
costs are deferred until the properties to which they relate are placed into
production, sold or abandoned.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">In March 2000, the Accounting Standards Board of the Canadian
Institute of Chartered Accountants (CICA) issued Accounting Guideline No. 11
entitled, </big>
</small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><big><small><big><small><big><small><big><small>Enterprises in the Development Stage</small></big></small></big></small></big></small></big><small><small><small><small><big><big><big><big>"</big></big></big></big></small></small></small></small><big><small><big><small><big><small><big><small> (AcG 11), and subsequently,
on March 12, 2002, issued Emerging Issues Committee (EIC) 126 </small></big></small></big>
</small></big></small></big><big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><small><big><small><small><big><small><big><big>Accounting by
Mining Enterprises for Exploration Costs.</big></big></small></big></small></small></big></small><big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><small><big><small><big><big><small><big><small> &nbsp;These guidelines address
three distinct issues: (i) capitalization of costs/expenditures (ii) impairment
and (iii) disclosure. &nbsp;Prior to their issuance, development state entities
were exempt from following certain aspects of Canadian generally accepted
accounting principles (GAAP). &nbsp;EIC 126 and AcG 11 require that all
companies account for transactions based on the underlying characteristics of
the transactions rather than the maturity of the enterprise. &nbsp;In addition,
EIC 126 and AcG 11 require specific disclosure of information by development
stage companies. &nbsp;These guidelines were effective for financial periods
beginning on or after April 1, 2000, which affects the Company</small></big></small></big></big></small></big></small><big><big><big><big><small><small><small><small>'</small></small></small></small></big></big></big></big><big><big><small><big><small><small><big><small>s financial
years ended on or after June 30, 2001.</p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;F-</big></small></big></small></small></big></small><big><big><big><small><small><small><small>7</small></small></small></small></big></big></big></p>
<small><big><small>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">EIC 126 and AcG 11 affect mining companies with respect to the
deferral of exploration costs. &nbsp;The appropriate accounting guidance is
contained in Section 3061, </small></big></small></small></big></small></big></big>
<big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>Property, Plant and Equipment</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big> of the CICA
Handbook which permits, but does not require, exploration costs to be
capitalized as part of a mining property, if the Company considers that such
costs have the characteristics of property, plant and equipment. &nbsp;Under
this view, deferred exploration expenditure would not automatically be subject
to regular assessment of recoverability, unless conditions such as those
discussed in EIC 126 and AcG 11 exist.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">There would need to be an assessment of deferred exploration
expenditure. &nbsp;Assessment of the probability of recoverability of deferred
exploration expenditure from future operations will require the preparation of a
projection based on objective evidence of economic reserves such as a
feasibility study.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The status of the Company</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>'</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>s operations is such that, like most
mining companies in the exploration stage, it would not be practical to obtain a
feasibility study or provide other information that could be used to support
capitalization of deferred exploration expenditure under the alternative view.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">EIC 126 and AcG 11 did not have a significant impact on the
Company</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>'</small></small></small></small></big></big></big></big><big><small><big><small><big><small><big><small>s consolidated financial statements.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Property, plant and equipment</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Land and exploration equipment are recorded at cost.
&nbsp;Exploration equipment is amortized on a reducing balance basis at various
rates from 14% to 33%. &nbsp;Amortization relating to equipment used on the
mineral properties is capitalized as part of the deferred exploration
expenditure balance.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Assets under construction</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Assets under construction consist of equipment to be
commissioned at the Mexico property site. &nbsp;The assets will be included as
part of the equipment balance once refurbished and transferred to the site.
&nbsp;These assets are not being amortized, as they are not currently ready for
use.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Financial instruments</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The carrying amounts of cash, receivables, prepaid expenses and
deposits, accounts payable and accrued liabilities approximate the fair values
of those financial instruments due to the short-term maturities of such
instruments. &nbsp;Financial instruments that potentially subject the Company to
concentrations of credit risk consist primarily of cash. &nbsp;The Company
places its cash with high credit quality financial institutions.</p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;F-</big></small></big></small></small></big></small><big><big><big><small><small><small><small>8</small></small></small></small></big></big></big><small><big><small><big>
&nbsp;</p>
</big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Income taxes</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The provision for future income taxes is based on the liability
method. &nbsp;Future income taxes arise from the recognition of the tax
consequences of temporary differences by applying statutory income tax rates
applicable to future years to differences between the financial statements</small></big></small></big></small></big></small></big><big><big><big><big><small><small><small><small>'</small></small></small></small></big></big></big></big><big><small><big><small><big><small><big><small>
carrying amounts and the income tax bases of certain assets and liabilities.
&nbsp;The Company records a valuation allowance against any portion of those
future income tax assets that it believes is not, more likely than not, to be
realized.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Stock-based compensation plan</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The Company has one stock option plan, which is described in
note 5. &nbsp;No compensation expense is recognized for this plan when stock or
stock options are issued to employees. &nbsp;Any consideration paid on exercise
of stock options or purchase of stock is credited to capital stock.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Effective July 1, 2002, the Company adopted the new
recommendations of the Canadian Institute of Chartered Accountants Handbook
Section 3870, Stock-based Compensation and Other Stock-based Payments.
&nbsp;This section establishes standards for the recognition, measurement and
disclosure of stock-based compensation and other stock-based payments in
exchange for goods and services. &nbsp;The section requires that all stock-based
awards made to non-employees be measured and recognized using a fair-value based
method. &nbsp;The section encourages a fair-value based method for all awards
granted to directors, officers and employees, but only requires the use of a
fair value based method for direct awards of stock, stock appreciation rights
and awards that call for settlement in cash or other assets.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">For stock options granted to directors, officers and employees,
the Company has adopted the intrinsic value method of accounting for stock-based
compensation. &nbsp;Under this method compensation expense is recognized for the
excess, if any, of the quoted market price of the Company</small></big></small></big></small></big></small></big><small><small><small><small><big><big><big><big>'</big></big></big></big></small></small></small></small><big><small><big><small><big><small><big><small>s common shares over
the common share option exercise price on the day that options are granted.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Loss per share</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Basic loss per share is computed by dividing the loss for the
year by the weighted average number of common shares outstanding during the
year, including contingently issuable shares that are included when the
conditions necessary for issuance have been met. &nbsp;Diluted earnings per
share are calculated in a manner similar to basic earnings per share, except the
weighted average number of shares outstanding are increased to include potential
common shares from the assumed exercise of options and warrants, if dilutive.
&nbsp;The number of additional shares included in the calculation is based on
the treasury stock method for options and warrants and on the as if converted
method for convertible securities.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">During the year ended June 30, 2001, the Company changed its
method of accounting for earnings per share to comply with the revised standard
issued by the CICA Handbook, Section 3500, </small></big>
</small></big>
</small></big></small></big><big><big><big><big><small><small><small><small>"</small></small></small></small></big></big></big></big><big><small><big><small><big><small><big><small>Earnings per share</small></big></small></big></small></big></small></big><small><small><small><small><big><big><big><big>"</big></big></big></big></small></small></small></small><small><big><small><big><big><small><big><small>. &nbsp;There
was no difference between the loss per share calculated under the new standard
and the amount that would have been calculated using the previous standard.</p>
</small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-9</font></p>
<small><big><small>
<big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Use of estimates</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The preparation of financial statements in conformity with
Canadian generally accepted accounting principles (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities, revenue and expenses during the reporting period. &nbsp;Actual
results could differ from these estimates.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>Translation of foreign currencies</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">As the Company considers all of its foreign operations to be
fully integrated, all items denominated in foreign currencies have been
translated using the temporal method. &nbsp;Under this method, monetary assets
and liabilities and non-monetary items carried at market values are translated
at the year and period end exchange rate. &nbsp;Other non-monetary items and
revenue and expenses are translated at approximate rates in effect at the dates
of the transactions, except depletion and amortization, which are translated at
the same rates as the related assets.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><b>3.</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>MINERAL
PROPERTIES</b></p>
<u>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:206.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"></u><b><u>Mexico</u></b></p>
<b><u>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:269pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Maritimes</u></b></p>
<b><u>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:327.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Chibougamau</u></b></p>
<b><u>
<p
style="margin-top:0pt; margin-bottom:4.5pt; padding-left:27pt; text-indent:390.5pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:15pt; font-family:Times New Roman">Balance
</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><big><small><big><small><small><big><small>
<big> June 30, 1999</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:192.65pt; line-height:15pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:202.65pt; line-height:15pt; font-family:Times New Roman">1,018,492</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:264.65pt; line-height:15pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:273.15pt; line-height:15pt; font-family:Times New Roman">401,611</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:323.65pt; line-height:15pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:337.65pt; line-height:15pt; font-family:Times New Roman">1,097,825</p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:27.35pt; text-indent:390.65pt; line-height:15pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -8pt; padding-left: 27.35pt">2,517,928<br>
Expenditures&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>2,114,901&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>1,411&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>-</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>2,116,312<br>
Option receipts&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>-</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>(25,000)</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>(9,586)</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>(34,586)<br>
Writedown</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>-</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>-</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>(1,088,239)</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>(1,088,239)</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -23pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:17pt; font-family:Times New Roman">Balance
</big></small></big></small></small></big></small></big><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><big><small><big><small><small><big><small><big>
June 30, 2000</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:202.65pt; line-height:17pt; font-family:Times New Roman">3,133,393</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:264.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:273.15pt; line-height:17pt; font-family:Times New Roman">378,022</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:323.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:374.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:390.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:400.65pt; line-height:15pt; font-family:Times New Roman">3,511,415</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:203pt; line-height:14pt; font-family:Times New Roman">1,388,451</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:283.5pt; line-height:14pt; font-family:Times New Roman">1,580</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:401pt; font-family:Times New Roman">1,390,031</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Option
receipts</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:239.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:276.8pt; line-height:14pt; font-family:Times New Roman">(5,975)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:411.8pt; font-family:Times New Roman">(5,975)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Amortization
of equipment capitalized</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:215.5pt; line-height:14pt; font-family:Times New Roman">29,228</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:302.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:413.5pt; font-family:Times New Roman">29,228</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Writedown</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:239.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:266.8pt; line-height:14pt; font-family:Times New Roman">(373,627)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="text-indent: 401.8pt; font-family: Times New Roman; word-spacing: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">(373,627)</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -8pt; padding-left: 27.35pt"><big><small><big><small></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -23pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:17pt; font-family:Times New Roman">Balance
</big></small></big></small></small></big></small></big><small><small><small><small><big><big><big><big>-</big></big></big></big></small></small></small></small><small><big><small><big><big><small><big><small>
June 30, 2001</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:202.65pt; line-height:17pt; font-family:Times New Roman">4,551,072</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:302.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:374.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:400.65pt; line-height:15pt; font-family:Times New Roman">4,551,072</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:203pt; line-height:14pt; font-family:Times New Roman">3,147,522</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:302.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:401pt; font-family:Times New Roman">3,147,522</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Amortization
of equipment capitalized</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:220.5pt; line-height:14pt; font-family:Times New Roman">7,271</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:302.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="text-indent: 418.5pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">7,271</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -8pt; padding-left: 27.35pt"><big><small><big><small></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -23pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:17pt; font-family:Times New Roman">Balance
</small></big></small></big></big></small></big></small><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>
June 30, 2002</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:202.65pt; line-height:17pt; font-family:Times New Roman">7,705,865</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:302.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:374.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:400.65pt; line-height:15pt; font-family:Times New Roman">7,705,865</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Expenditures
(Unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:210.5pt; line-height:14pt; font-family:Times New Roman">534,911</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:302.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:408.5pt; font-family:Times New Roman">534,911</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Purchase
of concessions (Unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:210.5pt; line-height:14pt; font-family:Times New Roman">537,985</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:302.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:408.5pt; font-family:Times New Roman">537,985</p>
<p
style="line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">Amortization
of equipment<br>
&nbsp;capitalized (Unaudited)&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>2,803&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>-&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>-&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>2,803</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -8pt; padding-left: 27.35pt"><big><small><big><small></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -23pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:17pt; font-family:Times New Roman">Balance
</big>
</small></big>
</small></big></small></big></small><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><big><small><big><small><small><big><small><big>
December 31, 2002 (Unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:192.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:202.65pt; line-height:17pt; font-family:Times New Roman">8,781,564</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:264.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:302.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:323.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:374.3pt; line-height:17pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-17pt; padding-left:27.35pt; text-indent:390.65pt; line-height:17pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">8,781,564</p>
<p
style="text-indent: 400.65pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -8pt; padding-left: 27.35pt"><big><small><big><small></p>
<small><big><small><big><big><small><big><small><small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: 0pt"><big><big><small><small>________________________________________________________________________________________</small></small></big></big><small><small><big><big>_</big></big></small></small></p>
</big></small></big></small></small></big></small></big>
<p
style="margin:0pt; padding-left:27pt; text-indent:198pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The Alamo Dorado silver/gold property is located in the
northwestern state of Sonora, Mexico. &nbsp;Paved roads connect the state
capital of Hermosillo to the town of Alamos, which is 67 kilometers northwest of
the Alamo Dorado Project.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The 5,369 hectare property consists of the 504 hectare Alamo
Ocho concession held under option by the Company, and the 4,865 hectare Alamo
Dorado concession, which is owned 100% by the Company and surrounds the Alamo
Ocho concession. &nbsp;The Company can earn a 100% interest in Alamo Ocho by
paying US$800,000 over six years. &nbsp;Payments are made semi-annually, of
which US$441,000 (unaudited) was paid to December 31, 2002 (June 30, 2002, 2001
and 2000 were US$450,000, $325,000 and $nil, respectively).</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big>
</small></big>
</small>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-10</font></p>
<small><big><small><big><small><big><small><big><big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">During the year ended June 30, 2002, the Company incurred
$131,147 (2001 and 2000 - $nil) in rental payments, and is committed to annual
rental payments of $114,150. &nbsp;During the six-month periods ended December
31, 2002 and 2001, the Company incurred $35,906 and $23,491 (unaudited),
respectively, in rental payments.</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></big></small></big></small>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><b><big><big><big><big><small><small><small><small>4</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>.</big></small></big></small></big></small></big></small></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font
size="2">PROPERTY, PLANT AND EQUIPMENT</font></b></p>
<small><big><small><big><b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:251.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">June
30</b></p>
<b>
<p
style="margin:0pt; text-indent:440.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">June
30</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:168pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Accumulated</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:256.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:357pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Accumulated</b></p>
<b>
<p
style="margin:0pt; text-indent:445.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2001</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-right:-8.9pt; text-indent:127.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-right:-8.9pt; text-indent:168pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Amortization</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-right:-8.9pt; text-indent:257pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-right:-8.9pt; text-indent:316.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-right:-8.9pt; text-indent:357pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Amortization</b></p>
<p
style="text-indent: 445.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-right: -8.9pt"></big></small></big></small><b><big><small><big><small>Net&nbsp;&nbsp;&nbsp;&nbsp;</small></big></small></big></b></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-right: -8.9pt"><small><small><small><small><big><big><big><big>_____________________________________________________</big></big></big></big></small></small></small></small></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-right: -8.9pt">&nbsp;</p>
<big><small><big><small>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">Equipment</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:103pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:125.5pt; line-height:14pt; font-family:Times New Roman">66,683</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:166pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:188.5pt; line-height:14pt; font-family:Times New Roman">14,722</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:229pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:251.5pt; line-height:14pt; font-family:Times New Roman">53,961</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:292pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:309.5pt; line-height:14pt; font-family:Times New Roman">129,415</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:355pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:377.5pt; line-height:14pt; font-family:Times New Roman">32,545</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:418pt; line-height:14pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">96,870</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">Assets
under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Construction</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:113pt; line-height:14pt; font-family:Times New Roman">3,842,500</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:212.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:239pt; line-height:14pt; font-family:Times New Roman">3,842,500</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:338.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:401.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><small><small><big><big>________________________________________________________</big></big></small></small></small></big><small><small><small><big><big><big>______________________</big></big></big></small></small></small></small></big></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:103pt; line-height:20pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:103pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:113pt; line-height:20pt; font-family:Times New Roman">3,911,183</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:166pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:188.5pt; line-height:20pt; font-family:Times New Roman">14,722</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:229pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:239pt; line-height:20pt; font-family:Times New Roman">3,896,461</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:292pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:309.5pt; line-height:20pt; font-family:Times New Roman">129,415</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:355pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:377.5pt; line-height:20pt; font-family:Times New Roman">32,545</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:418pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 440.5pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -15pt">96,870</p>
<big><small><big><small><small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>_________________________________________________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: 0pt"><big><big><small><small>________________________________________________________________________________________</small></small></big></big><small><small><big><big>_</big></big></small></small></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; text-indent:235.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>December
31</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:168pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Accumulated</b></p>
<p
style="margin:0pt; text-indent:252pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>2002</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:27pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>(Unaudited)</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:127.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Cost</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:168pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Amortization</b></p>
<p
style="text-indent: 252pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt"></big></small></big></small><b><big><small><big><small>Net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></big></small></big></b></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><b><small><small><big><big>________________________________________________</big></big></small></small></b></p>
<small><big><small><big>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">Equipment</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:103pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:120.5pt; line-height:14pt; font-family:Times New Roman">139,917</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:166pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:188.5pt; line-height:14pt; font-family:Times New Roman">88,759</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:229pt; line-height:14pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:251.5pt; font-family:Times New Roman">51,158</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">Assets
under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Construction</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:113pt; line-height:14pt; font-family:Times New Roman">3,842,500</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:212.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:239pt; font-family:Times New Roman">3,842,500</p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><b><small><small><big><big>_______________________________________________</big></big></small></small></b></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:103pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:113pt; line-height:20pt; font-family:Times New Roman">3,982,417</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:166pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:188.5pt; line-height:20pt; font-family:Times New Roman">88,759</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:229pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 239pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -15pt">3,893,658</p>
<big><small><big><small><small><big><small><big>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<small><big><small><big>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big>______________________________________________________</big></small></big></small></p>
</big></small></big></small></big></small></big></small></small></big></small></big>
<p
style="line-height: 15pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: 0pt"><big><big><small><small>______________________________________________________</small></small></big></big></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">During the six months ended December 31, 2002, the Company wrote
off $nil (December 31, 2001 - $nil; years ended June 30, 2002, 2001 and 2000 of
$42,511, $95,833 and $nil, respectively) of property, plant and equipment.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">During the six months ended December 31, 2002, the Company
recorded amortization of $2,803 (years ended June 30, 2002, 2001 and 2000 of
$7,271, $29,228 and $nil, respectively), which were capitalized as deferred
exploration expenditure.</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-11&nbsp;</font></p>
<big><small><big><small><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<big><small><big><small><small><big><small><big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></big></small></big></small></small></big></small></big></small></big></small></big></big></small></big></small></small></big></small></big>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><b><font
size="2">5.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><small><big><small><big><b>CAPITAL
STOCK</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b>Authorized</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">Unlimited
number of common shares, without nominal or par value.</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b>Issued
and outstanding </big></small></big></small></small></big></small></big><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>
common shares</big></small></big></small></b></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:352.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Number
of</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:364.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">shares</b></p>
<b>
<p
style="margin:0pt; text-indent:441.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:354pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">outstanding</b></p>
<b>
<p
style="margin:0pt; text-indent:422pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;Proceeds&nbsp;</p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><big><small><small>_____________________________________________________</small></small></big></big></b></big></small></big></small></big></small></big></small><small><big><small><big><b><big><big><big><big><small><small><small><small>___________________________________</small></small></small></small></big></big></big><small><big><small></p>
</small></big></small></big></b><small>
<big><small><big>
<p
style="margin:0pt; text-indent:422pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Balance
</big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><big><small><big><small><small>
<big><small><big> June 30, 1999</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:356pt; line-height:14pt; font-family:Times New Roman">9,899,115</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:418pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 428pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">7,275,366<br>
Shares issued for cash in private placement</p>
<p
style="text-indent: 27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">&nbsp;September
21, 1999&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>596,540&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>773,976<br>
</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <small><big><small><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
20, 1999&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>400,000&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>1,198,435<br>
Warrants exercised for cash during the year&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>545,454&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>409,080<br>
Options exercised for cash during the year&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>393,000&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>117,900</big></small></big></small></p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<big><small><big><small>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -20pt">Balance
- - June 30, 2000</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:351pt; line-height:20pt; font-family:Times New Roman">11,834,109</p>
<p
style="margin:0pt; text-indent:428pt; line-height:18pt; font-family:Times New Roman">9,774,757</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Shares
issued in prospectus offering </small></big></small></big></small></big></small></big><small><small><small><small><big><big><big><big>-</big></big></big></big></small></small></small></small><small><big><small><big><small><big><small><big>
December 14, 2000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:356pt; line-height:14pt; font-family:Times New Roman">3,666,667</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">4,978,397</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Options
exercised for cash</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:363.5pt; line-height:14pt; font-family:Times New Roman">200,000</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">60,000</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -20pt">Balance
- - June 30, 2001</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:351pt; line-height:20pt; font-family:Times New Roman">15,700,776</p>
<p
style="margin:0pt; text-indent:423pt; line-height:18pt; font-family:Times New Roman">14,813,154</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Shares
issued for cash in private placement </big></small></big></small></big></small></big></small><big><big><big><big><small><small><small><small>-</small></small></small></small></big></big></big></big><big><small><big><small><big><small><big><small>
February 19, 2002</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:356pt; line-height:14pt; font-family:Times New Roman">1,830,000</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">4,575,000</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Warrants
exercised for cash</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:363.5pt; line-height:14pt; font-family:Times New Roman">183,333</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">275,000</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Options
exercised for cash</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:363.5pt; line-height:14pt; font-family:Times New Roman">612,000</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,208,850</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt">Shares
issued for assets under construction</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">&nbsp;&nbsp;purchased
</small></big></small></big></small></big></small></big><small><small><small><small><big><big><big><big>-</big></big></big></big></small></small></small></small><big><small><big><small><big><small><big><small>
June 18, 2002 (note 11)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:363.5pt; line-height:14pt; font-family:Times New Roman">850,000</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">3,442,500</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -20pt">Balance
- - June 30, 2002</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:351pt; line-height:20pt; font-family:Times New Roman">19,176,109</p>
<p
style="margin:0pt; text-indent:423pt; line-height:18pt; font-family:Times New Roman">24,314,504</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt">Options
exercised for cash (unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:363.5pt; line-height:14pt; font-family:Times New Roman">465,000</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,184,500</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -20pt">Balance
- - December 31, 2002 (unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:351pt; line-height:20pt; font-family:Times New Roman">19,641,109</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:409pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 423pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -15pt">25,499,004</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt"><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On September 21, 1999, the Company completed a private placement
of 596,540 shares at a price of $1.30 per share.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On December 20, 1999, the Company completed a private placement
of 400,000 units. &nbsp;Each unit consists of one common share at $3.00 and
one-half common share purchase warrant. &nbsp;Each whole purchase warrant
entitles the holder to purchase one additional common share at a price of $4.00
per common share at anytime until December 20, 2001. &nbsp;Effective December
20, 2001, all options that had not been exercised prior to this date expired.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On December 14, 2000, the Company publicly offered 3,666,667
units. &nbsp;Each unit consisted of one common share at $1.50 and one-half
common share purchase warrant. &nbsp;Each whole purchase warrant entitles the
holder to purchase one additional common share at $2.25 per share at anytime
until December 14, 2001. &nbsp;In connection with the December 14, 2000
offering, the underwriters received 183,333 warrants of the Company. &nbsp;Each
warrant entitles the underwriter to purchase one common share for $1.50 at any
time until December 14, 2001. &nbsp;Effective December 14, 2001, all warrants
that had not been exercised prior to this date expired. &nbsp;Refer to the
following warrants table.</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On February 19, 2002, the Company completed a private placement
of 1,830,000 shares at a price of $2.50 per share.</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-1</font></small></big></small></big><font
size="2"><big><big><small><small>2</small></small></big></big></font></small></big></small></big></p>
<small><big><small><big><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Warrants</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:410.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Weighted</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:27pt; text-indent:338.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Number
of</b></p>
<b>
<p
style="margin:0pt; padding-left:27pt; text-indent:413pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">average</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:27pt; text-indent:345pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Warrants</b></p>
<b>
<p
style="margin:0pt; padding-left:27pt; text-indent:393.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></big></small></big></small><b><small><small><big><big>&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big></big><small><big><small><big>price&nbsp;&nbsp;</big></small></big></small></b></p>
<p
style="text-indent: pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><big><small><big><small><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Balance
</small></big></small></big><small><small><big><big>-</big></big></small></small><small><big><small><big>
June 30, 1999</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:409pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:437.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Issued
</big></small></big></small><big><big><small><small>-</small></small></big></big><big><small><big><small>
December 20, 1999</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:345.5pt; line-height:14pt; font-family:Times New Roman">200,000</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:427pt; font-family:Times New Roman">4.00</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt; padding-left: 27pt"><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Balance
</small></big></small></big><small><small><big><big>-</big></big></small></small><small><big><small><big>
June 30, 2000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:345.5pt; line-height:14pt; font-family:Times New Roman">200,000</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:427pt; font-family:Times New Roman">4.00</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Issued
</big></small></big></small><big><big><small><small>-</small></small></big></big><big><small><big><small>
December 14, 2000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:338pt; line-height:14pt; font-family:Times New Roman">2,016,666</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:427pt; font-family:Times New Roman">2.18</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt; padding-left: 27pt"><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Balance
</small></big></small></big><small><small><big><big>-</big></big></small></small><small><big><small><big>
June 30, 2001</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:337.65pt; line-height:20pt; font-family:Times New Roman">2,216,666</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:426.65pt; line-height:18pt; font-family:Times New Roman">2.34</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Expired</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(2,033,333)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:427pt; font-family:Times New Roman">2.42</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman"><u>Exercised</u></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:338.8pt; line-height:14pt; font-family:Times New Roman">(183,333)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:427pt; font-family:Times New Roman">1.50</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt; padding-left: 27pt"><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Balance
</big></small></big></small><big><big><small><small>-</small></small></big></big><small><big><small><big>
June 30, 2002</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:374.3pt; line-height:20pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:437.3pt; line-height:18pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:14pt; font-family:Times New Roman">Expired</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:374.3pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="text-indent: 437.3pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-left: 27.35pt">-<br>
Exercised&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>-&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>-</big></small></big></small></p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-left: 27.35pt"><big><small><big><small><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Balance
</small></big></small></big><small><small><big><big>-</big></big></small></small><big><small><big><small>
December 31, 2002 (unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:374.3pt; line-height:20pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:408.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 437.3pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">-</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Options</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On December 15, 1995, the shareholders of the Company approved
the amended stock option plan (dated November 1, 1995) (the Plan) which provides
for the issuance of 1.0 million stock options under the terms of the Plan.
&nbsp;On December 20, 1999 and December 15, 2000, the shareholders approved an
amendment to provide for the further issuance of an additional 1.4 and 2.0
million common share options, respectively, under the terms of the Plan.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Under the Plan, the Company provides options to buy common
shares of the Company to directors, officers and service providers. &nbsp;The
board of directors grants such options for periods of up to ten years at prices
not lower than the market price at the date of granting.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">No compensation expense is recognized when stock options are
issued to employees and directors. &nbsp;All consideration paid by employees
from the exercise of stock options or purchase of stock is credited to capital
stock.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Compensation expense is recorded when stock options are issued
to non-employees and is recognized over the vesting period of the options.
&nbsp;Compensation expense is determined as the fair value of the options at the
date of grant using an option-pricing model. &nbsp;During the six months ended
December 31, 2002 and year ended June 30, 2002, no stock options were issued to
non-employees.</p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-1</font></big></small></big></small></small></big></small></big><font
size="2"><big><big><big><big><small><small><small><small>3</small></small></small></small></big></big></big></big></font></p>
<big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">As at June
30, 2002, the Company had outstanding and exercisable stock options as follows:</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:374pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Exercise</b></p>
<b>
<p
style="margin:0pt; text-indent:430pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Expiry</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:382pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Price</b></p>
</small></big></small></big><b>
<p
style="margin:0pt; text-indent:417.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date&nbsp;&nbsp;&nbsp;</font></p>
</b><big><small><big><small>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">500,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:377pt; line-height:14pt; font-family:Times New Roman">$2.65&nbsp;&nbsp;&nbsp;</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>&nbsp;</big></big></small></small></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:396.4pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;</big></small></big><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>12/20/02</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">660,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:382pt; line-height:14pt; font-family:Times New Roman">3.00&nbsp;&nbsp;&nbsp;</small></big></small></big><small><small><big><big>&nbsp;</big></big></small></small></p>
<small><big><small><big>
<p style="margin:0pt; text-indent:396.4pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;</big></small></big><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>06/30/03</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">380,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:382pt; line-height:14pt; font-family:Times New Roman">1.75</p>
<p style="margin:0pt; text-indent:396.4pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</small></small></big><small><big><small>10/02/04</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">40,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:382pt; line-height:14pt; font-family:Times New Roman">1.80</p>
<p style="margin:0pt; text-indent:396.4pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;</small></big><small><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</big></small><big><small>12/12/04</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">60,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:377pt; line-height:14pt; font-family:Times New Roman">$3.00</p>
<p style="margin:0pt; text-indent:396.4pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;</small></big></small><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>
</big></big></small><big><small><big>02/28/05</big></small></big></small></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">As at June
30, 2002, the Company had outstanding and exercisable stock options as follows:</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:211.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>2002</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:328.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>2001</b></p>
<p
style="margin:0pt; text-indent:436.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>2000</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:141.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Number</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:199pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Weighted</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:254pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Number</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:316pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Weighted</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:371pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Number</b></p>
<p
style="margin:0pt; text-indent:424pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Weighted</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:154.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">of</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:206pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>average</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:267pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>of</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:323pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>average</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:384pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>of</b></p>
<p
style="margin:0pt; text-indent:431pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>average</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:144.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">options</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:211.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>price</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:257pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>options</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:328.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>price</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:374pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>options</b></p>
<p
style="margin:0pt; text-indent:400.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;price&nbsp;</b></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">Outstanding</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;-
Beginning of year</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:131pt; line-height:14pt; font-family:Times New Roman">1,607,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:206pt; line-height:14pt; font-family:Times New Roman">$2.60</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:248pt; line-height:14pt; font-family:Times New Roman">1,707,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:323pt; line-height:14pt; font-family:Times New Roman">$2.38</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:372.5pt; line-height:14pt; font-family:Times New Roman">700,000</p>
<p
style="text-indent: 431pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt">$0.30<br>
&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>Granted&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>645,000&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>1.95&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>100,000&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>1.70&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>1,400,000&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>2.84<br>
&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>Exercised&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>(612,000)&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>1.98&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>(200,000)&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>0.30&nbsp;&nbsp;&nbsp;</big></small></big></small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<big><small><big><small>(393,000)&nbsp;&nbsp;&nbsp;</small></big></small></big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<small><big><small><big>0.30</big></small></big></small></p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></p>
<big><small><big><small>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">Outstanding</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;-
End of year</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:131pt; line-height:14pt; font-family:Times New Roman">1,640,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:206pt; line-height:14pt; font-family:Times New Roman">$2.57</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:248pt; line-height:14pt; font-family:Times New Roman">1,607,000</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:323pt; line-height:14pt; font-family:Times New Roman">$2.60</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:365pt; line-height:14pt; font-family:Times New Roman">1,707,000</p>
<p style="margin:0pt; text-indent:431pt; font-family:Times New Roman">$2.38</p>
<p style="margin:0pt; font-family:Times New Roman"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></p>
<p
style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman">As at
December 31, 2002, the Company had outstanding and exercisable stock options as
follows:</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:27pt; text-indent:243.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u>December
31, 2002</u></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:333pt; font-family:Times New Roman; font-size:9pt"><b><u><br>
</u></b></p>
<b>
<p
style="text-indent: 229.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt; padding-left: 27pt">Number</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:298pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Weighted</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:27pt; text-indent:240pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">of</b></p>
<p
style="text-indent: 302pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><b>average</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:27pt; text-indent:228pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Options</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:301.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>&nbsp;&nbsp;price&nbsp;&nbsp;</b></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Outstanding
</small>
</big></small></big><small><small><big><big>-</big></big></small></small><small><big><small><big>
Beginning of period</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:218.15pt; line-height:20pt; font-family:Times New Roman">&nbsp;1,640,000</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:304.65pt; line-height:18pt; font-family:Times New Roman">$2.57</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Exercised
(unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:221.45pt; line-height:20pt; font-family:Times New Roman">(465,000)</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:309.65pt; line-height:18pt; font-family:Times New Roman">2.55</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:-0.35pt; line-height:20pt; font-family:Times New Roman">Outstanding
</big></small></big></small>
<big><big><small><small>-</small></small></big></big><small><big><small><big> End of period (unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:220.65pt; line-height:20pt; font-family:Times New Roman">1,175,000</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:304.65pt; line-height:18pt; font-family:Times New Roman">$2.59</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></big></small></big></small></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></big></small></big></small></p>
<small><big><small><big><small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></big></small></big></small></big></small></big></small>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><b><font
size="2">6.</font></b></p>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>INCOME
TAXES</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">As at December 31, 2002, the Company has non-capital loss
carry-forwards of approximately $4,200,000, unaudited, (June 30, 2002 -
$2,500,000) available to reduce future taxable income. &nbsp;These losses will
expire between 2003 and 2009. &nbsp;In addition, the Company has $7,300,000 in
unclaimed exploration and development expenses in Canada. &nbsp;No recognition
is given in these consolidated financial statements to any potential benefit
from the utilization of these non-capital losses or unclaimed exploration and
development expenses.</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-14&nbsp;</font></p>
<big><small><big>
<small><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><b>7.</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b>RELATED
PARTY TRANSACTIONS</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Certain geological, consulting and corporate services were
provided to the Company and its subsidiaries by seven directors and/or officers,
and/or companies controlled by directors and/or officers. &nbsp;The cost of such
services (including salaries) for the six months ended December 31, 2002 was
$nil, unaudited, (years ended June 30, 2002, 2001 and 2000 were $680,213,
$354,989 and $230,279, respectively). &nbsp;The services provided were at rates
similar to those charged to non-related parties.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The Company, as prime tenant of share corporate offices with the
above-mentioned related party companies, charge rent of $nil for the six months
ended December 31, 2002 (years ended June 30, 2002, 2001 and 2000 were $6,000,
$51,400 and $46,800, respectively) and had overhead recoveries of $nil for the
six months ended December 31, 2002 (years ended June 30, 2002, 2001 and 2000
were $7,500, $97,575 and $71,913, respectively).</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"
align="justify"><b>8.</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>INVESTMENT</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">As at December 31, 2002, the Company held nil (unaudited) (June
30, 2002, 2001 and 2000 </small>
</big></small>
</big><small><small><big><big>-</big></big></small></small><big><small><big>
<small> nil, 309,665 and 309,665, respectively) shares of
MSV Resources Inc. &nbsp;The investment was disposed of during the year ended
June 30, 2002.</p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"
align="justify"><b>9.</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"
align="justify"><b>SEGMENT INFORMATION</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Working capital balances are retained in Canada and principal
property balances are located as described in note 3.</p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"
align="justify"><b>10.</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"
align="justify"><b>COMMITMENTS</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The Company leases office space under leases expiring November
30, 2004. &nbsp;Future minimum lease payments are as follows:</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b>Year
ended June 30</b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">2003</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:355pt; line-height:14pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:377.5pt; font-family:Times New Roman">69,660</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">2004</p>
<p style="margin:0pt; text-indent:377.5pt; font-family:Times New Roman">69,660</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; text-indent:27pt; line-height:14pt; font-family:Times New Roman">2005</p>
<p style="margin:0pt; text-indent:377.5pt; font-family:Times New Roman">29,025</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:355pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 372.5pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -7pt; margin-bottom: 0pt">168,345</p>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big><small><big><small><big></p>
</big></small></big></small>
<p
style="text-indent: 0pt; line-height: 14pt; font-family: Times New Roman; margin-top: -12pt; margin-bottom: 0pt"><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small><big><big><small><small>_____________________________________________________</small></small></big></big></small></big></small><big><big><big><small><small><small><small>_____________________________________</small></small></small></small></big></big></big></big></big></small></big></small></big></small></big></small></small></big></small></big><small><big><small><big></p>
</big></small></big></small>
<p
style="margin:0pt; text-indent:372.5pt; line-height:18pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><b>11.</b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b>SUPPLEMENTAL
CASH FLOW INFORMATION</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">During the six months ended December 31, 2002 and 2001 and the
years ended June 30, 2002, 2001 and 2000, the Company paid no income taxes or
interest.</p>
</small>
</big></small>
</big>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-15&nbsp;</font></p>
<small><big><small><big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Net
(increase) decrease in non-cash working capital balances related to operations:</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<big><small><big><small><small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></small></big></small></big></big></small></big></small><b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:174.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp; Six months ended</font></b></p>
<p
style="margin:0pt; text-indent:342.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<b>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<b>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Years&nbsp; ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><font
size="2"><br>
</font></u></b></p>
<b>
<p
style="text-indent: 180pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -8pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002</font></b></p>
<b>
<p
style="text-indent: 247.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><font
size="2">&nbsp;&nbsp;&nbsp; 2001</font></b></p>
<p
style="text-indent: 315pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b><font
size="2">2002</font></b></p>
<p
style="text-indent: 373.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b><font
size="2">2001</font></b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: -8pt; padding-bottom: 3pt"><b><font
size="2">2000</font></b></p>
<small><big><small><big><big><small><big><small><small><big><small><big>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-bottom: 3pt">&nbsp;</p>
</big></small></big></small></small></big></small></big></big></small></big></small>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="text-indent: 163.5pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -7pt; margin-bottom: 0pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Unaudited)&nbsp;&nbsp;&nbsp; (Unaudited)</font></p>
<big>
<small><big>
<small>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Receivables</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:157pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:179.5pt; line-height:14pt; font-family:Times New Roman">33,708</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:220pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:230.8pt; line-height:14pt; font-family:Times New Roman">(150,298)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:283pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:289.8pt; line-height:14pt; font-family:Times New Roman">(20,761)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:337pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:343.8pt; line-height:14pt; font-family:Times New Roman">(17,438)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:413.5pt; font-family:Times New Roman">32,625</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Prepaid
expenses and deposits</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:179.5pt; line-height:14pt; font-family:Times New Roman">14,292</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:242.5pt; line-height:14pt; font-family:Times New Roman">18,147</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:296.5pt; line-height:14pt; font-family:Times New Roman">10,502</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:348.8pt; line-height:14pt; font-family:Times New Roman">(1,452)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:406.8pt; font-family:Times New Roman">(21,502)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Accounts
payable and accrued liabilities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:167pt; line-height:14pt; font-family:Times New Roman">1,038,187</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:235.8pt; line-height:14pt; font-family:Times New Roman">(52,654)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:289.8pt; line-height:14pt; font-family:Times New Roman">(71,049)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:345.5pt; line-height:14pt; font-family:Times New Roman">100,944</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:408.5pt; font-family:Times New Roman">226,487</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:408.5pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:156.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:166.65pt; line-height:20pt; font-family:Times New Roman">1,086,189</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:219.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:230.45pt; line-height:20pt; font-family:Times New Roman">(184,805)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:282.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:289.45pt; line-height:20pt; font-family:Times New Roman">(81,308)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:336.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:350.15pt; line-height:20pt; font-family:Times New Roman">82,054</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:390.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:408.15pt; line-height:18pt; font-family:Times New Roman">237,610</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:408.15pt; line-height:18pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On June 18, 2002, assets under construction were acquired for
$3,442,500, through issuance of common shares (note 4). &nbsp;The purchase price
was based on the value of the common shares.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"
align="justify"><b>12.</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b>ACQUISITION OF COMPANY BY PAN AMERICAN SILVER CORP.</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">On May 21, 2002, the Company and Pan American Silver Corp. (Pan
American) announced a proposed plan of arrangement whereby Pan American would
acquire all of the issued and outstanding shares of the Company. &nbsp;On June
28, 2002, both companies announced amended terms to the proposed plan of
arrangement. &nbsp;The amended proposal for a plan of arrangement is subject to
approval of the shareholders of the Company and Pan American and approval by the
Ontario Superior Court of Justice and various regulatory authorities. &nbsp;The
shareholders of the Company and Pan American approved the plan of arrangement on
September 4 and 5, 2002, respectively. &nbsp;If remaining approvals are obtained
and all material covenants are satisfied in a timely fashion, the plan of
arrangement would become effective in September 2002.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Under the terms of the amended plan of arrangement, each Corner
Bay Silver Inc. common share would be exchanged for 0.3846 of a Pan American
common share and 0.1923 of a Pan American common share purchase warrant.
&nbsp;Each whole Pan American common share purchase warrant (the Pan American
Warrant) provides the holder with the rights to purchase a Pan American common
share at CAN$12 for a five-year period after the effective date of the plan of
arrangement (</small></big></small></big><small><small><big><big>"</big></big></small></small><small><big><small><big>Plan of Arrangement</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big>). &nbsp;The Pan American Warrants will
trade on the Toronto Stock Exchange.</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"
align="justify"><b>1</b></big></small></big></small></big></small></big></small><b><big><big><big><big><small><small><small><small>3</small></small></small></small></big></big></big></big><small><big><small><big><small><big><small><big>.</big></small></big></small></big></small></big></small></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><big><small><big><small><b>SUBSEQUENT EVENT</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">In July 2002, the principal mineral concession, which hosts the
Alamo Dorado concession, was purchased outright from the concession owners by
paying the remaining option payments in a final lump sum payment of US$345,000
(US$300,000 plus Impuesto Al Valor Agregado (IVA) taxes).</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>SUBSEQUENT
EVENT (UNAUDITED)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">The Company received regulatory approval on the plan on
arrangement and on February 20, 2003 the Company and Pan American Silver Corp.
completed the Plan of Arrangement.</p>
</small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-16&nbsp;</font></p>
<small><big><small><big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big><small><big>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</big></small></big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big></small></big></big></small></big></small>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="text-indent: -27pt; line-height: 14pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"
align="justify"><font size="2"><b>14.</b></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify"><b><font size="2">COMPARATIVES</font></b></p>
<small>
<big><small>
<big>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Certain prior years</big></small></big></small><big><big><small><small>'</small></small></big></big><big><small><big><small>
 comparative numbers have been restated to
reflect the current year</small></big></small></big><small><small><big><big>'</big></big></small></small><big><small><big><small>s presentation.</p>
</small></big></small></big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font
size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><b><font
size="2">15.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font
size="2">DIFFERENCE BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES (GAAP)</font></b></p>
<small>
<big><small>
<big>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:-0.35pt; font-family:Times New Roman"
align="justify">Canadian GAAP varies in certain significant respects from the
principles and practices generally accepted in the United States (</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big>U.S. GAAP</big></small></big></small><big><big><small><small>"</small></small></big></big><big><small><big><small>).
&nbsp;The effect of these principal measurement differences on the Company</small></big></small></big><small><small><big><big>'</big></big></small></small><small><big><small><big>s
consolidated financial statements are quantified below and described in the
accompanying notes.</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Consolidated
statement of operations</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<small><big><small><big><big><small><big><small><small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small></small></big></small></big></big></small></big></small><b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:174.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp; Six months ended</font></b></p>
<p
style="margin:0pt; text-indent:342.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<b>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<b>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Years&nbsp; ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><font
size="2"><br>
</font></u></b></p>
<b>
<p
style="text-indent: 180pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -8pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002</font></b></p>
<b>
<p
style="text-indent: 247.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><font
size="2">&nbsp;&nbsp;&nbsp; 2001</font></b></p>
<p
style="text-indent: 315pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b><font
size="2">2002</font></b></p>
<p
style="text-indent: 373.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: -10pt; margin-bottom: -8pt"><b><font
size="2">2001</font></b></p>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -12pt; margin-bottom: -8pt; padding-bottom: 3pt"><b><font
size="2">2000</font></b></p>
<small><big><small><big><big><small><big><small><small><big><small><big>
<p
style="text-indent: 441pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-bottom: 3pt">&nbsp;</p>
</big></small></big></small></small></big></small></big></big></small></big></small>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="text-indent: 163.5pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -9pt; margin-bottom: 0pt"><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Unaudited)&nbsp;&nbsp;&nbsp; (Unaudited)</font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Loss for
the period reported under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;Canadian
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:139pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:142.3pt; line-height:14pt; font-family:Times New Roman">(1,690,137)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:202pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:212.8pt; line-height:14pt; font-family:Times New Roman">(384,294)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:265pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:268.3pt; line-height:14pt; font-family:Times New Roman">(1,207,869)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(1,067,871)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:394.3pt; font-family:Times New Roman">(1,523,458)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">Exploration
expenses adjustment</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:149.8pt; line-height:14pt; font-family:Times New Roman">(537,714)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:205.3pt; line-height:14pt; font-family:Times New Roman">(1,415,279)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:268.3pt; line-height:14pt; font-family:Times New Roman">(3,154,793)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(1,039,657)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:401.8pt; font-family:Times New Roman">(993,487)</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:401.8pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Loss for
the period reported under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;U.S.
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:139pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:142.3pt; line-height:14pt; font-family:Times New Roman">(2,227,851)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:202pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:205.3pt; line-height:14pt; font-family:Times New Roman">(1,799,573)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:265pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:268.3pt; line-height:14pt; font-family:Times New Roman">(4,362,662)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(2,107,528)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:394.3pt; font-family:Times New Roman">(2,516,945)</p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:394.3pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:45pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman"
align="justify">a)</p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:45pt; font-family:Times New Roman"
align="justify">In accordance with U.S. GAAP, the Company would be required to
charge all costs of deferred exploration expenditures to earnings as operating
expenses as incurred until proven economic reserves are established. &nbsp;As a
result of accounting for these expenditures in this manner, the unaudited loss
for the six months ended December 31, 2002 and 2001 would be increased by
$537,714 and $1,415,279, respectively, and loss for the years ended June 30,
2002, 2001 and 2000 would be increased by $3,154,793, $1,039,657 and $993,487,
respectively.</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:45pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman"
align="justify">b)</p>
<p style="margin:0pt; padding-left:45pt; font-family:Times New Roman"
align="justify">The Company accounts for its share options using the intrinsic
value method, which in the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><small><big><small><big>s circumstances amounts does not result in
different from the amounts that would be determined under the provisions of the
Accounting Principles Board (APB) Opinion No. 25, </big>
</small></big>
</small><small><small><big><big>"</big></big></small></small><small><big><small><big>Accounting for Stock Issued
to Employees,</big></small></big></small><big><big><small><small>"</small></small></big></big><big><small><big><small> (APB 25) and related interpretations. &nbsp;Accordingly, no
compensation expense for its share option plan has been recognized or recorded
in the consolidated statement of operations and deficit for any of the years
presented. &nbsp;A company that does not adopt the fair value method must
disclose the cost of the stock compensation awards at their fair value at the
date the award is granted. &nbsp;The unaudited value of the Company</small></big></small></big><small><small><big><big>'</big></big></small></small><big><small><big><small>s options
that were granted during six months ended December 31, 2002 was $nil (2001 -
$17,846) (three years ended June 30, 2002 were $447,952, $37,605 and $878,747,
respectively). &nbsp;The fair value for 2002 was estimated using the Black-Scholes
model with assumptions of a three-year expected term volatility ranging from 50%
to 56% and interest rates from 3.75% to 4.04%. &nbsp;The fair value for 2001 and
2000 was estimated using the Black-Scholes model with assumptions of a two-year
expected term, 60% volatility and interest rates ranging from 6.0% to 6.5%.</p>
</small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-17&nbsp;</font></p>
<small><big><small><big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</small></big></small></big></big></small></big></small></big></small></big></small></small></big></small></big></small></big></small></big><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Basic
loss per share</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:216pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:174.75pt; font-family:Times New Roman; font-size:9pt"><b>Six
months ended</b></p>
<b><big><small><big><small>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Years&nbsp; ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
</small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:234pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:297pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:423pt; font-family:Times New Roman; font-size:9pt"><b><u>2000</u></b></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:423pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:140.6pt; line-height:14pt; font-family:Times New Roman">(Unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:203.6pt; line-height:14pt; font-family:Times New Roman">(Unaudited)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:441pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Loss for
the period under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;U.S.
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:139pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:142.3pt; line-height:14pt; font-family:Times New Roman">(2,227,851)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:202pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:205.3pt; line-height:14pt; font-family:Times New Roman">(1,799,573)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:265pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:268.3pt; line-height:14pt; font-family:Times New Roman">(4,362,662)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(2,107,528)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:394.3pt; font-family:Times New Roman">(2,516,945)</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Weighted
average number of</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;Common
shares outstanding</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman">19,385,808</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:207pt; line-height:14pt; font-family:Times New Roman">15,876,053</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:270pt; line-height:14pt; font-family:Times New Roman">16,697,807</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:333pt; line-height:14pt; font-family:Times New Roman">13,912,182</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:396pt; font-family:Times New Roman">10,760,945</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt; padding-left: 27pt"><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;&nbsp;&nbsp;&nbsp;</big></big></big></big></small></small></small></small><big><big><big><big><small><small><small><small>&nbsp;</small></small></small></small></big></big></big></big></font></p>
<big><small><big><small>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; line-height:20pt; font-family:Times New Roman">Loss
per share under U.S. GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:157.3pt; line-height:20pt; font-family:Times New Roman">($0.11)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:220.3pt; line-height:20pt; font-family:Times New Roman">($0.11)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:283.3pt; line-height:20pt; font-family:Times New Roman">($0.26)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:346.3pt; line-height:20pt; font-family:Times New Roman">($0.15)</p>
<p
style="text-indent: 409.3pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">($0.23)</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Consolidated
statements of comprehensive loss</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:174.75pt; font-family:Times New Roman; font-size:9pt"><b>Six
months ended</b></p>
<b><big><small><big><small>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Years&nbsp; ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
</small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:234pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:297pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:423pt; font-family:Times New Roman; font-size:9pt"><b><u>2000</u></b></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
</big></small></big></small></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:140.6pt; line-height:14pt; font-family:Times New Roman"><big><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>
</big></big></small><big><small><big>(Unaudited)</p>
</big></small></big></small>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:203.6pt; line-height:14pt; font-family:Times New Roman"><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>
</small></small></big><small><big><small>(Unaudited)</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Loss for
the period under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;U.S.
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:139pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:142.3pt; line-height:14pt; font-family:Times New Roman">(2,227,851)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:202pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:205.3pt; line-height:14pt; font-family:Times New Roman">(1,799,573)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:265pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:268.3pt; line-height:14pt; font-family:Times New Roman">(4,362,662)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:331.3pt; line-height:14pt; font-family:Times New Roman">(2,107,528)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391pt; line-height:14pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:394.3pt; font-family:Times New Roman">(2,516,945)</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">Other
comprehensive earnings, net</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;&nbsp;of
income taxes</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:18pt; font-family:Times New Roman">Unrealized
gain on marketable</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;securities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:185.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:248.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:311.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:350.5pt; line-height:14pt; font-family:Times New Roman">18,580</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:418.5pt; font-family:Times New Roman">9,290</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:18pt; font-family:Times New Roman">Realized
(gain) loss on sale of</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;marketable
securities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:185.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:248.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:280.8pt; line-height:14pt; font-family:Times New Roman">(18,580)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:413.5pt; font-family:Times New Roman">33,948</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman">Writedown
to fair value</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:185.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:248.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:311.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:374.65pt; line-height:14pt; font-family:Times New Roman">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:413.5pt; font-family:Times New Roman">22,606</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt; padding-left: 27pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; line-height:20pt; font-family:Times New Roman">Comprehensive
loss for the period</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:138.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:141.95pt; line-height:20pt; font-family:Times New Roman">(2,227,851)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:201.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:204.95pt; line-height:20pt; font-family:Times New Roman">(1,799,573)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:264.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:267.95pt; line-height:20pt; font-family:Times New Roman">(4,381,242)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:327.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:330.95pt; line-height:20pt; font-family:Times New Roman">(2,088,948)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:390.65pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 393.95pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -13pt; padding-left: 27.35pt">(2,451,101)</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">The consolidated statements of comprehensive loss provide a
measure of all changes in equity of the Company that result from transactions,
other than those with shareholders, and other economic events that occurred
during the period.</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">Under U.S. GAAP, the Company</small></big></small></big><big><big><small><small>'</small></small></big></big><small><big><small><big>s holding of marketable
securities with quoted market values that would be marked to market with the
resulting unrealized gain or loss being taken to the consolidated statement of
comprehensive loss in the relevant period.</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
</big>
</small></big>
</small>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-18</font></p>
<small><big><small><big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Consolidated
statement of cash flows</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:178.15pt; font-family:Times New Roman; font-size:9pt"><b>&nbsp;</b></p>
<big><small><big><small><small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:174.75pt; font-family:Times New Roman; font-size:9pt"><b>Six
months ended</b></p>
<b><big><small><big><small>
<p
style="text-indent: 174.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December
31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="text-indent: 312.65pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Years&nbsp; ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
</small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:234pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:297pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2002</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b><u>2001</u></b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:423pt; font-family:Times New Roman; font-size:9pt"><b><u>2000</u></b></p>
<p
style="text-indent: 0pt; line-height: 20pt; font-family: Times New Roman; font-size: 9pt; margin-top: -15pt; margin-bottom: 0pt"><b><font
size="2">________________________________________________________________________________________________________</font></b></p>
</big></small></big></small></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:163.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(Unaudited)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:217.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(Unaudited)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:441pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Operating
activities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:157.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:165pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(1,138,859)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:211.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:219pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(1,975,269)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:267.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:273pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(4,399,993)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:336pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(1,900,413)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:399pt; font-family:Times New Roman; font-size:9pt">(2,258,579)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Investing
activities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(537,985)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:258pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:279.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(357,715)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:347.25pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(44,714)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:416.25pt; font-family:Times New Roman; font-size:9pt">29,339</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Financing
activities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">1,184,500</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:231.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">350,849</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:279pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">6,058,850</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:342pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">5,038,397</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:405pt; font-family:Times New Roman; font-size:9pt">2,499,391</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><font
size="2">_______________________________________________________________________________________</font></p>
<p
style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:9pt">Increase
(decrease) in cash and cash</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">equivalent
during the period</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(492,344)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:219pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(1,624,420)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:279pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">1,301,142</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:342pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">3,093,270</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:411.75pt; font-family:Times New Roman; font-size:9pt">270,151</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Opening
cash and cash equivalents</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">5,323,564</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:225pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:279pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:348.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">929,152</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:411.75pt; font-family:Times New Roman; font-size:9pt">659,001</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><font
size="2">_______________________________________________________________________________________</font></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Closing
cash and cash equivalents</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:157.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">4,831,220</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:211.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:225pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">2,398,002</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:267.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:279pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">5,323,564</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:328.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:342pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">4,022,422</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:391.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="text-indent: 411.75pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">929,152</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><font
size="2">_______________________________________________________________________________________</font></p>
</big></small></big></small>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><font
size="2">_______________________________________________________________________________________&nbsp;</font></p>
<big><small><big><small>
<p
style="margin:0pt; padding-left:27pt; text-indent:411.75pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b>Consolidated
balance sheets</b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:239.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt"><b>December
31</b></p>
</small></big></small></big><b>
<p
style="text-indent: 343pt; line-height: 14pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -14pt; padding-left: 27pt"><u><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</big></big></small><big><small><big>June 30,</big></small></big></small></u></b>
<b><u><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><big><big><small><small>&nbsp;</small></small></big></big></u></b></p>
<small><big><small><big>
<p
style="margin:0pt; padding-left:27pt; text-indent:432pt; font-family:Times New Roman; font-size:9pt"><b><u><br>
</u></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:256.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:333pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin:0pt; padding-left:27pt; text-indent:398.25pt; font-family:Times New Roman; font-size:9pt">2001&nbsp;&nbsp;&nbsp;</p>
</b>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><font
size="2">_______________________________________________________________________________________</font></p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:244.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(Unaudited)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:432pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Investments
under Canadian GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:231.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:285pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:301.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:357pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:407.25pt; font-family:Times New Roman; font-size:9pt">43,353</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Unrealized
gain on marketable securities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:285pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:357pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:407.25pt; font-family:Times New Roman; font-size:9pt">18,580</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><font
size="2">___________________________________________________________________________________</font></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">Investments
under US GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:231.4pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:284.65pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:301.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:356.65pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:373.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="text-indent: 406.9pt; line-height: 18pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">61,933</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27.35pt"><font
size="2">___________________________________________________________________________________</font></p>
<p
style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
<p
style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:9pt">Deferred
exploration expenditure under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Canadian
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:231.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">8,781,564</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:301.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">7,705,865</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:396pt; font-family:Times New Roman; font-size:9pt">4,551,072</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Deferred
exploration expenditure</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:246pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(8,243,579)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:318pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(7,705,865)</p>
<p
style="text-indent: 390pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">(4,551,072)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><font
size="2">___________________________________________________________________________________</font></p>
<p
style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:9pt">Deferred
exploration expenditure under</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">U.S.
GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:231.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:258.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">537,985</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:301.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:357pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="text-indent: 429pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27pt">-</p>
<big><small><big><small>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
</small></big></small></big>
<p
style="margin:0pt; padding-left:27pt; text-indent:429pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<p
style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Deficit
under Canadian GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:231.75pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:246pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(9,688,110)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:301.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:318pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(7,997,973)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:373.5pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:390pt; font-family:Times New Roman; font-size:9pt">(6,790,104)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Exploration
expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:246pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(8,243,579)</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:318pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">(7,705,865)</p>
<p
style="margin:0pt; padding-left:27pt; text-indent:390pt; font-family:Times New Roman; font-size:9pt">(4,551,072)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27pt"><small><big><small><big><font
size="2">___________________________________________________________________________________</font></big></small></big></small></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">Deficit
under U.S. GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:231.4pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:241.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">(17,931,689)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:301.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:313.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">(15,703,838)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; padding-left:27.35pt; text-indent:373.15pt; line-height:20pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="text-indent: 385.15pt; line-height: 18pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">(11,341,176)</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2">___________________________________________________________________________________</font></big></small></big></small></p>
<p
style="margin:0pt; padding-left:27.35pt; line-height:18pt; font-family:Times New Roman; font-size:9pt">Cumulative
comprehensive other income</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:17.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">under
Canadian GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:231.4pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:284.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:301.15pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:356.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:373.15pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:428.65pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">Unrealized
gain (loss) on marketable securities</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:284.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:356.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="text-indent: 406.9pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">18,580</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2">___________________________________________________________________________________</font></big></small></big></small></p>
<p
style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman; font-size:9pt">Cumulative
comprehensive other income</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:17.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">under
U.S. GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:231.4pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:284.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:301.15pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:356.65pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">-</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:27.35pt; text-indent:373.15pt; line-height:14pt; font-family:Times New Roman; font-size:9pt">$</p>
<p
style="text-indent: 406.9pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt; padding-left: 27.35pt">18,580</p>
<big><small><big><small>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt; padding-left: 27.35pt"><small><big><small><big><font
size="2"><small><big><small><big>___________________________________________________________________________________</big></small></big></small></font></big></small></big></small><font
size="2"><small><small><small><small><big><big><big><big>&nbsp;</big></big></big></big></small></small></small></small></font></p>
</small></big></small></big>
<p
style="margin:0pt; padding-left:27.35pt; text-indent:406.9pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
<p
style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman; font-size:9pt"><br>
</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-19&nbsp;</font></p>
<small><big><small>
<big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; padding-left:27.35pt; line-height:18pt; font-family:Times New Roman"><b>New
standards for U.S. GAAP</b></p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">In June 2001, the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standard (SFAS) No. 142, </big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big>Goodwill
and Other Intangible Assets</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big>. &nbsp;This new standard features new accounting
rules for goodwill and intangible assets. &nbsp;The Company does not foresee any
impact on a cumulative effect of an accounting change or on the carrying value
of assets and liabilities recorded in the consolidated balance sheets upon
adoption. &nbsp;SFAS No. 142 will be adopted on July 1, 2002.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">Also issued in June 2001 was SFAS No. 143, </big></small></big></small><small><small><big><big>"</big></big></small></small><big><small><big><small>Accounting for
Asset Retirement Obligations.</small></big></small></big><small><small><big><big>"</big></big></small></small><big><small><big><small> &nbsp;This statement addresses financial
accounting and reporting for obligations associated with the retirement of
tangible long-lived assets and the associated asset retirement costs. &nbsp;It
requires that the fair value of a liability for an asset retirement obligation
be recognized in the period in which it is incurred if a reasonable estimate of
a fair value can be made. &nbsp;The associated asset retirement costs are
capitalized as part of the carrying amount of the long-lived asset. &nbsp;The
Company is analyzing the impact of SFAS No. 143 and will adopt this standard on
July 1, 2002.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">In August 2001, the FASB issued SFAS No. 144, </small></big></small></big><big><big><small><small>"</small></small></big></big><small><big><small><big>Accounting for
the Impairment or Disposal of Long-lived Assets.</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big> &nbsp;This statement
supersedes SFAS No. 121 and the accounting and reporting provisions of APB 30,
and also amends ARB 51. &nbsp;This statement will require one accounting model
be used for long-lived assets to be disposed of by sale, whether previously held
and used or newly acquired, and will broaden the presentation of discontinued
operations to include more disposal transactions. &nbsp;The Company is analyzing
the impact of SFAS No. 144 and will adopt this standard on July 1, 2002.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">Effective July 1, 2002, the Company will adopt, for United
States reporting purposes, SFAS No. 145, </big></small></big></small><small><small><big><big>"</big></big></small></small><big><small><big><small>Rescission of FASB Statements No. 4,
44 and 64, Amendments of SFAS No. 13, and Technical Corrections as of April
2002.</small></big></small></big><small><small><big><big>"</big></big></small></small><big><small><big><small> &nbsp;This statement rescinds SFAS No. 4,
</small></big></small></big><big><big><small><small>"</small></small></big></big><small><big><small><big>Reporting Gains and Losses
from Extinguishment of Debt,</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big> and an amendment of that statement, SFAS No. 64,
</big></small></big></small><small><small><big><big>"</big></big></small></small><big><small><big><small>Extinguishment of Debt Made to Satisfy Sinking-Fund Requirements</small></big></small></big><small><small><big><big>"</big></big></small></small><big><small><big><small>.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">This statement also rescinds SFAS No. 44, </small></big></small></big><big><big><small><small>"</small></small></big></big><small><big><small><big>Accounting for
Intangible Assets of Motor Carriers.</big></small></big></small><big><big><small><small>"</small></small></big></big><small><big><small><big> &nbsp;This statement amends SFAS No. 13,
</big></small></big></small><small><small><big><big>"</big></big></small></small><small><big><small><big>Accounting for Leases</big></small></big></small><big><big><small><small>"</small></small></big></big><big><small><big><small>, to eliminate an inconsistency between the required
accounting for sale-leaseback transactions and the required accounting for
certain lease modifications that have economic effects that are similar to
sale-leaseback transactions. &nbsp;This statement also amends other existing
authoritative pronouncements to make various technical corrections, clarify
meanings or describe their applicability under changed conditions. &nbsp;The
adoption of the new standard is not currently expected to have a significant
impact on the Company</small></big></small></big><small><small><big><big>'</big></big></small></small><small><big><small><big>s results of operations or financial position.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b>New
Standards for U.S. GAAP, unaudited to December 31, 2002</b></p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">The Company adopted the following standards on July 1, 2002:</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman"
align="justify">i)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: -15pt; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt"
align="justify">the adoption of SFAS No. 142, Goodwill and Other Intangible
Assets, did not have a material affect on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><small><big><small><big>s consolidated financial
position or results of</big></small></big></small><small><small><big><big> </big></big></small></small><big><small><big><small>operations.</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-
20&nbsp;</font></p>
<small><big><small>
<big><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"
align="justify"><b>CORNER BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>Notes to
the consolidated financial statements</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b>December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</b></p>
<p
style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"
align="justify"><b>(expressed in Canadian dollars)</b></p>
<p
style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"
align="justify"><br>
</p>
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman"
align="justify">ii)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: -15pt; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt"
align="justify">the adoption of SFAS No. 143, Accounting for Asset Retirement
Obligations, did not have a material impact on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><big><small><big><small>s results of
operations or shareholders</small></big></small></big><small><small><big><big>'</big></big></small></small><small><big><small><big> equity.</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman"
align="justify">iii)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: -15pt; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt"
align="justify">the adoption of SFAS No. 144, Accounting for the Impairment or
Disposal of Long-lived Assets, did not have a material affect on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><small><big><small><big>s
consolidated financial</big></small></big></small><small><small><big><big> </big></big></small></small><small><big><small><big>position
or results of operations.</p>
<p
style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman"
align="justify">iv)</p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: -15pt; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt"
align="justify">the adoption of SFAS No. 145, Rescission of FASB Statements No.
4, 44 and 64, Amendments of SFAS No. 13, and Technical Corrections as of April
2002, did not have a</big></small></big></small><big><big><small><small> </small></small></big></big><small><big><small><big>material
affect on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><small><big><small><big>s results of operations or its financial position.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b>Financial
Accounting Standards Board (FASB)</b></p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">On July 30, 2002, the FASB issued SFAS No. 146,
</big></small></big></small>
<small><small><big><big>"</big></big></small></small><big><small><big><small>Accounting
for Costs Associated with Exit or Disposal Activities.</small></big></small></big><small><small><big><big>"</big></big></small></small><small><big><small><big> &nbsp;The standard
requires companies to recognize costs associated with exit or disposal
activities when they are incurred rather than at the date of a commitment to an
exit or disposal plan. &nbsp;Examples of costs covered by the standard include
lease termination costs and certain employee severance costs that are associated
with a restructuring, discontinued operation, plant closing or other exit or
disposal activity. &nbsp;SFAS No. 146 is to be applied retroactively to exit or
disposal activities initiated after December 31, 2002. &nbsp;The adoption of the
new standard is not currently expected to have a significant impact on the
Company</big></small></big></small><big><big><small><small>'</small></small></big></big><small><big><small><big>s result of operations or financial position.</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b>New
Standard for Canadian GAAP</b></p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"
align="justify">The CICA approved a new Handbook Section 3062,
</big></small></big></small>
<big><big><small><small>"</small></small></big></big><big><small><big><small>Goodwill and
Other Intangible Assets,</small></big></small></big><small><small><big><big>"</big></big></small></small><small><big><small><big> which require intangible assets with an indefinite
life and goodwill to be tested for impairment on annual basis. &nbsp;Goodwill
and indefinite life intangible assets will no longer be amortized.
&nbsp;Intangible assets with definite lives will continue to be amortized over
their useful lives. &nbsp;The new section is consistent with those recently
approved by the FASB (SFAS No. 142). &nbsp;The adoption of this new standard is
not expected to have any material effect on the Company</big></small></big></small><big><big><small><small>'</small></small></big></big><big><small><big><small>s financial position,
results of operations or cash flows. &nbsp;Section 3026 was adopted on
July&nbsp;1, 2002 and the Company does not expect this adoption to have a
significant impact on the Company</small></big></small></big><small><small><big><big>'</big></big></small></small><big><small><big><small>s results of operations or financial
position.</p>
<p
style="margin:0pt; padding-left:27.35pt; line-height:18pt; font-family:Times New Roman"><br>
</p>
</small>
</big></small>
</big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;F-21</font></p>
<big><small><big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big><small><big><big><small><big><small>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 27pt"
align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big></big></small></big></small></big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big></small></big></small></big><br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>CORNER
BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>Supplementary
Information about Mineral Property Expenditures</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(Unaudited)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; text-indent:197pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Six
months end</b></small></big></small></big><b><big><big><small><small>e</small></small></big></big><small><small><big><big>d</big></big></small></small></b></p>
<p
style="text-indent: 189.75pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><small><small><big><big>__</big></big></small><u><b><big><small><big>December
31,</big></small></big> <big><big><small>&nbsp;&nbsp;&nbsp;&nbsp;</small></big></big><small><big><big>&nbsp;</big></big></small></b></u></small></p>
<b>
<p
style="text-indent: 319.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><small><small><big><big>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</big></big></small></small><font
size="2"> Years ended June 30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><big><big><small><small>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</small></small></big></big><small><small><big><big>&nbsp;</big></big></small></small></u></b></p>
<small><big><small><big>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><br>
</u></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:198pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:261pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2001</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:324pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2002</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:387pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2001</b></p>
<b>
<p
style="margin:0pt; text-indent:450pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2000</p>
</b></big></small></big></small>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></font></p>
<p style="margin:0pt; font-family:Times New Roman">Field office expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Depreciation</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:166pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">11,410</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264pt; font-family:Times New Roman">938</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:292pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">7,721</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:355pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">1,768</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:418pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">3,435</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Vehicles</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">774</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274pt; font-family:Times New Roman">5</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332pt; font-family:Times New Roman">47</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">543</p>
<p style="margin:0pt; text-indent:453pt; font-family:Times New Roman">428</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">General
office</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">16,963</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">4,500</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">7,630</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">6,423</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">8,279</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Office
rent</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">6,629</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">4,611</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">8,542</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">4,506</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">4,721</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Professional
fees</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">38,686</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">4,262</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">27,569</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">25,596</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">31,799</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Telephone</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">6,426</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">2,408</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">4,102</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">3,319</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">2,673</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Exchange
loss</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">128,826</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">172,154</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">205,224</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Insurance</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">1,040</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Bank
charges</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:206pt; font-family:Times New Roman">88</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264pt; font-family:Times New Roman">142</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327pt; font-family:Times New Roman">142</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">150</p>
<p style="margin:0pt; text-indent:453pt; font-family:Times New Roman">499</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Travel
&amp; accommodation</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">3,824</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332pt; font-family:Times New Roman">14</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">339</p>
<p style="margin:0pt; text-indent:458pt; font-family:Times New Roman">16</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Field
supplies</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">584</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264pt; font-family:Times New Roman">100</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327pt; font-family:Times New Roman">110</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">214</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Drafting
and reproduction</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:206pt; font-family:Times New Roman">90</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274pt; font-family:Times New Roman">4</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332pt; font-family:Times New Roman">50</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:395pt; font-family:Times New Roman">49</p>
<p style="margin:0pt; text-indent:458pt; font-family:Times New Roman">58</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Courier</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">210</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274pt; font-family:Times New Roman">6</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332pt; font-family:Times New Roman">68</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">313</p>
<p style="margin:0pt; text-indent:453pt; font-family:Times New Roman">304</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:188.5pt; line-height:20pt; font-family:Times New Roman">86,724</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:246.5pt; line-height:20pt; font-family:Times New Roman">145,802</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:309.5pt; line-height:20pt; font-family:Times New Roman">228,149</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:372.5pt; line-height:20pt; font-family:Times New Roman">248,444</p>
<p
style="text-indent: 440.5pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -13pt">52,212</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Alamo Dorado expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Surveying</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:183.5pt; font-family:Times New Roman">198,050</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">119,768</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">225,250</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">213,773</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">159,814</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Salaries
and benefits</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">65,450</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Temporary
labour</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">58,601</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">22,387</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">43,530</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">27,341</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">33,739</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Vehicles</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">27,786</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">22,538</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">35,411</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">19,524</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">39,027</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">General
office</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">21,256</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">7,099</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">15,164</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">9,584</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">5,732</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Property
payments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">231,947</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">364,262</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">13,695</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">1,547</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Professional
fees</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">11,410</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">1,466</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">5,716</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390pt; font-family:Times New Roman">689</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">1,363</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Telephone</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">5,611</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">3,791</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">5,571</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">2,886</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">3,931</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Insurance</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">985</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">1,365</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">5,059</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">3,866</p>
<p style="margin:0pt; text-indent:453pt; font-family:Times New Roman">946</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Option
payments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">75,505</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">187,793</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">152,180</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">160,936</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Freight</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">967</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:275.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:338.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:401.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">11,054</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Travel
and accommodation</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">43,578</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">15,184</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">23,142</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">21,110</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">14,332</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Assays
and metallurgy</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">1,881</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">37,868</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">62,529</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">91,049</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">168,239</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Field
supplies</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:188.5pt; font-family:Times New Roman">10,466</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">3,496</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">8,068</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">13,793</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">22,307</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Drilling</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:246.5pt; font-family:Times New Roman">296,608</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:309.5pt; font-family:Times New Roman">387,923</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:372.5pt; font-family:Times New Roman">315,204</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">897,650</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Property
taxes</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256.5pt; font-family:Times New Roman">7,696</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">19,435</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">12,272</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">13,634</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Contractors</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:212.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:251.5pt; font-family:Times New Roman">33,696</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:314.5pt; font-family:Times New Roman">95,549</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">28,548</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">30,067</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Drafting
and reproduction</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193.5pt; font-family:Times New Roman">1,416</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264pt; font-family:Times New Roman">966</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:319.5pt; font-family:Times New Roman">2,193</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:377.5pt; font-family:Times New Roman">33,892</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">4,533</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Courier</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:201pt; font-family:Times New Roman">730</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264pt; font-family:Times New Roman">302</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327pt; font-family:Times New Roman">497</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:382.5pt; font-family:Times New Roman">1,153</p>
<p
style="text-indent: 453pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt">639</p>
<small><big><small><big>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:453pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:183.5pt; line-height:20pt; font-family:Times New Roman">448,187</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:246.5pt; line-height:20pt; font-family:Times New Roman">881,682</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:302pt; line-height:20pt; font-family:Times New Roman">1,487,092</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:372.5pt; line-height:20pt; font-family:Times New Roman">960,559</p>
<p
style="text-indent: 428pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt">1,569,490</p>
<small><big><small><big>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">Deferred mineral property</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Expenditures</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:166pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:183.5pt; font-family:Times New Roman">534,911</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:239pt; font-family:Times New Roman">1,027,484</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:292pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:302pt; font-family:Times New Roman">1,715,241</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:355pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:365pt; font-family:Times New Roman">1,209,003</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:418pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">1,621,702</p>
<small><big><small><big>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -10pt; margin-bottom: 0pt"><font
size="2">________<small><big><small><big><big><small><big><small><big><small><big><small>___________________________________________________________________________________</small></big></small></big></small></big></small></big></big></small></big></small></font></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">&nbsp;</p>
<p style="text-indent: 428pt; font-family: Times New Roman; margin: 0pt"
align="center">&nbsp;</p>
</big></small></big></small><small><big><small><big>
<p style="margin:0pt; text-indent:428pt; font-family:Times New Roman">&nbsp;</p>
<p style="text-indent: 428pt; font-family: Times New Roman; margin: 0pt"
align="center">&nbsp;</p>
</big></small></big></small>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-22</font></p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>CORNER
BAY SILVER INC.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>Supplementary
Information about General and Administrative costs</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(Unaudited)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</big></small></big></small>
<p
style="margin:0pt; text-indent:219.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font
size="2">Six months ended</font></b></p>
<b>
<p
style="text-indent: 216.75pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp; December 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<b>
<p
style="text-indent: 347.5pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-top: 0pt; margin-bottom: -11pt"><u><font
size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Years ended June
30,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
<p
style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:9pt"><b><u><font
size="2"><br>
</font></u></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:225pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">2002</font></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:279pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">2001</font></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:342pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">2002</font></b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:396pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">2001</font></b></p>
<b>
<p
style="margin:0pt; text-indent:450pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font
size="2">2000</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">___________________________________________________________________________________________</font></p>
<big><small><big><small>
<p
style="margin:0pt; text-indent:450pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"></small></big></small></big></b></p>
<big><small><big><small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Salaries
and benefits</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:193pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:210.5pt; font-family:Times New Roman">243,383</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:256pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:264.5pt; font-family:Times New Roman">141,138</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:310pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327.5pt; font-family:Times New Roman">337,064</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:373pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:381.5pt; font-family:Times New Roman">188,174</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:427pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:435.5pt; font-family:Times New Roman">285,414</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Consulting
fees</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:239.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">75,418</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327.5pt; font-family:Times New Roman">317,331</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:381.5pt; font-family:Times New Roman">143,464</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Insurance</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:220.5pt; font-family:Times New Roman">7,439</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">17,276</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">44,982</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">22,620</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">24,209</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Interest
and bank charges</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:228pt; font-family:Times New Roman">915</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274.5pt; font-family:Times New Roman">2,174</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:337.5pt; font-family:Times New Roman">8,205</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:391.5pt; font-family:Times New Roman">1,585</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">1,495</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Transfer
agent and filing fees</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">31,305</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">15,416</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">47,925</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">20,764</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">22,953</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Accounting
and legal</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">27,843</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">37,122</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327.5pt; font-family:Times New Roman">128,110</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">96,366</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">27,855</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Office
rent</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">39,977</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">43,081</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">84,011</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:381.5pt; font-family:Times New Roman">121,165</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">28,061</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Telephone</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:220.5pt; font-family:Times New Roman">9,322</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274.5pt; font-family:Times New Roman">6,228</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">16,386</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">11,098</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">8,563</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Meals
and entertainment</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:220.5pt; font-family:Times New Roman">6,493</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">15,472</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">33,772</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:391.5pt; font-family:Times New Roman">4,037</p>
<p style="margin:0pt; text-indent:445.5pt; font-family:Times New Roman">6,512</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Travel</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">21,597</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">54,724</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327.5pt; font-family:Times New Roman">115,544</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">43,455</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">46,529</p>
<p style="margin:0pt; text-indent:9pt; font-family:Times New Roman">Advertising
and new</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Dissemination</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">29,336</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">80,371</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:327.5pt; font-family:Times New Roman">178,603</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">57,247</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">37,061</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Income
tax paid (recovery)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:208.8pt; font-family:Times New Roman">(30,298)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:293.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">44,000</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:397.3pt; font-family:Times New Roman">(52)</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">General
office</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:220.5pt; font-family:Times New Roman">8,904</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:269.5pt; font-family:Times New Roman">19,536</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">41,419</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:386.5pt; font-family:Times New Roman">94,076</p>
<p style="margin:0pt; text-indent:440.5pt; font-family:Times New Roman">46,399</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Plan
of arrangement costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:210.5pt; font-family:Times New Roman">212,321</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:293.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:332.5pt; font-family:Times New Roman">68,160</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:410.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Exchange
loss (gain)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:208.8pt; font-family:Times New Roman">(14,628)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:262.8pt; font-family:Times New Roman">(10,031)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:337.5pt; font-family:Times New Roman">1,495</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:384.8pt; font-family:Times New Roman">(5,926)</p>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">(13,713)</p>
<b>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">___________________________________________________________________________________________</font></p>
</b>
<p style="margin:0pt; text-indent:433.8pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:210.5pt; line-height:20pt; font-family:Times New Roman">593,909</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:264.5pt; line-height:20pt; font-family:Times New Roman">497,925</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:320pt; line-height:20pt; font-family:Times New Roman">1,467,007</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:381.5pt; line-height:20pt; font-family:Times New Roman">798,073</p>
<p
style="margin:0pt; text-indent:435.5pt; line-height:18pt; font-family:Times New Roman">521,338</p>
<p style="margin:0pt; font-family:Times New Roman">Provision for plan of
arrangement costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Severance</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:203pt; font-family:Times New Roman">1,128,470</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:293.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:356.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:410.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Accounting,
legal and other</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:215.5pt; font-family:Times New Roman">43,619</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:293.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:356.65pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:410.65pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">-</p>
<b>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">___________________________________________________________________________________________</font></p>
</b>
<p style="margin:0pt; text-indent:464.65pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:193pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:203pt; line-height:20pt; font-family:Times New Roman">1,765,998</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:256pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:264.5pt; line-height:20pt; font-family:Times New Roman">497,925</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:310pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:320pt; line-height:20pt; font-family:Times New Roman">1,467,007</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:373pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:381.5pt; line-height:20pt; font-family:Times New Roman">798,073</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:427pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin:0pt; text-indent:435.5pt; line-height:18pt; font-family:Times New Roman">521,338</p>
<b>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><font
size="2">___________________________________________________________________________________________</font></p>
<p
style="text-indent: 0pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -15pt; margin-bottom: 0pt"><font
size="2">___________________________________________________________________________________________</font></p>
</b>
<p
style="margin:0pt; text-indent:435.5pt; line-height:18pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
</small></big></small></big>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-23</font></p>
<big><small><big><small><big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big></small></big></small></big><font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"
align="justify"><i>Unaudited Pro Forma Consolidated Financial Statements of</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p
style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt"><b>PAN
AMERICAN SILVER CORP.</b></p>
<p
style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt">&nbsp;</p>
<p
style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt">&nbsp;</p>
<p
style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt">&nbsp;</p>
</big></small></big></small>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-24</font></p>
<big><small><big><small><big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big></small></big></small></big>
<table cellspacing="0" width="963">
  <tr>
    <td valign="bottom" width="323">
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Deloitte &amp; Touche LLP</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">P.O. Box 49279</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Four Bentall Centre</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">2800 - 1055 Dunsmuir Street</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Vancouver, British Columbia</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">V7X 1P4</font></p>
      <p style="margin:0pt; font-family:Arial; font-size:7.5pt"><font size="2"><br>
      </font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Tel: (604) 669 4466</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Fax: (604) 685 0395</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">www.deloitte.ca</font></p>
    </td>
    <td valign="bottom" width="632">
      <p style="margin:0pt; font-family:Arial Narrow" align="right"><font
      size="2"><img src="amendmenttoformf10004.jpg"
      alt="[amendmenttoformf10004.jpg]" align="middle" width="119" height="47"></font></p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b><font
size="2">PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS OF PAN AMERICAN SILVER
CORP.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The following pro forma consolidated balance
sheet of Pan American Silver Corp. as at December 31, 2002 and the pro forma
consolidated statements of operations for the nine months ended September 30,
2003 and the year ended December 31, 2002 illustrate on a pro forma basis the
effects of the acquisition of Corner Bay Silver Inc. and certain other
significant transactions and give effect to significant assumptions described in
the notes to the pro forma consolidated financial statements.</font></p>
<font size="2"><br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:CG Times"
align="center"><b><font size="2">COMPILATION REPORT</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">To the
Directors of</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">Pan American
Silver Corp.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">We have read the accompanying unaudited pro forma
balance sheet of Pan American Silver Corp. (the "Company") as at December
31, 2002 and the unaudited pro forma statements of operations for the year then
ended and the nine months ended September 30, 2003 and have performed the
following procedures.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:36pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">1.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Compared the figures in the columns captioned "Pan
American Silver Corp." to the unaudited financial statements of the Company
for the nine months ended September 30, 2003, and the audited financial
statements of the Company for the year ended December 31, 2002, respectively,
and found them to be in agreement.</font></p>
<p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font
size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:36pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">2.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Compared the figures in the column captioned "Corner
Bay Silver Inc." and the information contained in Note 5 to the unaudited
financial statements of Corner Bay Silver Inc. for the six months ended
December&nbsp;31, 2002 and 2001 and the audited financial statements for the
year ended June 30, 2002, and found them to be in agreement.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:36pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">3.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Made enquiries of certain officials of the
Company who have responsibility for financial and accounting matters about:</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"><font
size="2">a)</font></p>
<p
style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"><font
size="2">the basis for determination of the pro forma adjustments; and</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"><font
size="2">b)</font></p>
<p
style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"><font
size="2">whether the pro forma financial statements comply as to form in all
material respects with the Securities Act of Ontario and the related
regulations.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"><font
size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"><font
size="2">The officials:</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"><font
size="2">a)</font></p>
<p
style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"><font
size="2">described to us the basis for determination of the pro forma
adjustments; and</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:-18pt; line-height:15pt; font-family:Times New Roman"><font
size="2">b)</font></p>
<p
style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"><font
size="2">stated that the pro forma statements comply as to form in all material
respects with the Securities Act of Ontario and the related regulations.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="text-indent: -18pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -15pt; padding-left: 36pt"><font
size="2">4.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"><font
size="2">Read the notes to the pro forma statements, and found them to be
consistent with the basis described to us for determination of the pro forma
adjustments.</font></p>
<p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font
size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-25</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><img
src="amendmenttoformf10006.jpg" alt="[amendmenttoformf10006.jpg]" align="middle"
width="63" height="46"></font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<big><small><big><small><big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big></small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="text-indent: -18pt; line-height: 15pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -15pt; padding-left: 36pt"
align="justify"><font size="2">5.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Recalculated the application of the pro forma
adjustments to the aggregate of the amounts in the columns captioned "Pan
American Silver Corp." and "Corner Bay Silver Inc." for the nine months
ended September&nbsp;30, 2003, and as at and for the year ended December 31,
2002, and found the amounts in the column captioned "Pro forma Pan American
Silver Corp." to be arithmetically correct.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">A pro forma financial statement is based on
management assumptions and adjustments which are inherently subjective.
&nbsp;The foregoing procedures are substantially less than either an audit or a
review, the objective of which is the expression of assurance with respect to
management's assumptions, the pro forma adjustments, and the application of
the adjustments to the historical financial information. &nbsp;Accordingly, we
express no such assurance. &nbsp;The foregoing procedures would not necessarily
reveal matters of significance to the pro forma financial statements, and we
therefore make no representation about the sufficiency of the procedures for the
purposes of a reader of such statements.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">(signed)
DELOITTE &amp; TOUCHE LLP</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">Chartered
Accountants</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">Vancouver,
British Columbia</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">January 26,
2004</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:CG Times"
align="center"><b><font size="2">COMMENTS TO READERS IN THE UNITED STATES OF
AMERICA</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Under Canadian securities regulations, when pro
forma financial statements are included in a prospectus, an auditors'
compilation report on the financial statements is required to be included in the
prospectus. &nbsp;Under applicable securities regulations in the United States
of America, such compilation reports would not be included in such a prospectus.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">(signed)
DELOITTE &amp; TOUCHE LLP</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">Chartered
Accountants</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">Vancouver,
British Columbia</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">January 26,
2004</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-26<br>
</font></p>
<big><small><big><small><big><small><big><small><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></small></big></small></big></small></big></small></big><font
size="2"><br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b><font size="2">PAN AMERICAN SILVER CORP.</font></b></p>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"
align="center"><b><font size="2">PRO FORMA CONSOLIDATED BALANCE SHEET</font></b></p>
<small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>December
31, 2002 (Unaudited)</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(Expressed
in Thousands of United States Dollars)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="10%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="2%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="8%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="5%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="8%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="2%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td align="center" colspan="2" width="11%" rowspan="3"
    style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><b><font size="2"
      face="Times New Roman">Pro Forma</font></b></p>
      <p style="margin-top: 0; margin-bottom: 0"><b><font size="2"
      face="Times New Roman">Pan American</font></b></p>
      <p style="margin-top: 0; margin-bottom: 0"><b><font size="2"
      face="Times New Roman">Silver Corp.</font></b></p>
    </td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" colspan="3" width="12%" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Pan American</b></font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Silver Corp.</b></font></p>
    </td>
    <td width="2%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>&nbsp;</b></font></p>
    </td>
    <td width="1%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>&nbsp;</b></font></p>
    </td>
    <td align="center" colspan="2" width="9%" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Corner Bay</b></font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Silver Inc.</b></font></p>
    </td>
    <td align="center" width="5%" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Note</b></font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>5</b></font></p>
    </td>
    <td colspan="2" width="9%" align="center" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>Pro forma</b></font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>adjustments</b></font></p>
    </td>
    <td width="2%">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>&nbsp;</b></font></p>
    </td>
    <td width="1%" style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman"><b>&nbsp;</b></font></p>
    </td>
    <td width="2%" style="border-bottom: 1 solid #000000">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2"
      face="Times New Roman">&nbsp;</font></p>
    </td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><b><font size="2" face="Times New Roman">ASSETS</font></b></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</font></td>
    <td width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">10,185</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">3,212</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(e)</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">86,250</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">96,647</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(g)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">(3,000)</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Accounts
      receivable</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,598</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">109</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,707</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,637</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,637</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;&nbsp;&nbsp;Prepaid expenses and other</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">3,210</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">2</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">3,212</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">22,630</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">3,323</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">83,250</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">109,203</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Property, plant and
      equipment</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">59,447</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">2,588</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">62,035</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Mineral properties</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,193</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">5,838</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(a)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">53,360</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">82,769</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(b)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">18,858</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(c)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">520</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Direct smelting ore</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,303</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">4,303</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">Other assets</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">4,393</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">20</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">4,413</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">94,966</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">11,769</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">155,988</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">262,723</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><b><font size="2" face="Times New Roman">LIABILITIES</font></b></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">CURRENT</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Operating
      line of credit</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">125</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%"><font size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">125</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Accounts
      payable and accrued liabilities</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">15,227</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">901</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(c)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">520</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">16,648</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Advances
      for metal shipments</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">2,158</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">2,158</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Current
      portion of bank loans</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      capital lease</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">1,638</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">1,638</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;Current
      portion of convertible debentures</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liability</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(e)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">1,213</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">1,213</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;&nbsp;&nbsp;Current portion of other
      liabilities</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">1,083</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">1,083</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">20,231</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">901</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">1,733</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">22,865</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Deferred revenue</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">923</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">923</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Future income taxes</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(b)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">18,858</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">18,858</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Bank loans and capital
      lease</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">3,942</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">3,942</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Provision for
      reclamation</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">12,971</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">12,971</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Convertible debentures
      liability</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(e)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">21,836</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">21,836</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">Severance indemnities and commitments</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">1,407</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">-</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">1,407</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">39,474</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">901</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">42,427</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">82,802</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><b><font size="2" face="Times New Roman">SHAREHOLDERS'
      EQUITY</font></b></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="5%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Share capital</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">161,024</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">16,952</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(a)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">46,140</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">224,116</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Convertible debentures</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">-</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">-</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(e)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">63,201</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">63,201</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Additional paid in
      capital</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">1,092</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">357</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(a)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">1,136</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">2,228</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="8%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(a)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">(357)</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="10%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%"><font size="2" face="Times New Roman">Deficit</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">(106,624)</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">(6,441)</font></td>
    <td align="center" width="5%"><font size="2" face="Times New Roman">(a)</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%"><font size="2" face="Times New Roman">6,441</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td width="1%"><font size="2" face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%"><font size="2" face="Times New Roman">(109,624)</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="10%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="8%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="5%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">(g)</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">(3,000)</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="10%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">55,492</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">10,868</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">113,561</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">179,921</font></td>
    <td width="2%"><font size="2" face="Times New Roman">&nbsp;</font></td>
  </tr>
  <tr>
    <td width="47%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">94,966</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td width="1%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">11,769</font></td>
    <td width="5%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="8%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">155,988</font></td>
    <td width="2%" style="border-bottom: 1 solid #000000"><font size="2"
      face="Times New Roman">&nbsp;</font></td>
    <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">$</font></td>
    <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font
      size="2" face="Times New Roman">262,723</font></td>
    <td width="2%"></td>
  </tr>
</table>
</big></small></big></small><small><big><small><big><br>
</big></small></big></small>
<p style="margin-top:0pt; margin-bottom:15pt; font-family:Times New Roman"><b><font
size="2">APPROVED BY THE BOARD OF DIRECTORS</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><font
size="2">(signed) JOHN H. WRIGHT, Director</font></p>
<p style="margin:0pt; text-indent:217.8pt; font-family:Times New Roman"><font
size="2">(signed) ROSS J. BEATY, Director</font></p>
<p style="margin:0pt; text-indent:217.8pt; font-family:Times New Roman">&nbsp;</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center">&nbsp;</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-27</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big><font
size="2"><br>
</font><small><big><small><big>
<p>&nbsp;
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>PAN
AMERICAN SILVER CORP.</b></p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>PRO
FORMA CONSOLIDATED STATEMENT OF OPERATIONS</b></p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>For
the nine months ended September 30, 2003</b></p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>(Unaudited)</b></p>
<p style="margin:0pt; font-family:Times New Roman Bold" align="center"><b>(Expressed
in Thousands of United States Dollars)</b></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p
style="margin:0pt; text-indent:394.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Pro
Forma</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:199.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Pan
American</b></p>
<b>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:315.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Pro
forma</b></p>
<p
style="margin:0pt; text-indent:388.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Pan
American</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:203pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u>Silver
Corp.</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:277pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u>Notes</u></b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:314.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u>adjustments</u></b></p>
<p
style="margin:0pt; text-indent:392pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u>Silver
Corp.</u></b></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><b><font
size="2">___________________________________________________________________________________________</font></b></small></big></small></big></p>
<p style="margin:0pt; text-indent:340.4pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">REVENUE</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:202pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:224.5pt; font-family:Times New Roman">32,265</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:310.1pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:348.55pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390.6pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:414.1pt; font-family:Times New Roman">32,265</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">EXPENSES</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Operating</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:224.5pt; font-family:Times New Roman">28,962</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:348.55pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:414.1pt; font-family:Times New Roman">28,962</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">General
and administration</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229.5pt; font-family:Times New Roman">1,548</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:273.1pt; font-family:Times New Roman">6(b)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:336.9pt; font-family:Times New Roman">297</p>
<p style="margin:0pt; text-indent:419.1pt; font-family:Times New Roman">1,845</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Depreciation
and amortization</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229.5pt; font-family:Times New Roman">1,365</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:348.55pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:419.1pt; font-family:Times New Roman">1,365</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Reclamation</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:237pt; font-family:Times New Roman">231</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:348.55pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:426.6pt; font-family:Times New Roman">231</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Exploration</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229.5pt; font-family:Times New Roman">1,588</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:348.55pt; font-family:Times New Roman">-</p>
<p style="margin:0pt; text-indent:419.1pt; font-family:Times New Roman">1,588</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Interest
and financing costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:229.5pt; font-family:Times New Roman">1,015</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:274.75pt; font-family:Times New Roman">5(f)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:336.9pt; font-family:Times New Roman">323</p>
<p style="margin:0pt; text-indent:419.1pt; font-family:Times New Roman">1,338</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:224.5pt; line-height:20pt; font-family:Times New Roman">34,709</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:336.9pt; line-height:20pt; font-family:Times New Roman">620</p>
<p
style="text-indent: 414.1pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -10pt; margin-bottom: 0pt">35,329</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -10pt; margin-bottom: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">LOSS
FROM OPERATIONS</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:222.8pt; font-family:Times New Roman">(2,444)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:330.2pt; font-family:Times New Roman">(620)</p>
<p style="margin:0pt; text-indent:412.4pt; font-family:Times New Roman">(3,064)</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">OTHER
INCOME</p>
<p
style="text-indent: 235pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt">508</p>
<p
style="text-indent: 271.1pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt">6(b)</p>
<p
style="text-indent: 339.9pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt">12</p>
<p style="text-indent: 424.6pt; font-family: Times New Roman; margin: 0pt">520</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p
style="margin-top:0pt; margin-bottom:-20pt; line-height:20pt; font-family:Times New Roman">NET
LOSS FOR THE PERIOD</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:202pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:222.8pt; line-height:20pt; font-family:Times New Roman">(1,936)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:310.1pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:330.2pt; line-height:20pt; font-family:Times New Roman">(608)</p>
<p
style="margin-top:0pt; margin-bottom:-20pt; text-indent:390.6pt; line-height:20pt; font-family:Times New Roman">$</p>
<p
style="text-indent: 412.4pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: -10pt">(2,544)</p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><b><font
size="2">___________________________________________________________________________________________</font></b></small></big></small></big></p>
<p
style="text-indent: 0pt; line-height: 18pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: -13pt; margin-bottom: 0pt"><big><small><big><small><b><font
size="2">___________________________________________________________________________________________</font></b></small></big></small></big></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">LOSS PER SHARE</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">Basic
and fully diluted</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:202pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:225.65pt; font-family:Times New Roman">(0.03)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:390.6pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:421.75pt; font-family:Times New Roman">(0.05)</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman">WEIGHTED AVERAGE SHARES</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:9pt; font-family:Times New Roman">&nbsp;OUTSTANDING</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:208pt; font-family:Times New Roman">51,030,066</p>
<p style="margin:0pt; text-indent:396.6pt; font-family:Times New Roman">52,097,106</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p style="text-indent: 396.6pt; font-family: Times New Roman; margin: 0pt">&nbsp;</p>
<br>
</big></small></big></small>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-28</font></p>
<big><small><big><small>
<p style="text-indent: 396.6pt; font-family: Times New Roman; margin: 0pt">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>PAN
AMERICAN SILVER CORP.</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>Pro Forma
Consolidated Statement of Operations</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>Year ended
December 31, 2002</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(Unaudited)</b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b>(Expressed
in Thousands of United States Dollars)</b></p>
</small></big></small></big>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333" rowspan="3"
    style="border-bottom: 1 solid #000000">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Pro Forma</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Pan American</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Silver Corp.</font></b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Pan American</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Silver Corp.</font></b></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Corner Bay</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Silver Inc.</font></b></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Note</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">5</font></b></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80" rowspan="2"
    style="border-bottom: 1 solid #000000">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Pro Forma</font></b></p>
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><b><font size="2">Adjustments</font></b></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p
      style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
      align="center"><font size="2">(Note 6(a))</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom"
    width="136.533" colspan="5">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">REVENUE</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16.8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16.8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.267">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,093</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,093</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="136.533" colspan="5">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">EXPENSES</font></p>
    </td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="120.933" colspan="4">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Operating</font></p>
    </td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,161</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,161</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="181.8" colspan="7">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">General
      and administration</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,698</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,695</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="191.067" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Depreciation
      and amortization</font></p>
    </td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,872</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,872</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="137.733" colspan="5">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Reclamation</font></p>
    </td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="137.733" colspan="5">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Exploration</font></p>
    </td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,206</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="center"><font
      size="2">(d)</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,549</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="181.8" colspan="7">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Interest
      and financing costs</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="center"><font
      size="2">(f)</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">1,167</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">2,155</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="281.133" colspan="9">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Write
      down of mineral properties</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="15.6">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="181.8"
    colspan="7">
      <p style="margin:0pt; padding-left:6.7pt; font-family:Times New Roman"><font
      size="2">and reclamation</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267">
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,218</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,246</font></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="15.6">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="30.2">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="30.2">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="30.2">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="30.333">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16.8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16.8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.267">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267">
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,003</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,025</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">1,510</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">82,538</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="197.4" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Loss
      from operations</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34,910)</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,025)</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,510)</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;(37,445)</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="197.4" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Interest
      income</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">-</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">269</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="197.4" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Other
      income</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983</font></p>
    </td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">-</font></p>
    </td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">1,143</font></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="197.4"
    colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Gain on
      disposal of investments</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">-</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">4</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">-</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
      size="2">&nbsp;</font></td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">4</font></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="197.4"
    colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Net loss
      for the year</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267">
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,658)</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861)</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,510)</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,029)</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="197.4" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Loss per
      share</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="15.6">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="181.8"
    colspan="7">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Basic
      and fully diluted</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267">
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)</font></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="15.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="30.333"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="16.8"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="27.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="bottom" width="197.4" colspan="8">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">Weighted
      average shares</font></p>
    </td>
    <td valign="bottom" width="9.267"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="90.067"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="8.667"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="77.2"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="40"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="80"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
    <td valign="bottom" width="93.333"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="15.6">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="181.8"
    colspan="7">
      <p style="margin:0pt; font-family:Times New Roman"><font size="2">outstanding</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.267">
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.067">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,849,413</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="8.667">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="77.2">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;19,385,808</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="40">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="80">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;</font></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="93.333">
      <p style="margin:0pt; font-family:Times New Roman" align="right"><font
      size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,486,072</font></p>
    </td>
  </tr>
</table>
<big><small><big><small>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman"><br>
</p>
<br>
</small></big></small></big>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-29</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"
align="justify"><b><font size="2">1.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b><font size="2">BASIS OF PRESENTATION</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The unaudited pro forma consolidated financial
statements of Pan American Silver Corp. ("Pan American") as at December 31,
2002 and for the nine months ended September 30, 2003 and the year ended
December&nbsp;31, 2002 have been prepared by management after giving effect to
the acquisition by Pan American of Corner Bay Silver Inc. ("Corner Bay").
&nbsp;These unaudited pro forma consolidated financial statements have been
compiled from and include:</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(a)</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">A pro forma balance sheet combining the audited
balance sheet of Pan American as at December&nbsp;31, 2002 with the unaudited
balance sheet of Corner Bay as at December 31, 2002;</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(b)</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">A pro forma statement of operations combining the
audited statement of operations of Pan American for the year ended December 31,
2002 with the unaudited statement of operations of Corner Bay for the twelve
month period ended December 31, 2002; and</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(c)</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">A pro forma statement of operations combining the
unaudited statement of operations of Pan American for the nine months ended
September 30, 2003 with the unaudited statement of operations of Corner Bay for
the period from January 1, 2003 to February 20, 2003.</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The pro forma balance sheet at December 31, 2002
has been prepared as if the transactions described in Notes 3 and 4 had occurred
on December 31, 2002. &nbsp;The pro forma statement of operations for the year
ended December 31, 2002 and the nine months ended September 30, 2003 have been
prepared as if the transactions described in Notes 3 and 4 had occurred on the
first day of the respective financial periods.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">In addition to disclosures required under
Canadian security regulations to comply with the Securities and Exchange
Commission regulations, the Company has reconciled the pro forma information to
accounting principles generally accepted in the United States of America ("US
GAPP") (see Note 7).</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">It is management's opinion that these pro forma
consolidated financial statements include all adjustments necessary for the fair
presentation of the transactions described in Notes 3 and 4 in accordance with
Canadian generally accepted accounting principles applied on a basis consistent
with Pan American's accounting policies. &nbsp;The pro forma consolidated
financial statements are not intended to reflect the results of operations or
the financial position of Pan American which would have actually resulted had
the proposed transactions been effected on the dates indicated. &nbsp;Further,
the pro forma financial information is not necessarily indicative of the results
of operations that may be obtained in the future.</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The unaudited pro forma financial statements
should be read in conjunction with the historical financial statements and notes
thereto of Pan American and Corner Bay described above.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font
size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"
align="justify"><b><font size="2">2.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b><font size="2">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></b></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The unaudited pro forma financial statements have
been compiled using the significant accounting policies as set out in the
audited financial statements of Pan American for the year ended December 31,
2002. &nbsp;The significant accounting policies of Corner Bay conform in all
material respects to those of Pan American, except as described in and adjusted
for in Note&nbsp;5&nbsp;(d).</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-30</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"
align="justify"><b><font size="2">3.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><b><font size="2">BUSINESS COMBINATION</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><i><font size="2">Acquisition of Corner Bay</font></i></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">On February 20, 2003, Pan American completed its
proposed merger with Corner Bay. &nbsp;Under the terms of the acquisition common
shares of Corner Bay were, directly or indirectly, exchanged for common shares
of Pan American and warrants to purchase Pan American common shares, on the
basis of one Pan American common share for every 2.60 Corner Bay shares and one
Pan American warrant for every 5.20 Corner Bay common shares. &nbsp;Pan American
also agreed to issue 553,846 stock options to replace 960,000 fully vested stock
options currently held by Corner Bay employees and directors.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Each whole Pan American warrant will allow the
holder to purchase a Pan American common share for a price of Cdn.$12.00 for a
five-year period ended February 20, 2008. &nbsp;</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">As a result, Pan American issued 7,636,659 common
shares to the shareholders of Corner Bay, and 3,818,330 warrants to purchase
common shares. &nbsp;The common shares issued were valued at $54,203,000 which
was derived from an issue price of $11.30 translated at $0.6595 for each U.S.
dollar, less a deemed 5% issue cost of $2,707,000. &nbsp;The share purchase
warrants were valued at $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% and
a weighted average annual risk free rate of 4.16%. &nbsp;The value of the stock
options granted was determined to be $1,136,000.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The business combination has been accounted for
as an acquisition by Pan American of Corner Bay and the purchase method of
accounting has been applied. &nbsp;The consideration given has been allocated to
the fair value of net assets acquired as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">As at</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">December 31,</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2002</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="368" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Fair
        value of net assets acquired</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="352" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Current
        assets</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;3,323,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="352" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Mineral
        properties</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;81,164,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="352"
      colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Other
        assets</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;84,507,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="48" colspan="3">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Less:</font></p>
      </td>
      <td valign="bottom" width="304" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Current
        liabilities</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(901,000)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="304"
      colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Provision
        for future income tax liability</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;(18,858,000)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="288">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">&nbsp;</font></b></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;64,748,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="368" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Consideration
        given by Pan American</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="352" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Issue
        of 7,636,659 common shares</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;54,203,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="352" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Issue
        of 3,818,330 share purchase warrants</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,889,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="352"
      colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Issue
        of 553,846 replacement stock options</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,136,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="288"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;64,228,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="48"
      colspan="3">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Add:</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="304"
      colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Estimated
        costs of acquisition</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="288">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="89.333">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;64,748,000</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-31</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2">The purchase consideration of $64,748,000 for
100% of Corner Bay exceeds the carrying value of the net assets at December 31,
2002 by $53,880,000 which has been applied to increase the carrying value of
mineral properties. &nbsp;The resulting future income tax liability of
$18,858,000 has also been applied to increase the carrying value of mineral
properties.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The value of the common shares issued by Pan
American was estimated based on the average closing price of Pan American's
common shares for the period before and after the date that the terms of the
transaction were agreed and announced.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36.8pt; text-indent:-36.8pt; font-family:Times New Roman"
align="justify"><b><font size="2">4.</font></b></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><b><font size="2">CONVERTIBLE DEBENTURE</font></b></p>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">During the third quarter ended 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.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">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.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"
align="justify"><b><font size="2">5.</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><b><font size="2">ADJUSTMENTS TO THE PRO FORMA FINANCIAL
STATEMENTS</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Adjustments to the pro forma balance sheet as at
December 31, 2002 and the pro forma consolidated statement of operations for the
year then ended and the nine month period ended September 30, 2003 are as
follows:</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(a)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Effect the terms of the acquisition, principally
eliminating the shareholders' equity in Corner Bay and allocating the cost of
acquisition.</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(b)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Record future income tax on the acquisition of
Corner Bay and the related acquisition of mineral properties of $18,858,000.</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(c)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Accrue acquisition costs of $520,000.</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(d)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Write off deferred exploration expenditures in
Corner Bay to comply with Pan American's accounting policy.</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(e)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Record the fair value of the convertible
debentures consisting of $23,049,000 fair value of future interest payments and
$63,201,000 fair value of the convertible debentures and conversion option.</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(f)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Record interest expense on the convertible
debentures.</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-32</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(g)</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">Record convertible debenture issue costs of
$3,000,000 as a charge to deficit.</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"
align="justify"><b><font size="2">6.</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><b><font size="2">CORNER BAY SILVER INC.</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The amounts used to prepare the pro forma
operating statements of Corner Bay, which has a historical year end of June 30,
have been determined as follows:</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2">(a)</font></p>
<p
style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><font size="2">Year ended December 31, 2002</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">Six months</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">Six months</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">Twelve months</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">Twelve months</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">ended</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">Year ended</font></b></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">ended</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">ended</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">ended</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">December 31,</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">June 30,</font></b></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">December 31,</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">December 31,</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">December 31,</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="81.733">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2002</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="82.4">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2002</font></b></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2001</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="87.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2002</font></b></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="77.867">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="right"><b><font size="2">2002</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(Cdn.$)</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(Cdn.$)</font></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(Cdn.$)</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(Cdn.$)</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(U.S.$)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16" colspan="2"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">(Audited)</font></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="64" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Expenses</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="45.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="125.733" colspan="7">
        <p
        style="margin:0pt; padding-left:17.55pt; text-indent:-9.2pt; font-family:Times New Roman"><font
        size="2">General and administrative</font></p>
      </td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,909</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;1,467,007</font></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;507,034</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;1,553,882</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;997,126</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="125.733" colspan="7">
        <p
        style="margin:0pt; padding-left:17.55pt; text-indent:-9.2pt; font-family:Times New Roman"><font
        size="2">Write-off of property, plant and equipment</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="10.267"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
        size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,511</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="3.6"><font
        size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
        size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,511</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="9.6"><font
        size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,279</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="15.333">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="16.667" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="16">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="45.733">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="10.267">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593,909</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,509,518</font></p>
      </td>
      <td valign="bottom" width="3.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507,034</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,596,393</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,024,405</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="125.733" colspan="7">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Other
        income</font></p>
      </td>
      <td valign="bottom" width="10.267">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,861)</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295,844)</font></p>
      </td>
      <td valign="bottom" width="3.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;(122,740)</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248,965)</font></p>
      </td>
      <td valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159,761)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="125.733" colspan="7">
        <p
        style="margin:0pt; padding-left:17.55pt; text-indent:-9.2pt; font-family:Times New Roman"><font
        size="2">Gain on disposal of investments</font></p>
      </td>
      <td valign="bottom" width="10.267"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,805)</font></p>
      </td>
      <td valign="bottom" width="3.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,805)</font></p>
      </td>
      <td valign="bottom" width="9.6"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,725)</font></p>
      </td>
    </tr>
    <tr>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="136" colspan="8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Net
        loss for the period</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="81.733">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518,048</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="82.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;1,207,869</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="3.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384,294</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="87.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,341,623</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="9.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;</font></p>
      </td>
      <td
      style="border-top:0.5pt solid #000000; border-bottom:1pt solid #000000"
      valign="bottom" width="77.867">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font
        size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;860,919</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p
style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2">(b)</font></p>
<p
style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman"
align="justify"><font size="2">Nine months ended September 30, 2003</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The period from the acquisition date of February
20, 2003 to September 30, 2003 are included in the unaudited financial
statements of Pan American for the nine months ended September 30, 2003.
&nbsp;The pro forma adjustments include revenue and expenses for the period from
January 1, 2003 to February&nbsp;20, 2003.</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman"
align="justify"><font size="2">(c)</font></p>
<p
style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The financial statements of Corner Bay are
denominated in Canadian dollars ("Cdn.$") and have been translated into
United States dollars using the following exchange rates:</font></p>
<p
style="margin:0pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="337.067"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="142.667">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">Exchange</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="337.067"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom"
      width="142.667">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">Rate</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="337.067"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="142.667"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="417.067" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Pro
        forma statements of operations for the year ended December 31,</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="142.667"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="401.067" colspan="5">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">2002
        and the nine month period ended September 30, 2003</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="142.667">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">1 Cdn.$
        = U.S.$0.7408</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="417.067" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Pro
        forma balance sheet as at December 31, 2002</font></p>
      </td>
      <td valign="bottom" width="16"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="142.667">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">1 Cdn.$
        = U.S.$0.6648</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-33</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:36.8pt; text-indent:-36.8pt; font-family:Times New Roman"
align="justify"><b><font size="2">7.</font></b></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman"
align="justify"><b><font size="2">DIFFERENCES BETWEEN CANADIAN AND UNITED STATES
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; text-indent:0.7pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The pro forma consolidated financial statements
are prepared in accordance with accounting principles generally accepted in
Canada ("Canadian GAAP") which differ in certain respects with accounting
principles generally accepted in the United States ("US GAAP"). &nbsp;The
differences between Canadian GAAP and US GAAP as they relate to the Company are
summarized as follows.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; text-indent:0.7pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">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.</font></p>
<p
style="margin:0pt; padding-left:36.8pt; text-indent:-0.8pt; font-family:Times New Roman"
align="justify"><font size="2"><br>
</font></p>
<p
style="margin:0pt; padding-left:36pt; text-indent:0.7pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">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.</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center">&nbsp;</p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-34</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p
style="margin:0pt; padding-left:36.7pt; text-indent:-0.7pt; line-height:13pt; font-family:Times New Roman"
align="justify"><font size="2">The following tables illustrate how SFAS 143 and
150, if applied, would change the pro forma consolidated balance sheets and
statements of operations of the Company.</font></p>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font></p>
<div align="left">
  <table cellspacing="0">
    <tr>
      <td valign="top" width="98"><font size="2">&nbsp;</font></td>
      <td valign="top" width="168"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" width="319.2" colspan="3">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">December 31, 2002</font></b></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="266"
      colspan="2"><font size="2">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">Total Assets</font></b></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="120">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">Total Liabilities</font></b></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" width="103.2">
        <p
        style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
        align="center"><b><font size="2">Shareholders' Equity</font></b></p>
      </td>
    </tr>
    <tr>
      <td width="266" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Reported
        under Canadian GAAP</font></p>
      </td>
      <td width="96">
        <p
        style="margin-top:0pt; margin-bottom:-12pt; text-indent:1.6pt; font-family:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:25.1pt; font-family:Times New Roman"><font
        size="2">262,723</font></p>
      </td>
      <td width="120">
        <p
        style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:39.1pt; font-family:Times New Roman"><font
        size="2">82,802</font></p>
      </td>
      <td width="103.2">
        <p
        style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:25.1pt; font-family:Times New Roman"><font
        size="2">179,921</font></p>
      </td>
    </tr>
    <tr>
      <td width="266" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">SFAS
        150 adjustments</font></p>
      </td>
      <td width="96"><font size="2">&nbsp;</font></td>
      <td width="120"><font size="2">&nbsp;</font></td>
      <td width="103.2"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="266" colspan="2">
        <p style="margin:0pt; text-indent:9pt; font-family:Times New Roman"><font
        size="2">Reclassify convertible debenture</font></p>
      </td>
      <td width="96">
        <p style="margin:0pt; text-indent:54.25pt; font-family:Times New Roman"><font
        size="2">-</font></p>
      </td>
      <td width="120">
        <p style="margin:0pt; text-indent:39.1pt; font-family:Times New Roman"><font
        size="2">63,201</font></p>
      </td>
      <td width="103.2">
        <p style="margin:0pt; text-indent:23.4pt; font-family:Times New Roman"><font
        size="2">(63,201)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" width="266" colspan="2">
        <p style="margin:0pt; text-indent:9pt; font-family:Times New Roman"><font
        size="2">Debt issue costs</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" width="96">
        <p style="margin:0pt; text-indent:35.1pt; font-family:Times New Roman"><font
        size="2">3,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" width="120">
        <p style="margin:0pt; text-indent:63.25pt; font-family:Times New Roman"><font
        size="2">-</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" width="103.2">
        <p style="margin:0pt; text-indent:35.1pt; font-family:Times New Roman"><font
        size="2">3,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:2pt double #000000" width="266" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Reported
        under US GAAP</font></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:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:25.1pt; font-family:Times New Roman"><font
        size="2">265,723</font></p>
      </td>
      <td style="border-bottom:2pt double #000000" width="120">
        <p
        style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:34.1pt; font-family:Times New Roman"><font
        size="2">146,003</font></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:Times New Roman"><font
        size="2">$</font></p>
        <p style="margin:0pt; text-indent:25.1pt; font-family:Times New Roman"><font
        size="2">119,720</font></p>
      </td>
    </tr>
  </table>
</div>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font></p>
<big><small><big><small>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<b>
<p
style="margin:0pt; text-indent:340.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Nine
months</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:364.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>ended</b></p>
<p
style="margin:0pt; text-indent:416.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>Year ended</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:336.65pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>September 30</b></p>
<p
style="margin:0pt; text-indent:409.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>December 31</b></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; text-indent:368.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>2003</b></p>
<p
style="margin:0pt; text-indent:439.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"
align="justify"><b>2002</b></p>
<small><big><small><big>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><b><font
size="2">___________________________________________________________________________________________</font></b></small></big></small></big></p>
</big></small></big></small>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial"><font
face="Times New Roman">Pro forma</font> <font face="Times New Roman">net loss
under Canadian GAAP</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:328.5pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">(2,544)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:406.7pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:423.5pt; font-family:Times New Roman">(36,029)</p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman">SFAS 143
Adjustments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">Reclamation</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:373.7pt; font-family:Times New Roman">231</p>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">Amortization
of future site restoration costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:367pt; font-family:Times New Roman">(533)</p>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">-</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">Accretion
of future site restoration costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:367pt; font-family:Times New Roman">(313)</p>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">-</p>
<small><big><small><big>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">Sub-total</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">(3,159)</p>
<p style="margin:0pt; text-indent:423.5pt; font-family:Times New Roman">(36,029)</p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman">SFAS 150
adjustments</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">Additional
interest expense</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">(2,510)</p>
<p style="margin:0pt; text-indent:428.5pt; font-family:Times New Roman">(3,361)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">Amortization
of debt issue costs</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:367pt; font-family:Times New Roman">(750)</p>
<p style="margin:0pt; text-indent:428.5pt; font-family:Times New Roman">(1,000)</p>
<small><big><small><big>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:428.5pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman">Net loss
before cumulative effect of change in</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:52.9pt; font-family:Times New Roman">accounting
policy</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">(6,419)</p>
<p style="margin:0pt; text-indent:423.5pt; font-family:Times New Roman">(40,390)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">Change
in accounting policy</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:373.7pt; font-family:Times New Roman">684</p>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">-</p>
<small><big><small><big>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:454.35pt; font-family:Times New Roman">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">Pro
forma net loss under US GAAP</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:328.5pt; font-family:Times New Roman">$</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:359.5pt; font-family:Times New Roman">(5,735)</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:406.7pt; font-family:Times New Roman">$</p>
<p style="margin:0pt; text-indent:423.5pt; font-family:Times New Roman">(40,390)</p>
<small><big><small><big>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: Times New Roman; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: -8pt; margin-bottom: 0pt"><big><small><big><small><font
size="2">___________________________________________________________________________________________</font></small></big></small></big></p>
</big></small></big></small>
<p style="margin:0pt; text-indent:423.5pt; font-family:Times New Roman">&nbsp;</p>
</small></big></small></big>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="text-indent: 0pt; font-family: Times New Roman; margin: 0pt"
align="center"><font size="2">F-35</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big><font
size="2"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">PART
II</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">INFORMATION
NOT REQUIRED TO BE</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><u><font size="2">DELIVERED
TO OFFEREES OR PURCHASERS</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><b><u><font size="2">Indemnification.</font></u></b></p>
<p style="margin:0pt; font-family:CG Times"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">Section 128 of the Company Act (British Columbia)
(the &quot;BCCA&quot;) authorizes a company, with the approval of the court, to
indemnify past and present directors and officers of the company and past and
present directors and officers of a corporation of which the company is or was a
shareholder, against liabilities incurred in connection with the provision of
their services as such if the director or officer acted honestly and in good
faith with a view to the best interests of the company and, in the case of a
criminal or administrative proceeding, if he or she had reasonable grounds for
believing that his or her conduct was lawful. &nbsp;Section 128 of the BCCA
provides that a company may purchase and maintain liability insurance for the
benefit of such directors and officers.</font></p>
<p style="margin:0pt; line-height:13pt; font-family:CG Times"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">In accordance with the BCCA, the Articles of the
Registrant provide that the Registrant will indemnify its directors, former
directors, Secretary or Assistant Secretary, and may indemnify its officers,
employees or agents and those of its subsidiaries, and directors and former
directors of its subsidiaries, and each of their respective heirs and
representatives, against all losses, charges and expenses howsoever incurred by
them as a result of their actions in such capacities. &nbsp;The Registrant has
entered into agreements with each of its directors confirming this indemnity.
&nbsp;The failure of a director or officer of the Registrant to comply with the
provisions of the BCCA or the Registrant's Memorandum or Articles, however, will
invalidate any indemnity which he or she is entitled to.</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">A policy of directors' and officers' liability
insurance is maintained by the Registrant which insures directors and officers
for losses as a result of claims against the directors and officers of the
Registrant in the indemnity provisions under the Articles and the BCCA.</font></p>
<p style="margin:0pt; font-family:CG Times"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 (the &quot;Securities Act&quot;) may be
permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the
opinion of the U.S. Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable.</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">II-1</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big><font
size="2"><br>
</font>
<p style="margin:0pt; font-family:CG Times" align="justify"><b><u><font size="2">Exhibits.</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2">The
following exhibits have been filed or incorporated by reference as part of the
Registration Statement:</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><b><font size="2">Exhibit</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><b><u><font size="2">Number</font></u></b></p>
<p style="margin:0pt; text-indent:72pt; font-family:CG Times" align="justify"><b><u><font
size="2">Description</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.1</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Annual Information Form of the Registrant, dated May 20, 2003.<sup> (1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.2</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Audited Consolidated Financial Statements of the Registrant and the
notes thereon as at and for the years ended December 31, 2001 and 2002, together
with the auditors' report thereon as set out in the Registrant's annual report.<sup>
(1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.3</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Unaudited Consolidated Financial Statements of the Registrant and the
notes thereto as at and for the three months ended March 31, 2003, together with
management's discussion and analysis of financial condition and results of
operations for the three months ended March 31, 2003.<sup>(2)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.4</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Management's Discussion and Analysis of Financial Condition and Results
of Operations for the fiscal year ended December 31, 2002 as set out in the
Registrant's annual report.<sup> (1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.5</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Information Circular of the Registrant, dated April 9, 2003, in
connection with the Registrant's May 12, 2003 annual meeting of members, other
than the sections titled &quot;Corporate Governance&quot;, &quot;Executive
Compensation - Compensation Committee&quot;, &quot;Executive Compensation - Report on Executive Compensation&quot; and &quot;Executive Compensation
- - Performance Graph&quot;.<sup>(3)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.6</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated February 27, 2003,
relating to the completion of the Registrant's acquisition of Corner Bay Silver
Inc.<sup>(4)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.7</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated February 27, 2003,
relating to consolidated production figures from 2002.<sup> (4)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.8</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated March 13, 2003,
relating to financial and operational results for the fourth quarter and year
ended December 31, 2002.<sup> (5)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.9</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated May 22, 2003, relating
to financial and operational results for the first quarter of 2003.<sup> (6)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.10</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated July 7, 2003, relating
to filing of the preliminary short form base shelf prospectus of the Registrant
dated July 7, 2003.<sup> (7)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.11</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated July 22, 2003, relating
to the announcement of the offering of US$75 million aggregate principal amount
of 5.25% convertible unsecured senior subordinated debentures due July 31, 2009.<sup>(8)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.12</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated July 30, 2003, relating
to the closing of the Debenture Offering.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.13</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated August 7, 2003,
relating to the exercise of an over-allotment option pursuant to the terms of
the Debenture Offering.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.14</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated August 22, 2003,
relating to financial and operational results for the second quarter of 2003.<sup>
(9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.15</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated September 22, 2003,
relating to recent developments at the Company's operations and
feasibility-stage projects.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.16</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated October 23, 2003,
relating to the buy-back of an existing 3% net smelter royalty on the Company's
Huaron silver mine in Peru from a group of Peruvian companies for US$2.5
million.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.17</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated October 31, 2003,
relating to an agreement to sell the Company's 50% interest in the Tres Cruces
gold project in Peru to New Oroperu Resources Inc.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.18</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated November 12, 2003,
relating to financial and operation results for the third quarter of 2003.<sup>
(9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.19</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Audited Consolidated Financial Statements of the Registrant and the
notes thereon as at and for the years ended December 31, 2001 and 2002, together
with the auditors' report thereon, including a reconciliation to United States
generally accepted accounting principles in accordance with Item 18 of Form
20-F. <sup>(10)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.20</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Material Change Report of the Registrant, dated January&nbsp;8, 2004
relating to filing of the preliminary short form base shelf prospectus of the
Registrant dated January 7, 2004. <sup>(11)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">5.1</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Consent of Deloitte &amp; Touche LLP</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">II-2</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify">&nbsp;</p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">5.2</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Consent of PricewaterhouseCoopers LLP</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">6.1</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Powers of Attorney <sup>(12)</sup></font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2">_______________</font></p>
<p
style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><font
size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(1)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Annual Report on Form
40-F, filed with the Commission on May 20, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(2)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on May 23, 2003.</font></p>
<p
style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2"><sup>(3)</sup> &nbsp;&nbsp;Incorporated by reference to the Registrant's
Registration Statement on Form F-10 (File No. 333-106858), filed with the
Commission on July 7, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(4)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on February 27, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(5)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on March 3, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(6)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on May 22, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(7)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on July 18, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(8)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on July 22, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(9)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on December 29, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(10)</font></sup></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin: 0pt; padding-left: 13.5pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on July 3, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(11)</font></sup></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin: 0pt; padding-left: 13.5pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K
furnished to the Commission on January 9, 2004.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(12)</font></sup></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin: 0pt; padding-left: 13.5pt"><font
size="2">Previously filed.</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">II-3</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>
<p
style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"
align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">PART
III</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><u><font size="2">UNDERTAKING
AND CONSENT TO SERVICE OF PROCESS</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><b><font size="2">Item 1.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:CG Times" align="justify"><b><u><font
size="2">Undertaking.</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">The Registrant undertakes to make available, in
person or by telephone, representatives to respond to inquiries made by the
Commission staff, and to furnish promptly, when requested to do so by the
Commission staff, information relating to the securities registered pursuant to
Form F-10 or to transactions in such securities.</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><b><font size="2">Item 2.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:CG Times" align="justify"><b><u><font
size="2">Consent to Service of Process.</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">Prior to filing this Amendment No. 1 to the
Registration Statement on Form F-10, the Registrant has filed with the
Commission a written irrevocable consent and power of attorney on Form F-X.
&nbsp;Any change to the name or address of the agent of service for the
Registrant will be communicated promptly to the Commission by amendment to Form
F-X referencing the file number of this Registration Statement.</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">III-1<br>
</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>&nbsp;
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">SIGNATURES</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:CG Times"
align="justify"><font size="2">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form F-10 and has duly caused this
Amendment No. 1 to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Vancouver, British
Columbia, Canada on January 26, 2004.</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:216pt; font-family:CG Times" align="justify"><b><font
size="2">PAN AMERICAN SILVER CORP.</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:CG Times"
align="justify"><font size="2">By:</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:234pt; font-family:CG Times"
align="justify"><u><font size="2">/s/ Ross J. Beaty</font></u></p>
<p style="margin:0pt; text-indent:432pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin:0pt; text-indent:234pt; font-family:CG Times" align="justify"><font
size="2">Ross J. Beaty</font></p>
<p style="margin:0pt; text-indent:234pt; font-family:CG Times" align="justify"><font
size="2">Chairman and Chief Executive Officer</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">POWER
OF ATTORNEY</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2">Pursuant
to the requirements of the Securities Act, this Amendment No. 1 to the
Registration Statement has been signed below by or on behalf of the following
persons in the capacities indicated, on January 26<b>,</b> 2004.</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:CG Times"
align="justify"><b><u><font size="2">Signature</font></u></b></p>
<p style="margin:0pt; text-indent:252pt; font-family:CG Times" align="justify"><b><u><font
size="2">Title</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">&nbsp;/s/ Ross J. Beaty</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:207pt; text-indent:-207pt; font-family:CG Times"
align="justify"><font size="2">Ross J. Beaty</font></p>
<p style="margin:0pt; padding-left:207pt; font-family:CG Times" align="justify"><font
size="2">Chairman and Chief Executive Officer and Director</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">(Principal Executive Officer)</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:207pt; text-indent:-207pt; font-family:CG Times"
align="justify"><font size="2">A. Robert Doyle</font></p>
<p style="margin:0pt; padding-left:207pt; font-family:CG Times" align="justify"><font
size="2">Chief Financial Officer (Principal Financial Officer and Principal
Accounting Officer)</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">William A. Fleckenstein</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">John M. Willson</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">Michael Larson</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">Michael J.J. Maloney</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">Paul B. Sweeney</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">III-2</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:7.5pt"><font
size="2"><br>
</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big><font
size="2"><br>
</font>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify">&nbsp;</p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify">&nbsp;</p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">John H. Wright</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify">&nbsp;</p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">Geoffrey A. Burns</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><u><font size="2">* By: &nbsp;/s/ Ross J. Beaty</font></u></p>
<p style="margin:0pt; text-indent:144pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times"
align="justify"><font size="2">Ross J. Beaty</font></p>
<p style="margin:0pt; text-indent:207pt; font-family:CG Times" align="justify"><font
size="2">Attorney-in-fact</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">III-3</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:7.5pt"><font
size="2"><br>
</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big><font
size="2"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:CG Times" align="center"><b><font size="2">AUTHORIZED
REPRESENTATIVE</font></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; font-family:CG Times" align="justify"><font
size="2">Pursuant to the requirements of Section 6(a) of the Securities Act of
1933, the Authorized Representative has duly caused this Amendment No. 1 to the
Registration Statement to be signed on its behalf by the undersigned, solely in
its capacity as the duly authorized representative of Pan American Silver Corp.
in the United States, in the City of Vancouver, British Columbia, Canada on
January 26, 2004.</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; text-indent:216pt; font-family:CG Times" align="justify"><b><font
size="2">PAN AMERICAN MINERALS INC.</font></b></p>
<p style="margin:0pt; text-indent:216pt; font-family:CG Times" align="justify"><font
size="2">(Authorized Representative)</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:CG Times"
align="justify"><font size="2">By:</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; text-indent:234pt; font-family:CG Times"
align="justify"><u><font size="2">/s/ Ross J. Beaty</font></u></p>
<p style="margin:0pt; text-indent:432pt; font-family:CG Times; font-size:6pt"
align="justify"><u><font size="2"><br>
</font></u></p>
<p style="margin:0pt; text-indent:234pt; font-family:CG Times" align="justify"><font
size="2">Ross J. Beaty</font></p>
<p style="margin:0pt; text-indent:234pt; font-family:CG Times" align="justify"><font
size="2">Director</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">III-4</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big></big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big><font
size="2"><br>
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:2.5pt; font-family:CG Times"
align="center"><b><u><font size="2">EXHIBIT INDEX</font></u></b></p>
<p style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt"
align="justify"><b><font size="2">Exhibit</font></b></p>
<p
style="margin-top:0pt; margin-bottom:-10pt; padding-right:-12pt; line-height:10pt; font-family:CG Times; font-size:8pt"
align="justify"><b><u><font size="2">Number</font></u></b></p>
<p
style="margin-top:0pt; margin-bottom:-10pt; padding-right:-12pt; text-indent:72pt; line-height:10pt; font-family:CG Times; font-size:8pt"
align="justify"><b><u><font size="2">Description</font></u></b></p>
<p
style="margin:0pt; padding-right:-12pt; text-indent:438pt; line-height:10pt; font-family:CG Times; font-size:8pt"
align="right"><b><u><font size="2">Page No.</font></u></b></p>
<p style="margin:0pt; font-family:CG Times" align="justify"><font size="2"><br>
</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.1</font></p>
<p style="margin:0pt; padding-left:72pt; font-family:CG Times" align="justify"><font
size="2">Annual Information Form of the Registrant, dated May 20, 2003.<sup> (1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.2</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Audited Consolidated Financial Statements of the
Registrant and the notes thereon as at and for the years ended December 31, 2001
and 2002, together with the auditors' report thereon as set out in the
Registrant's annual report.<sup> (1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.3</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Unaudited Consolidated Financial Statements of
the Registrant and the notes thereto as at and for the three months ended March
31, 2003, together with management's discussion and analysis of financial
condition and results of operations for the three months ended March 31, 2003.<sup>(2)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.4</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Management's Discussion and Analysis of Financial
Condition and Results of Operations for the fiscal year ended December 31, 2002
as set out in the Registrant's annual report.<sup> (1)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.5</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Information Circular of the Registrant, dated
April 9, 2003, in connection with the Registrant's May 12, 2003 annual meeting
of members, other than the sections titled &quot;Corporate Governance&quot;,
&quot;Executive Compensation - Compensation Committee&quot;, &quot;Executive
Compensation - Report on Executive Compensation&quot; and &quot;Executive
Compensation - Performance Graph&quot;.<sup>(3)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.6</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
February 27, 2003, relating to the completion of the Registrant's acquisition of
Corner Bay Silver Inc.<sup>(4)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.7</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
February 27, 2003, relating to consolidated production figures from 2002.<sup>
(4)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.8</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
March 13, 2003, relating to financial and operational results for the fourth
quarter and year ended December 31, 2002.<sup> (5)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.9</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
May 22, 2003, relating to financial and operational results for the first
quarter of 2003.<sup> (6)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.10</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
July 7, 2003, relating to filing of the preliminary short form base shelf
prospectus of the Registrant dated July 7, 2003.<sup> (7)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.11</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
July 22, 2003, relating to the announcement of the offering of US$75 million
aggregate principal amount of 5.25% convertible unsecured senior subordinated
debentures due July 31, 2009. <sup>(8)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.12</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
July 30, 2003, relating to the closing of the Debenture Offering.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.13</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
August 7, 2003, relating to the exercise of an over-allotment option pursuant to
the terms of the Debenture Offering.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.14</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
August 22, 2003, relating to financial and operational results for the second
quarter of 2003.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.15</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
September 22, 2003, relating to recent developments at the Company's operations
and feasibility-stage projects.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.16</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
October 23, 2003, relating to the buy-back of an existing 3% net smelter royalty
on the Company's Huaron silver mine in Peru from a group of Peruvian companies
for US$2.5 million.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.17</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
October 31, 2003, relating to an agreement to sell the Company's 50% interest in
the Tres Cruces gold project in Peru to New Oroperu Resources Inc.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.18</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
November 12, 2003, relating to financial and operation results for the third
quarter of 2003.<sup> (9)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.19</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Audited Consolidated Financial Statements of the
Registrant and the notes thereon as at and for the years ended December 31, 2001
and 2002,</font></p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify">&nbsp;</p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">&nbsp;together with the auditors' report
thereon, including a reconciliation to United States generally accepted
accounting principles in accordance with Item 18 of Form 20-F. <sup>(10)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">4.20</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Material Change Report of the Registrant, dated
January&nbsp;8, 2004 relating to filing of the preliminary short form base shelf
prospectus of the Registrant dated January 7, 2004. <sup>(11)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">5.1</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Consent of Deloitte &amp; Touche LLP</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">5.2</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Consent of PricewaterhouseCoopers LLP</font></p>
<p
style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:72pt; text-indent:-58.5pt; font-family:CG Times"
align="justify"><font size="2">6.1</font></p>
<p
style="margin:0pt; padding-left:72pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">Powers of Attorney <sup>(12)</sup></font></p>
<p
style="margin-top:0pt; margin-bottom:2.5pt; padding-right:72pt; font-family:CG Times"
align="justify"><font size="2">_______________</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(1)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Annual Report on Form
40-F, filed with the Commission on May 20, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(2)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on May 23, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(3)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Registration Statement
on Form F-10 (File No. 333-106858), filed with the Commission on July 7, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(4)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on February 27, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(5)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on March 3, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(6)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on May 22, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(7)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on July 18, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(8)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on July 22, 2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(9)</font></sup></p>
<p
style="margin:0pt; padding-left:13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K,
furnished to the Commission on December 29, 2003.</font></p>
<p
style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><font
size="2"><sup>(10)&nbsp;&nbsp;&nbsp;&nbsp; </sup>Incorporated by reference to
the Registrant's Report on Form 6-K, furnished to the Commission on July 3,
2003.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(11)</font></sup></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin: 0pt; padding-left: 13.5pt"><font
size="2">Incorporated by reference to the Registrant's Report on Form 6-K
furnished to the Commission on January 9, 2004.</font></p>
<p
style="margin-top:0pt; margin-bottom:-11pt; padding-left:13.5pt; text-indent:-13.5pt; line-height:11pt; font-family:CG Times; font-size:9pt"><sup><font
size="2">(12)</font></sup></p>
<p
style="text-indent: 0pt; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin: 0pt; padding-left: 13.5pt"><font
size="2">Previously filed.</font></p>
<p
style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times; font-size:9pt"><font
size="2"><br>
</font></p>
<font size="2"><br>
</font>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
<big><small><big><small><big><small><small><big><small><big><small><big><small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></big></small></big></small></small></big></small></big></small></big>
<p style="margin:0pt; font-family:CG Times" align="right"><b><font size="2">Exhibit
5.1</font></b></p>
<p style="margin:0pt; font-family:CG Times"><font size="2"><br>
</font></p>
<table cellspacing="0" width="963">
  <tr>
    <td valign="bottom" width="323">
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Deloitte &amp; Touche LLP</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">P.O. Box 49279</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Four Bentall Centre</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">2800 - 1055 Dunsmuir Street</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Vancouver, British Columbia</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">V7X 1P4</font></p>
      <p style="margin:0pt; font-family:Arial; font-size:7.5pt"><font size="2"><br>
      </font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Tel: (604) 669 4466</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">Fax: (604) 685 0395</font></p>
      <p
      style="margin:0pt; line-height:9.5pt; font-family:Arial; font-size:7.5pt"><font
      size="2">www.deloitte.ca</font></p>
    </td>
    <td valign="bottom" width="632">
      <p style="margin:0pt; font-family:Arial Narrow" align="right"><font
      size="2"><img src="amendmenttoformf10004.jpg"
      alt="[amendmenttoformf10004.jpg]" align="middle" width="119" height="47"></font></p>
    </td>
  </tr>
</table>
<p
style="margin-top:3pt; margin-bottom:3pt; font-family:Times New Roman; font-size:12pt"><font
size="2"><br>
</font></p>
<p
style="margin-top:3pt; margin-bottom:3pt; font-family:Times New Roman; font-size:12pt"><font
size="2"><br>
</font></p>
<p
style="margin-top:3pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b><font
size="2">INDEPENDENT AUDITORS' CONSENT</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"
align="justify"><font size="2">We consent to the incorporation by reference in
this Amendment No. 1 to the Registration Statement of Pan American Silver Corp.
filed on Form F-10 of our report addressed to the Shareholders of the Company
dated February 20, 2003, except for Note 9, which is at March 7, 2003 for the
year ended December 31, 2002 and to the reference to us under the heading "Auditors,
Transfer Agent and Registrar" and "Experts" in the Prospectus, which is
part of this Registration Statement.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><img
src="amendmenttoformf10008.jpg" alt="[amendmenttoformf10008.jpg]" align="middle"
height="46.533" width="282.867"></font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p
style="margin-top:3pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b><font
size="2">CHARTERED ACCOUNTANTS</font></b></p>
<p
style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><font
size="2">Vancouver, British Columbia, Canada</font></p>
<p
style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><font
size="2">January 26, 2004</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:CG Times"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<big><small><big><small><big><small><big><small><big><small><small><big><small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman">&nbsp;</p>
</big></small></big></small></big></small></small></big></small></big></small></big></small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<small><big><small><big><small><big><small><big><big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big></big></small></big></small>
<p style="margin:0pt; font-family:CG Times" align="right"><b><a name="ex5.2">Exhibit
5.2</a></b></p>
<p style="margin:0pt; font-family:CG Times"><br>
</p>
</big></small></big></small>
<p>&nbsp;</p>
<table border="0" width="100%">
  <tr>
    <td width="100%" valign="top" style="border-bottom: 1 solid #000000"
    colspan="2"><img src="pwcx1x1.jpg" border="none" width="341"
      height="42"></td>
  </tr>
  <tr>
    <td width="67%" valign="top"></td>
    <td width="33%" valign="top" style="border-left: 1 solid #000000">
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><b><font
      size="1" face="TimesNewRoman,Bold,Times New Roman,Times,serif">PricewaterhouseCoopers
      LLP&nbsp;</font></b></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><b><font
      size="1" face="TimesNewRoman,Bold,Times New Roman,Times,serif">Chartered
      Accountants</font></b></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">PO Box 82</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Royal Trust
      Tower, Suite 3000</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Toronto Dominion
      Centre</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Toronto,
      Ontario&nbsp;</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Canada M5K 1G8</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Telephone +1 416
      863 1133</font></p>
      <p style="margin-left: 10pt; margin-top: 0; margin-bottom: 0"><font
      size="1" face="TimesNewRoman,Times New Roman,Times,serif">Facsimile +1 416
      365 8215</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">January 26, 2004</font></p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">Securities and
Exchange Commission</font></p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">We refer to the Final
Short Form Base Shelf Prospectus (the "Prospectus") and the Amendment No.1
to Form F-10 registration statement under the Securities Act of 1933 (the "Form
F-10A") filing of Pan American Silver Corp. (the "Company") dated </font><font
face="TimesNewRoman,Bold,Times New Roman,Times,serif">January 26, 2004</font><font
face="TimesNewRoman,Times New Roman,Times,serif"> relating to the offer and sale
of common shares of the Company up to an aggregate initial offering price of Cdn.$45,819,960,
during the 25 month period that the Prospectus remains valid.</font></p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">We consent to the use
in the above-mentioned Prospectus and Form F-10A of our report dated September
6, 2002 relating to the following consolidated financial statements of Corner
Bay Silver Inc.:</font></p>
<p
style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"
align="justify">&nbsp;</p>
<ul>
  <li>
    <p
    style="line-height: 13pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 5pt; padding-left: 54pt"
    align="justify"><font face="Times New Roman">Balance sheets as at June 30,
    2002 amd 2001; and</font></li>
  <li>
    <p
    style="line-height: 13pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 5pt; padding-left: 54pt"
    align="justify"><font face="Times New Roman">Statements of operations and
    deficit and cash flows for each of the years in the three-year period ended
    June 30, 2002.</font></li>
</ul>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">We also consent to the
reference to our Firm under the heading "Experts" in the Prospectus and Form
F-10A</font></p>
<p>&nbsp;</p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">Yours very truly,</font></p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif"><b>(signed)
PricewaterhouseCoopers LLP</b></font></p>
<p><font face="TimesNewRoman,Times New Roman,Times,serif">Chartered Accountants</font></p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font size="1" face="TimesNewRoman,Times New Roman,Times,serif">PricewaterhouseCoopers
refers to the Canadian firm of PricewaterhouseCoopers LLP and the other member
firms of PricewaterhouseCoopers International Limited, each of which is a
separate and independent legal entity.</font></p>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>amendmenttoformf10008.jpg
<TEXT>
begin 644 amendmenttoformf10008.jpg
M_]C_X``02D9)1@`!`0(!.@$Z``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`'@"XX#`2(``A$!`Q$!_\0`
M&@`!``,!`0$```````````````8'"`4$`__$`$P0``(!`P0"`0($`@4'"`H!
M!0`!`@,$$04&$B$',1,B00@4,E$5@18C0F&Q%Q@D55:1TS-2<7*3E:32)3=#
M8F9UA*6SXS1&PS53DO_$`!0!`0````````````````````#_Q``4$0$`````
M````````````````_]H`#`,!``(1`Q$`/P"_P```````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```````````````````````````````````````Y^IZ[H^B?%_%M5L;#YL_'
M^:N(4N>,9QR:SC*_WH#H`C_].]G_`.U>A_\`>-'_`,QPZ_F;Q];7%6A/<5-S
MIS<).G;5IQ;3QU*,&I+^]-I_8">`K_\`RV>//]H?_!7'_#./>_B%V5:7E2A1
MI:K>TXXQ7H6\5">4GTISC+KUVEZ_;L"V`4__`)QNS_\`5NN?]A1_XH_SC=G_
M`.K=<_["C_Q0+@!5>F_B!V1?7$J5P]2TZ"@Y*K=6RE%O*^E?'*;SWGUCI]^L
M^>O^(G9M&XJTH6FLUX0FXQJT[>FHS2?ZERJ)X?OM)_ND!;@*WL?.FP+NSIUZ
MVJ5[*I+.:%>TJ.<,-KMP4H]^^F_?[]$@L?(^RM0LZ=U1W1I4*<\X5>YC1FL-
MKN$VI+U]UW[]`2@`````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``#GZSKFE[>TZ=_J]_0LK6.5SK3QR:3?&*]REA/$5EO'2`Z`*;U7\1FV;6%Q
M'3-,U*^KTY\:3FHT:55<L<N67)+&6LPSZ32^T4U/RQO'R9\6WMFZ/7TVZEFK
M7J6UYFHX1PU_6-05..?;SVW&.>VI!H>]O[/3+.I>7]W0M+6GCG6KU%3A'+26
M9-X66TOYE?WOG38%I9U*]'5*][4CC%"A:5%.>6ETYJ,>O?;7K]^BL-L?AWUV
M^JT:^X[RAIMJ^ZE"C)5:_4L<<KZ(YCEJ2<L=9B^TI_8_AZV5:7E.O6JZK>TX
MYS0KW$5">4UVX0C+KWTUZ_;H"+[C_$A_R<-KZ-^SG6U-?].8JG3E_P!5\N7[
MKC]R(4?)OE;=%6YEI-:^KTZ=6-65+3=.C-4?JY0CF,'+C].,2;Y)-/*SG1=#
MQ]LVVMZ5"&UM&<*<%"+J65.<FDL=RDFY/^]MM_<D%"A1M;>E;V]*G1H4H*%.
MG3BHQA%+"22Z22ZP!EC<NT/,.XK^A;Z[::E>NYFYTZ:N:;MX2A#&6H2^*D\-
MI-\>3;QEMGSTSP%OJ_\`E_,T+'3>&./YNZ4ODSG./B4_6/OCVL9[QJ\`9PUG
M\-^J6FG3K:1KM#4+J&7^7K6_Y?FDF\1ERDN3>$D\+OMK!R]M?A^W1JEQ7CKL
MZ>B4*<$Z<WPN959-^E&$\))9RVU[6$^\:C`%%T_PU::M+K4ZNY+N6H.>:5>-
MM&-*,>NI4\MR?ZNU->UUUW[+'\-^VZ=G3C?ZSJM>Z6>=2@Z=*$NWC$7&376/
M[3_?KT70`*?_`,W+9_\`K+7/^WH_\(JS>7A+<VUYPJZ?3J:Y9U)\(SLK>3JP
M?%/ZZ2RTL\DFG)==X;2-9@#"&IZ%K&B?%_%M*OK#YL_'^:MYTN>,9QR2SC*_
MWH^E;;6O6VEK5*^B:E2T]PC-7<[6<:3C+'%\VL8>5AY[RC=8`P9J6DZEHUQ&
MWU33[NQKR@IQIW5&5*3CEK*4DGC*:S_<SQF][VPL]3LZEG?VE"[M:F.=&O35
M2$L--9B\IX:3_D1/4O$NP]5N(U[C;=I"<8*"5K*=O'&6^XTW%-]^\9]?L@,<
M4*]:UN*5Q;U:E&O2FITZE.3C*$D\IIKM-/O)/-$\T;ZT3X(?Q?\`/V]'E_4W
M]-5>><_JJ=5'AO*^K[)>NB<;A_#?>1O%+;6LT)VLO=/4FXSI]+^U"+4\OE_9
MCCI=^R%[H\+;OVMI<]2K4K2_M*4)3KSL:LINC%8[E&48MKMO,4\*+;P@+[V;
MY@VMN_XK;\S_``W4YXC^3NY*/.3XK%.?Z9YE+"74GAOBBP#`!8'CCRGJFQM1
MI4;BK7O="E]%6R<\_$FV^=)-XC++;:Z4LO/>)(-?@Y>@;BTC=.EQU+1;ZG=V
MCFX<XIQ<9+VI1DDXOT\-+II^FCJ`````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````>>]O[/3+.I>7]W0M+6GCG6KU%3A'+269-X66TOYD+H>9O'U
MS<4J$-Q4U.I-0BZEM6A%-O'<I02BO[VTE]P)X#YT*]&ZMZ5Q;U:=:A5@ITZE
M.2E&<6LIIKIIKO)]````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``!6>]?-FW-I7%?3[6-35M4HS<*E"C+A3I2365.HTUG#?45+#BT^(%F$+WKY
M.VYLFWKPNKNG<ZI"#=/3J,LU)2PFE-K*IIJ2>9>UEI2Q@H"CO#R1Y4U1[=M=
M2J?%=3E.I1MX*A2I4GE2YSBN3I)2QB3EGI?5+&;+VQ^'?0K&E1K[CO*^I72[
MJ4*,G2H=QQQROKEB66I)QSUF*[3"(;A\^[@W'9K2=O:/_#;B[_J74I5I5Z\G
M)I15+$8\9/M>F_J6,-9._L7\/MO2I*]WG+YZSPX:?;5FH13CVJDUAN2;]0>%
MQ]R3PKHT;0]+V]IT+#2+"A96L</A1ACDTDN4G[E+"69/+>.V=`"+V/CC96GV
M=.UH[7TJ=.&<.O;1K3>6WW.:<G[^[Z]>B24*%&UMZ5O;TJ=&A2@H4Z=.*C&$
M4L))+I)+K!]```````````````````````#YUZ%&ZMZMO<4J=:A5@X5*=2*E
M&<6L--/IIKK!]`!1>]?P]V-:WKWVT*U2VN(0<HZ=6GSIU&DOIA.3S!O$G]3D
MFVEF*[,\5Z%:UN*MO<4JE&O2FX5*=2+C*$D\--/M-/K!OLA^]/&^W]ZZ==4[
MFSH6VI5<2AJ5&C%5HSBL1<GTYQQTXM^O6&DT&5-F;UU?8^LQO=-N*BH5)P_-
MVR:XW%.,DW%Y32>,I22RN3Q[>=GZ5JMCKFEV^IZ9<T[FSN(<Z56'J2_Q33RF
MGVFFGVC!AI_\.^M_GMC7>DU+CG6TV[?"EPQ\=&HN4>\=YFJK]MK_`*,`7```
M````````````````````````````````````````````````````````````
M`````.?:Z[H]]J-?3K/5;&XOJ'+YK:C<0G4I\7QERBGE8;2>?3.@````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```````````````````````````&3/,^^+[<N\;S1XU:E/2=*N)4*5OCCRJP
MS&=26&^3Y<E%_:/V3<LUF>S5M-K:-K-]I=Q*G*O97%2WJ2IMN+E"3BVLI/&5
M^R/IH6F?QO<.F:3\WP_GKNE;?+QY<.<U'EC*SC.<90$L\9:ENNYUNGM+;VOU
M-+H:M.7S2XJ2@HPDY3AUF,^,7AQ<6VHY:PFM![/T+R#H^TM7TS6=<L;R_=*?
M\*O/DJ59TZDHR_Y64X?5%2XM94G^I=I)+GP\"[.H6=K"UJ:K:WUM556.HT;O
MC7;3;7VX+#:PXQ3^E=^\S#;.UOZ,_FO_`$]KFJ_F.'_^5O/G^+CG]'2QGEW^
M^%^P$?V+J?DJO>*SWCM^QH6L:2_T^G<P4W)+#S"$IJ4I/#ZX16)?W(L`^=!5
MHV]*-Q4IU*Z@E4G3@X1E+';46VTL_;+Q^[/H````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``````````````//?WMOIFG7-_>5/CM;6E*M6GQ;XPBFY/"[>$GZ`]!#]W>3
M=K;+Y4M2OOEOHX_T&U2J5O[/M92AU)2^IQRLXR5_O3\06ET=.NK/:4:]Q?RQ
M"G?5J/&C!-9<XQE]4I+TE**6>^TL2IC9.A?TZ\@6.E:C>UX_GZM2I<7&>=26
M(RJ2[E_:EQ:Y/.&\X?IA9C\B;W\NZS#0=I?'M^E&WE6N9JZ?+$9+ZG545.*S
MPBE!9^IY;7IH'X<-2>J1>X]5M(Z>H-M:=4E*K*7V69TTHK[M]^L8[RK3\=^-
M;/QW_%ORNH5[S\_5BU\L%'XZ<.7"/7ZI?7+,ND^L17WG`'#VUL_0-GV]>AH.
MFT[.%Q-3JM3E.4VEA9E)MX7>%G"R_P!WGN``````````````````````````
M``````^=>G*M;U:4*U2A.<'&-6FHN4&U^I<DUE>^TU^Z9]`!@2O1E;7%6A-T
MW.G-PDZ=2,XMIXZE%M27]Z;3^Q??X9O_`.J?_I/_`.\4YO.A1M=][AM[>E3H
MT*6IW,*=.G%1C"*JR222Z22ZP7'^&;_^J?\`Z3_^\!H`````````````````
M``````````````````````````````````````````````.7N+7[':VW[S6M
M2E45I:P4I_''E*3;48Q2_=R:7>%WVTNP&O[BTC:VERU+6KZG:6BFH<Y)R<I/
MTHQBFY/V\)/I-^DS,'D'S)K6\)UK#3Y5-,T7G)1I4I.-6O!QXXK23PTUR^A=
M?5A\L)D;WEOW7=ZZC6JZC>U_R/RN=O8\U\=&.9.*PDE*24G'FUR:(N![-*U6
M^T/5+?4],N:EM>6\^=*K#W%_X--933Z:;3RF;CT/6;/<.A66KV$^=K=THU89
M:;CGW&6&TI)Y36>FFC"!H_\`#=K-Y=Z%K6D5I\[6PJTJMOEMN'R\^45EX4<P
MRDDNY2?>0+P`````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````&7/.^QX[>W+#7K"
ME45AJTYSK9<I*G<Y<I=XPE)/DEEO*GC"2149M_>FT[/>NU[K1+R?Q?+B=&NJ
M:G*C4B\QDD_YIXPW%R65G)F3='A;=^UM+GJ5:E:7]I2A*=>=C5E-T8K'<HRC
M%M=MYBGA1;>$!/\`QIYTM*6EO2]ZWE2%6V@O@U%TYU'6CZXU%%-\U_SL?4O?
M:S*\-*U6QUS2[?4],N:=S9W$.=*K#U)?XIIY33[333[1@PFFR?)VX]DW%"%K
M=U+G2XS3J:=6EFG*.6VH-Y=-MR;S'V\-J6,`;+!5>S?.NW-R3G;ZNJ>@W?/%
M*-Q7Y4JD>+>?EXQ46L-8ECW'#;>%:@``````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````(WOC>5CL7;536+ZG4K-S5&WH0Z=:JTVHY]16(MMOTD\)O"82"O7HVMO
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MA))=))=8/H````````````````````````````````````X^ZMPV^U-KZCKE
MU'G3M*3FH9:^2;>(0RD\<I.*SCK.7TCL%)^?M\6-MM^IM"UJTZVH7<Z<[N"6
M?@I1:G'+SU.4E!I8?TY;QF+89TO[VXU/4;F_O*GR75U5E6K3XI<IR;<GA=++
M;]&B_P`-NFT:6U=9U2,JGSW%[&WG%M<5&G!2BUUG.:LL]_9?SS8;3\::58Z3
MXXT&%A;4Z"N+*C=5N/NI5G3C*4Y/VVW_`+DDETD@)8``````````````````
M```````````````````````````````````````````&6/-7D?\`I7K#T'3*
MU"KHEA54XUJ7U?F:RBTY<FOTQY2BL=/N66G'$O\`,'F"S6G7&V=LW-"\E=4G
M3O;ZG)5*<*<EW3IOM2DT^Y>HIX7U?HSP`+D\.>)K3=EO4W!N&%2>EQG*C;VJ
M<Z?YB27<W)8?!-X7%]R3RUQ:D\3>'*.[+"&X=P5*D=+E/%K;4:B4KCC/$G-^
MXPS&4<+$GV\QPG+2]"A1M;>E;V]*G1H4H*%.G3BHQA%+"22Z22ZP!ESS/XSM
M]FWEMJVB6_Q:)<\:,J;KN;I5\2>%R^KC*,<KN7:EZ7%'L_#A0K2WWJ=Q&E4=
M"&F2A.HHOC&4JM-Q3?I-J,FE]^+_`&)W^(W_`-7EA_\`-:?_`.*L13\-6I4:
M6LZ_I<HU/GN+>E<0DDN*C3E*,D^\YS5CCK[/^8:+````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````4WOOP11W1N"_P!<TO5J=A7N8<Y6L[5.G.MCWRBTXJ32
M;?&3RY/O.#-%>A6M;BK;W%*I1KTIN%2G4BXRA)/#33[33ZP;[/G7H4;JWJV]
MQ2IUJ%6#A4IU(J49Q:PTT^FFNL`8$)ILWRCN;8\)T-/N*=S9RAQC9WO*I2IO
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MA-W)8W]GJ=G3O+"[H7=K4SPK4*BJ0EAM/$DVGAIK^0'H````````````````
M````````````````````````````````````````````````````````````
M```````'SKUZ-K;U;BXJTZ-"E!SJ5*DE&,(I9;;?227>3.GD7SQ<:C_Z-V;5
MKV=K]<:]_*"C4K+N*5-/+A''U<NIY:_3AY#1X,D;*\M;QTK7=/MJVIWVK6-6
M[BJUI5C^9K55+$7&FY?7RQ^F*DERQUV\ZW``````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````!P]V[KTW9FWZNLZHZCH4YQA&G2X
M_)4E)XQ!2:3>,R:SZBW]@.7Y'WU;[#VO5OLT*FI5?ZNQM:LFOEGE9>%WQBGR
M?K[+*<D9,W1N[6MXZI._UF]J5FYRE2H*35*@GA<:<,XBL1C_`'O&6V^ST;XW
ME?;ZW+4UB^ITZ*4%1MZ$.U1I)MJ.?<GF3;;]MO"2PEV/%FQ*V\]V6:O-.NZN
M@TIS=Y<0S"'TQRH<_P!W)P347RQ)M8]H.QX^\)ZONRG1U+5YU-+T>I"-6E/B
MI5;F+E_8CGZ$XIM2DOO%I23ZT_I6E6.AZ7;Z9IEM3MK.WAPI4H>HK_%MO+;?
M;;;>6SV```````````````````````````````````````^=>O1M;>K<7%6G
M1H4H.=2I4DHQA%++;;Z22[R88W'K5;<>Y=2UFO\`(IWEQ.JH3J.HZ<6_IAR?
MM1CB*Z7272+S\^[_`+BQ^/:.DW7QRK4N>I2IM<N$OTTLIYCE9<DTLQ<.\2:>
M>`)9XVVO'=^_=-TJO3J2L^;K7?&$FOB@N34FFG%2:4.65AS7WPGM,IOP/X_K
M;?TN>Y]1^/\`-ZI;P5K3C)MTK=XEF33PW/$'C&8J*[RVE<@`````````````
M``````````````````````````````````````````````"N_,.^([.V=5H6
M]6I#5M3A.A9N"DN"Z52IR37%QC+IYSR<>FD\23>F[+/96U[K6[R'R_%B%&@J
MBA*M4D\1BF_YMXRU%2>'C!D#>.\=4WQKO\6U;X(UHTHT:=.A#C"G!9>%EMON
M4GVW[_;"01\DFQ-J5MZ;QL-&@JBH3GSNJD,_U=&/<WG#2>/I3:QRE%/V1LU7
MX2V#1VQMJGKM>K3KZAK%O2JIQ@L4*+7*,$VLY>4Y?;*BL?3EA:%"A1M;>E;V
M]*G1H4H*%.G3BHQA%+"22Z22ZP?0`"J_Q`U+&'C)QNZ-2I7G>THV<HOJG5^I
MN4NUU\:J+[]R77W43_#CMBXI5=4W/<T*]*C4I*TM)O"A63EFHTO;PX02?KN2
M[:>.9^)+4JU7=6C:7*-/X+>R=Q"23Y.52;C)/O&,4HXZ^[]_:]]FZ5+0]DZ)
MIE6VIVU>WLJ4*]*''$:O%?)^GIMRY-M>VV^\@=P`````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```````````````````^=>A1NK>K;W%*G6H58.%2G4BI1G%K#33Z::ZP?0`5
M'NCP#M?4=+FMO4ZFE:A"$G2;KSJ4JDNL*HIN32Z:S%K'++4L)%&;V\:[@V%^
M6J:K"A6M;CJ%U:RE.FI]_0VXIJ6%GM=K.&\/&SP!@`[FU]W:UL[5(7^C7M2B
MU.,JM!R;I5TLKC4AG$EB4O[UG*:?9J_>7B[;.^)PKZA;U+:\C/E*\LN-.K47
M%1XS;BU)84<965CII-ITIK?X=]TV/SU-)O+'5*,./QPY.A6J9QGZ9?0L-OW/
MM+]^@.AHWXD-8AJ,/XYHUC5L7A2_(J=.I#M9DN<I*6%GZ?IR\?4BW]N^4-G;
MG^.G8ZU0I74_C2M;M_#4YS]02EA3EGKZ'+O'?:SCS4M)U+1KB-OJFGW=C7E!
M3C3NJ,J4G'+64I)/&4UG^YGC`W^#)FP?,^M;,MZEC>4JFLZ?PBJ%&M<N,K=I
M))0FU+$.*QPQA836.\WOM'RYM3=E.TH1OZ=CJE>"Y6-RW%J;DH\(S:49MMK"
M3RT_2[2">```````````````````````````````````````````````````
M````````````````````````?.O7HVMO5N+BK3HT*4'.I4J248PBEEMM]))=
MY%>O1M;>K<7%6G1H4H.=2I4DHQA%++;;Z22[R98\O^3KO=.LW>BZ7=U(;?MY
MJE*$)0<;JI"4OZSE'MP;QA<FGQC+"?H))YF\M6^I6:VYM74_EMZG..HW-&+2
MFD\*G"?WB\2<FEB2<4I-.2*'!]*%"M=7%*WMZ52M7JS4*=.G%RE.3>$DEVVW
MU@"0>/J%:Y\C;;A0I5*LUJ=O-QA%R:C&HI2?7V44VW]DFS;95?B;Q-1V;;PU
MC6(4ZVX*L.EE2C9Q:[C%^G-KJ4E_U5UERM0`````````````````````````
M``````````!R]Q:_8[6V_>:UJ4JBM+6"E/XX\I2;:C&*7[N32[PN^VEV=0RQ
MYPW_`&^Z]=M])TBZ^?2=.RY5(-\*]=].2[Q*,4DHRPO<\-IIL-#[.WCI>^-"
M_BVD_/&C&K*C4IUX<9TYK#P\-I].+Z;]_OE*0&"*-_>6]G<V=&[KT[6ZX_F*
M,*C4*O%YCRBGB6'VL^C9?C/6JVX?&VAZC<?)\\K?X:DJE1U)5)4Y.FYN3[;D
MX<OY^W[`E@```````````%;[T\T;:VG^:M+:I_%-7MZJI3LZ+E",7_:Y5>+B
ML>FEE\NFEVT%D`PIN+7[[=.X+S6M2E3=W=34I_''C&*248Q2_9127>7UVV^R
MU/`N^M4M-QVVSZK_`#&F7GR2HJ<N[6<82J-Q_P#=EQ>8_N\K'U<@TN``````
M```````````````````````````````````````````````````````\]_>V
M^F:=<W]Y4^.UM:4JU:?%OC"*;D\+MX2?HQQY'WU<;\W15OLUZ>FTOZNQM:LD
M_BAA9>%URDUR?O[++446W^(3>M&AI=+:%C<4YW%Q.-74(Q:;ITXXE"$NNG*6
M)=--*"RL3,Z`2#9>T[S>VZ+71;.?Q?)F=:NZ;G&C3BLRDTOY)9PG)Q65G)L_
M0]&L]O:%9:180XVMI2C2AE).6/<I823DWEMX[;;(WXPV51V3LZVM9V].&J7$
M%5OZB2Y2J/+4&TVFH)\5AX>&TOJ9-```````````````````````````````
M````````<O<>M4=N;:U+6:_QN%G;SJJ$ZBIJI)+Z8<GZ<I8BNGVUTSJ&4/-6
M_?Z5[H>FZ;>_-HFGXC3^*>:=>MA\JGI9QG@GEK";B\3>0K>_O;C4]1N;^\J?
M)=7565:M/BERG)MR>%TLMOT=S8^S;[?>Y:>CV-2G12@ZUQ7GVJ-)-)RQ[D\R
M227MM9:66HV:[\.['CL[9U.O<4JD-6U.$*]XIN2X+MTZ?%I<7&,NUC/)R[:2
MP%@4*%&UMZ5O;TJ=&A2@H4Z=.*C&$4L))+I)+K!]````````````````````
M```````````````````````````````````````!2_FKRG<;<SMC0JOQZE6I
M*=U>0FN5M"6<0CAYC4:[R\<8M-=R3B$`\U>1_P"E>L/0=,K4*NB6%53C6I?5
M^9K*+3ER:_3'E**QT^Y9:<<5."V/`.V(:UOFIJES0^2UTBDJL6^+BJ\GBGF+
MRWA*<DUZE"+SZR%I^,/%6BZ3LZVKZ]HMI>:M>P5>NKV@JOPIY<::C./T-1:Y
M+&>6>VDL6A0H4;6WI6]O2IT:%*"A3ITXJ,812PDDNDDNL'T````>.\TG3=0N
M+6XO=/M+FO:3YVU2M1C.5&64\P;68O,4\K]E^Q[`````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````4OY2\U?T<O*FA;8="OJ5
M/E"[NYKG"VEAKC%9Q*HGV\YC'&&F\J(701_6]\;6VY\\=6UZQMZU#C\EO\JG
M6CRQC^JCF;Z:?2]=^NS,'^6SR'_M#_X*W_X9`Z]>M=7%6XN*M2M7JS<ZE2I)
MRE.3>6VWVVWWD#7?^6SQY_M#_P""N/\`AG8V]Y%VCNJ\E9Z/K="O=+U1G&=*
M<^F_IC-)RPHMOCG'WP8\V[H%]NG<%GHNFQIN[NIN,/DEQC%).4I-_LHIOK+Z
MZ3?1U-^;)O-@[A6DWEU0NODI?F*-6BFLTW.48\DU],OH;:3:6?;`VN#$&B;X
MW3MSX(Z3KU];T:'+X[?Y7.C'EG/]5+,'VV^U[[]]FE_'_F#0MWV=M:W]S0T[
M798A.UJ2<859923I2?3Y.2Q#/+VNTN3"R```````````````````````````
M`````````````<?<.U="W79JUUS3*%[3C^AS34Z>6F^,UB4<\5G#6<8?13^L
M_ALLY\YZ'N"O2Q2?&C?454YU.\9J0X\8OI?IDUV^_1?``Q)NO8FX]F7#AK.G
M5*=!SXT[NG]="IW+&)KI-J+?%XECMI$;-]UZ%&ZMZMO<4J=:A5@X5*=2*E&<
M6L--/IIKK!6>L^!-E:OJ,[RE&^TWGERHV-6,:;DVVVHSC+C[QB.(I)82`SAM
MS>^Y=H_(M#U>O:4ZF7*CB-2FV\9EPFG'E]*7+&<+&<%SZ-^).SGPAKFWZ]+%
M)<JUC653G4ZSBG/CQB^W^J372[]D`\B>']4V'9TM1I77\4TQXC6N(4?C=";>
M$I1S+Z7UB6??3QF/*MP-WZ-KFE[ATZ%_I%_0O;66%SHSSQ;2?&2]QEAK,7AK
M/:.@8@VGO37=DZC*\T2[^+Y>*KT9Q4J=:,7E*47_`#65B23>&LLOO;OXAMN7
MEO9T=>MKO3[R4&KFM3I?);QDD^UB3GAX77%X;QEI<@+D!Y[&_L]3LZ=Y87="
M[M:F>%:A452$L-IXDFT\--?R/0``````````````````````````````````
M```````````````````````````````/'JNJV.AZ7<:GJ=S3MK.WASJU9^HK
M_%MO"27;;27;/890\K>4]4W5J-]H-M5H4="MKN<(?EI\OS:@\1G.><2CE<DD
MDNUGDTF!\_*WE:6_IT-/T^WJ6VBV\U6C&O&/RU:O%KE+#:BDI222?W;;[2C6
M8)9XYV;+?6\;?2)5*E*TC"5>[JT^/*%*.,XS]W)QCZ>.6<-)@1_2M*OM<U2W
MTS3+:I<WEQ/A2I0]R?\`@DEEMOI)-OI&H_%OB*WV/RU/59T+W79<HPJ4\NG;
M0?6*>4FY->Y-+I\5UERG&C;4V_M[@](T:QLJD:2H_-1H1524%CJ4\<I>DWEO
M+67V=@````````````````````````````````````!1?F?RS1M+>\VAH,Z=
M:YJPE0U&YPI1HQ::E2C]G-K*D_[/K]6>`>?S/Y9K6MQ>;0T&=I4IU+>5#4;G
M#G*$I-J5*/\`934<J3^K]>/IE%F?`=#1M#U3<.HPL-(L*][=2P^%&&>*;2Y2
M?J,<M9D\)9[8'HVIHW](=VZ3I#A7G3N[NG2J_`LSC3<ESDNGC$>3RUA8R^C;
M]A8V^F:=;6%G3^.UM:4*-&')OC"*2BLOMX27L@?B[Q=1\>V]S<7%W3O=4O(0
MC4J1I*,:,4LN$&_J:<NV^N7&/TK!8@`````````A^\?)FVMCU?RVK7%>5]*E
M&M3M*%"4IU(.3CE-X@NXR]R7K_HS']^^:M"VI^<TW37_`!+6Z7*G\<4_AH5%
MC_E)96<9?TQR\Q<6XOLRYJNJWVN:I<:GJ=S4N;RXGSJU9^Y/_!)+"2722272
M`GFN><-[:K>7KM-2_AMC<<HT[:A2IMTH-8PJCCSY8[Y)KOM<>DJW!U-`V[J^
MZ=4CINBV-2[NW!SX1:BHQ7MRE)I17I9;7;2]M`<LFGB?1:VN^3=#HTODC"VN
M(WE6I&FYJ$:3Y_5^RE)1AE^G)>_3M_:_X=M(L9PN-R:A4U.?"+=K03HTE+B^
M2<D^<TFTTUP]=IYPK<TS0M'T3Y?X3I5C8?-CY/REO"ESQG&>*6<9?O\`=@=`
M``````````````````````````````````````````````````````````#S
MW][;Z9IUS?WE3X[6UI2K5I\6^,(IN3PNWA)^CT%9^=-P4=&\;75DKBI2O-4G
M&WH1I349.*DI5&^T^'%.+QG]:3Z8&9-U;AN-U[HU'7+J/"I=U7-0RG\<$L0A
ME)9XQ45G'>,OMEH?A\VA;ZOKM[N&_MOEHZ;PA:*I2;@Z\N^:EG#E!)=8>/DC
M+II%1Z5I5]KFJ6^F:9;5+F\N)\*5*'N3_P`$DLMM]))M](V7X_V=;[&VE;:3
M2^JXEBM>5%-R52NXI3<<I8C]*2Z726>\MA*`````````````````````````
M``````````````Y>XM?L=K;?O-:U*516EK!2G\<>4I-M1C%+]W)I=X7?;2[`
MKOSQN^WT79=70J-SC4]4XP^.G5<9TZ"EF<WA?IEQX8;7+E+WQ:,L'8W5N&XW
M7NC4=<NH\*EW5<U#*?QP2Q"&4EGC%16<=XR^V-L;8U3=^NT=(TBA\MQ4[E*7
M4*4%[G-_:*RO]Z23;2861X!V;_&MT5-PWE'E8Z5CX><<QJ7#7TXS%I\%F733
MC)TV:?(_LO:=GLG:]KHEG/Y?CS.M7=-0E6J2>92:7\DLY:BHK+QDD```````
M````````````````````````````````````````````````````C^]-V6>R
MMKW6MWD/E^+$*-!5%"5:I)XC%-_S;QEJ*D\/&`.7Y&\@V.Q=OW%:->TJZQ*$
M?REC4J?5-R;2FXKO@L2>>D^/'*;1CBO7K75Q5N+BK4K5ZLW.I4J2<I3DWEMM
M]MM]Y/1JNJWVN:I<:GJ=S4N;RXGSJU9^Y/\`P22PDETDDETCZ:%IG\;W#IFD
M_-\/YZ[I6WR\>7#G-1Y8RLXSG&4!(/&NR?Z>[MCI52Z_+6M&D[FYG%9FZ<91
MBXPZQR;DEE]+M]XP]=Z!MW2-K:7'3=%L:=I:*;GPBW)RD_;E*3;D_2RV^DEZ
M2/1I6E6.AZ7;Z9IEM3MK.WAPI4H>HK_%MO+;?;;;>6SV````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````/G7KT;6WJW%Q
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M`.7K.W=(W!"C'5+&G7G0FIT*R;A5H24HRS3J1:G!YC'N+6<'+U;QWM77K.A;
M:MI?YWX.J=>O<59U\9D^+K.7R2CF<OI<FN_72)0`,L;Z\&:[MVJ[K0(5]:TU
MY;5.FOGH_5B,7!=U.FOJBOM)N,4EFIS?Y4?D[PS8[EM[K6-O4*=KKSFZU2FI
M<:=XVNTTWB$WC*DL)MOE[Y1",>*_-E&UM].VQN:-.C0I05O;ZFI*,8122IPJ
MQQA)+*YY_P";E?JD:#,"5Z%:UN*MO<4JE&O2FX5*=2+C*$D\--/M-/K!I/PI
MY3N-QXVQKM7Y-2HTG.UO)S7*YA'&82R\RJ)=Y6>44V^XMR"Z````````````
M``````````````````````````````!\Z]"C=6]6WN*5.M0JP<*E.I%2C.+6
M&FGTTUU@@^M>'=D:U8?E?X/3L)J<YPN+'%*I%RGRE]FI+[)2344\1XD\`&8-
MY>`==T7YKS;U7^+V,<R^'"C<TX_4\<?53"45F.)2;Z@4^;_(_KNR-M;GU&SO
M]9TBA>75IU2G-R76<\9)-*<<_P!F65V^NWD,<;>W5KNU+R5UH>IU[*I+]:@T
MX5,)I<H/,98Y/&4\9RNRZ]K_`(C+:GI<*&Z-,NZEY2A&/YJQ4)*N^\RE"3BH
M/''TVFV^HK"/IOK\/\]3UUW^TJ]C96]?,JUI<RE"%*?[T^,9?2^_IZXXZZ:4
M:`O[&XTS4;FPO*?QW5K5E1K0Y)\9Q;4EE=/#3]`;7VYO?;6[OD6AZO0NZE/+
ME2Q*G426,RX32EQ^I+EC&7C.20&!*%>M:W%*XMZM2C7I34Z=2G)QE"2>4TUV
MFGWDNC9/X@K[2K>AI^Z+2IJ-O2@H1O:,O](PD_UJ3Q4?Z5G,7A-ODV!I,'+T
M7<>B[CM_GT;5+2^@H0G-4:JE*FI+,><?<&\/J23Z?['4````````````````
M``````````````````````````````````````````^=>O1M;>K<7%6G1H4H
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M;;;>6SV`````````````````````````````````````*;\V>3JVV[>.W=!N
MZ<-4N(-W=:G)_):4VEQ2^RG)-]YS%+./JC)!P/,WEJ^H:I7VMMRZJ6JMII7E
M];U<3E-8?QPE%YBHOJ3Z;:<>DGRH,'<VCM>^WCN6TT:PIU&ZLTZU6,.2H4LK
ME4EVEA)^LK+PEVT!]-I[+UW>VHRL]$M/E^+BZ]:<E"G1C)X3E)_S>%F32>$\
M,UOL78NE["T)6%@OEN*F)7=W..)W$U]W^T5EXC]LOVVV^IMW0+':VW[/1=-C
M45I:P<8?)+E*3;<I2;_=R;?6%WTDNCJ````````B^^M]:7L/0G?W[^6XJ9C:
M6D)8G<37V7[165F7VRO;:3#N:KJMCH>EW&IZG<T[:SMX<ZM6?J*_Q;;PDEVV
MTEVS('D'R#?;SW96U*A7N[:PIPE0LK=U,.G2E'C//'K,UGE[Z?'+21R]S;UW
M!NZ\K5M7U*O5HU*ORQM(U)*A2:32X4\X6$VL^^WEMMMQ\`2#:>R]=WMJ,K/1
M+3Y?BXNO6G)0IT8R>$Y2?\WA9DTGA/#+`\5^'+/>VA5-;UF]OK:U=6=&A1H4
MU!U./'^L522:<<N<<*/N/OIHOO9NQ]%V)I<['1Z51NK/G6N:[4JM9]XY-)+"
M3PDDDNW[;;"+U/`VPYZI1NXV-W3H0AQE91NY_%4??U2;S//:]22^E=>\V)8V
M%GIEG3L["TH6EK3SPHT*:IPCEMO$5TLMM_S/0```````````````````````
M````````````````````````````````````````9<_$-JL;WR#;V%*YJ5(6
M%E"%2B^7&E5FY3>$^LN#I9:_9+[=:C,6>3=2K:KY-W%<5XTXSA>SMTH)I<:3
M^*+[;[XP3?\`?GUZ`[G@JQN+ORQIM:A3YT[2E7K5WR2X0=.5-/OW]4XKK]_V
MR:W,L?AZO;>T\E5:->IPJ7>GU:-!<6^<U*%1KKU],)/O]OWP:G``````````
M````````````````````````````/G7KT;6WJW%Q5IT:%*#G4J5)*,812RVV
M^DDN\F1/*OD*XWIN.YHVE_7J[>MZJ=E0G35-94%&4VEV\M2:Y=I2?4<M$D\Y
M>1JVLZS6VMI=S4CI=E/A>)0</GN(R>4WG+A%I86$G)-]XBU38'TH4*UU<4K>
MWI5*U>K-0ITZ<7*4Y-X227;;?6#7_BG8L=D[3I1NK6G1UJ[@I:A*%:4U)J4W
M"/OBG&,\/CTWGM^RI/`^P+C4M=I[LU&UQIEGR=FZB6*]==<E%IYC#M\NL34<
M-\98TN``````````````````````````````````````````````````````
M`````'CU75;'0]+N-3U.YIVUG;PYU:L_45_BVWA)+MMI+MF+-V;TUW>NHQO-
M:N_E^+DJ%&$5&G1C)Y:C%?R67F3266\(EGF;?=;=6[*^G66HT[C0;":5LJ&>
M%2IQ7.;?]MJ3E%/UA=?J;E68`UGXL\66.S]+L]3U.RIRW+*$W5JNI\BH*7]B
M']E-1PG)9>7-*3BR)^)/#-QIMYI^ZMQOXKBGFK;Z9.DFX-KZ)U&_4EER44LQ
M:BVTTXE\````````````````````````````````````````````````````
M``````````````#YUZ]&UMZMQ<5:=&A2@YU*E22C&$4LMMOI)+O('T!ES>?G
MG7];N)4-NRJ:-I_"=-M<95ZR;:4G+']6^.,*#RFW]3ZPV9YYU_1+B-#<4JFL
MZ?PA33?&->BDTG)2Q_6/CG*F\MI?4N\AJ,'GL+VWU/3K:_LZGR6MU2A6HSXM
M<H22<7A]K*:]GH```````````````````````(7Y1WE+8^R:^H4*=25Y<3_*
M6DH\<4ZLHR:G+.5B*BWC#RTEZ;:SIM[S'O'1-=E?W.J5]3MZU7Y+FTNIYA-=
MY4.OZK]3QPPNEE-+`&OP>>PO;?4].MK^SJ?):W5*%:C/BURA))Q>'VLIKV>@
M`````````````````````````4_Y?\L_T8I2T/;MYPU^-6'YB;M^2MZ?%3Z<
MEQ<I<HXZDL<LX>#L>5_)_P#D_L[6VL*%"ZU>[S.$*TLPHTTUF4XIJ3SVH^D\
M2>?IP\H7][<:GJ-S?WE3Y+JZJRK5I\4N4Y-N3PNEEM^@'^F:IJ/_`+>\OKJK
M_?4J5JDG_-RDV_\`I;9J_P`?^']"VA9VUU?VU#4==CB<[JI%RA2EE-*E%]+B
MXK$\<O;Z3XKA^#?'-'1M&H[IU2VIRU2]ASLVYJ?P6\HK#2QA3DF\O+:BTNLR
M3N0```````````,^?B)VC)7%CNJRLJCA*#M]0JTXQXQ::^*4L+.7F4>3ROI@
MNNLT?I6JWVAZI;ZGIES4MKRWGSI58>XO_!IK*:?33:>4S;^X],L=9VUJ6GZG
M3J5+.O;SC55*E\DTL9Y0CQDW--)QPF\I863"@&Y]J[AM]U[7T[7+6/"G=TE-
MPRW\<T\3AEI9XR4EG'>,KH[!3_X<O_5YJ'_S6I_^*B7`````````````````
M``````````````````````````````")[R\<[<WU"$M7MJD;NE#A2O+>?"K"
M/)/&<-27OJ2>.4L8;R2P`9XWU^'^&F:$[_:5>^O;BAF5:TN91G.K#]Z?&,?J
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M5JMCKFEV^IZ9<T[FSN(<Z56'J2_Q33RFGVFFGV@/8```````````````````
M```````````````````````````````!&]R[]VOM"XH6^NZM3M:]>#G3IJG.
MI+BGC+4(MI9RDWC.'CTSN7M_9Z99U+R_NZ%I:T\<ZU>HJ<(Y:2S)O"RVE_,R
M)Y;WE8[WWL[_`$RG45G;6\;2E5GTZRC*<N?'W%-S>$^\)-X;P@ZGEWRC_3B\
MAI6F1X:%:5?DISG#$[FHDX_(\]QCAM*/OMN7>%&KP33QQX\OO(&LSI49TZ6G
MV<Z4KZK*IQDH2E^F'3S-Q4VLK'T]M=9#J>./$6J;Y^+4KF?Y'0E5XSKO_E*Z
M6>2I+#3PUQ<GTFWCDXN)J?0]&L]O:%9:180XVMI2C2AE).6/<I823DWEMX[;
M;/90H4;6WI6]O2IT:%*"A3ITXJ,812PDDNDDNL'T``````````````````C>
MY=^[7VA<4+?7=6IVM>O!SITU3G4EQ3QEJ$6TLY2;QG#QZ9V-*U6QUS2[?4],
MN:=S9W$.=*K#U)?XIIY33[333[0'L`````````````````(GY&WE'8NSKC5X
MTZ=6[E.-"TI5.7&=66<9Q]E%2E[6>.,IM`1?S#Y)L=N[?O\`0]-U6I2W)6A3
MC"-LLRH0D\RE*7J#<$\8?)<HM)?J65#Z5Z]:ZN*MQ<5:E:O5FYU*E23E*<F\
MMMOMMOO)U-J[>N-U[HT[0[67"I=U5!SPG\<$LSGAM9XQ4GC/>,+L#QZ;I.I:
MS<2M]+T^[OJ\8.<J=K1E5DHY2RU%-XRTL_WHVWM31OZ/;2TG2'"A&I:6E.E5
M^!8A*HHKG)=+.9<GEK+SE]GCV;L?1=B:7.QT>E4;JSYUKFNU*K6?>.322PD\
M)))+M^VVY(```````"J_+/EFCLVWGH^CSIUMP58=O"E&SBUU*2].;7<8O_K/
MK"D'T\E>8[/8UY/2+*R_/ZO\2F^51*C0Y*7'GA\G)8B^&(YC)/DC+FJZK?:Y
MJEQJ>IW-2YO+B?.K5G[D_P#!)+"2722272/&>BQL+S4[RG9V%I7N[JIGA1H4
MW4G+";>(K+>$F_Y`?.A0K75Q2M[>E4K5ZLU"G3IQ<I3DWA))=MM]8-)^._"N
MG4MI5:6]M#H5-2K7;JQ2N)<Z5.,>,8N5.6%EN<FHMIYCGN*47BSPK_1R\IZ[
MN=4*^I4^,[2T@^<+:6$^4GC$JB?2QF,<93;PXW0!\Z%"C:V]*WMZ5.C0I04*
M=.G%1C"*6$DETDEU@^@`````````````````````````````````````````
M`````````````````````````QAY3A;T_*.X5:V=>TIN[;=.NFI.;2<YK+?T
MSDY3C_[LEA)=&SS*GG[1:VG>2*FHR^25#5+>G5A)TW&,90BJ<H*7J32A&3_;
MFNONP?A^TVC?>35<595%.PLJMQ246L.3<:6)=>N-23ZQVE_T/59BSQE<UK3R
M;MVI0NJ=K.5["FZDXN2<9OC*&$GW*,G%/'3DGE>UM,``````````````````
M<O7]Q:1M;2Y:EK5]3M+134.<DY.4GZ48Q3<G[>$GTF_28'4!']N;WVUN[Y%H
M>KT+NI3RY4L2IU$EC,N$TI<?J2Y8QEXSDD```````````````*'\Q>7=4T76
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M4L))+I)+K!]`````````````````````````````````````````````````
M`````````!4_F#RG;[5TZXT#2JOR:[=4G"<J<VOR4)+];:::J-/,4O74GUA2
M[GDOR78[`TM0@J=SK5Q!NUM&^DO7R5,=J":]>Y-87IN.1+^]N-3U&YO[RI\E
MU=595JT^*7*<FW)X72RV_0'G)YX>T72-?\D6%GK/QU*$85*M.VJ4W.-S4C'*
M@\=))9GWE/AQ:?(\_C[QSJ^^M4HRHVU2.CTKB,+V\YJ"A'W)0;3Y3X^DD\.4
M>6$\FN]&T/2]O:="PTBPH65K'#X488Y-)+E)^Y2PEF3RWCM@=```````````
M````````````````````````````````````````````````````````#.GF
M?RS6N[B\VAH,ZE&VI3E0U&YPXRK23:E2C]U!/*D_[7K].>>BR'ZSXMV3K^HS
MO]1T"A.ZGESG1J5*/-MMN4E3E%2DVWF3[?[@8P!?_F+QMLS:VQEJ6DVG\.OE
M=TZ=/^LK5OGRI9I_5)J/2<^37]C'W*``U?X%UFSU#QG;:=1G_I6FU:E*XIMK
M*YSE4C))//%J6$WC+C+]BT"B_P`-6FUJ6C:_JDI4_@N+BE;PBF^2E3C*4F^L
M8Q5CCO[/^=Z``````````````````````&6/Q!7]Y<>18V=:[H5+6UM*?Y>C
M1J-NERRY?)%O$:C??7N'QE3GLU75;[7-4N-3U.YJ7-Y<3YU:L_<G_@DEA)+I
M))+I#2=-K:SK-CI=O*G&O>W%.WIRJ-J*E.2BF\)O&7^S`VWM.C^7V;H=#\M7
MM?CT^WA\%P\U*6*<5QF\1^I>GTNUZ7H[``````````````````````"'^2M[
M?T"VE/5:=K^9NJM56UM"3Q!5)1E)2GWGBE%O"[?2ZSE!,"#^1/)NE^/K.DJM
M/\[J=?#HV,*G!N&<.<I8?&/32Z>7TEU)JC+/\0.][:XNJM9Z;=PK3Y4Z5:V:
MC067],.$HMKM+ZG)]+OWFO\`7]Q:ONG5):EK5]4N[MP4.<DHJ,5Z48Q245[>
M$EVV_;8#<6OWVZ=P7FM:E*F[NZFI3^./&,4DHQBE^RBDN\OKMM]EU^*?"MG=
M:=8[EW.OG^;A<6E@FG3E3:S&57I\LY4E%/&$N6<N*KCQ3M"XW=OFQA^6^33;
M*K"XOISI*=-0B\J$DVD^;CQQWTV\-19L<``````````````&2/.4-+I>4;VE
MIMG^6J1I4W>X6(U:\ES<TL_>,H9Z69*3QEY>MS,GXCZ%:.^],N)4JBH3TR,(
M5'%\92C5J.23]-I2BVOMR7[@?3\..K7%ONW5-)IVWR6]Y:*M5J+&:3I2Q%O,
ME]+^1IX3>7'TDV:7,D>"KVXM/+&FT:%3A3NZ5>C77%/G!4Y5$N_7U0B^OV_;
M)K<````````````````````````````````````````````!X]2U;3=&MXW&
MJ:A:6-"4U"-2ZK1I1<L-X3DTLX3>/[F![`>>QO[/4[.G>6%W0N[6IGA6H5%4
MA+#:>))M/#37\CT```!X]5TJQUS2[C3-3MJ=S9W$.%6E/U)?XIIX::[32:[1
MG3>/X?=9L+SY=IR_B=C+BE1KUH0KTWA\FV^,)1REVFG]6,=<GI<`8`.QM[=6
MN[4O)76AZG7LJDOUJ#3A4PFER@\QECD\93QG*[-%^2?"VF[BIZEKFATJE'7J
MD%.-O&K&%"O44LR<DX]3E'*SF*<L-^Y-YHU72K[0]4N-,U.VJ6UY;SX5:4_<
M7_@TUAIKIIIKI@:S\<>4]+WSIU*C<5:%EKL?HJV3GCY6DWSI)O,HX3;7;CAY
MZQ)V`8(L;^\TR\IWEA=U[2ZIYX5J%1TYQRFGB2>5E-K^9J?Q%Y1_IQ9STK4X
M\-=M*7R5)PAB%S334?D6.HRRTG'UVG'K*B%H````````````````````````
M`````````````````````!\Z]>C:V]6XN*M.C0I0<ZE2I)1C"*66VWTDEWD5
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M%=++;?\`,]``````````````````X^ZMPV^U-KZCKEU'G3M*3FH9:^2;>(0R
MD\<I.*SCK.7TCL%%_B4K7T=&T"A353^'SN*LZ[5/,?EC&*IYECI\95<+/??O
M'04)KFLWFX==O=7OY\[J[JRJSPVU'/J,<MM12PDL]))%F>`=T7VG;XAMY5*E
M33]3A4;HN>(TZL(.:J)8?;C!Q:6,Y3>>**C+0\!6MG<>4:-6YN/BK6UI6JVL
M.:C\M1I0<</]7T3G+"[^G/I,#5X``````````````?.O7HVMO5N+BK3HT*4'
M.I4J248PBEEMM]))=Y`C^]=YZ;L?;]?4KV=.I74&[:S^:,*EQ+*6(I]M)RBY
M-)X7>'Z>1-V;TUW>NHQO-:N_E^+DJ%&$5&G1C)Y:C%?R67F3266\([GEG?$=
M\;QG7LZM26DV</@LU)2CR7N53BV\.4OOA/C&&4FB!@2386VJ.[]\:9H5Q<5+
M>A<SFZE2FDY<80E-I9Z3:CC/>,YP\8>G]B>*=%V#JE_J%A<7=S7N(*C3E<26
M:5+Z7*/TI*3<HYSCTHI+IN4'\,^)M2T+5*.ZM?A3HU?R[_)V;<OEI2GE.51=
M*+X97%Y_7WQ<<%Z````````K/R]Y+EL72Z-CIBISUJ^A)TI2<6K:"Z^1Q]MM
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M7QIS2G+I]<4\OI9?1S_\MGCS_:'_`,%<?\,"P`5__EL\>?[0_P#@KC_ADHV]
MNK0MUV<KK0]3H7M./ZU!M3IY;2Y0>)1SQ>,I9QE=`=@`````````````````
M```````````````````````````````````````````````H_P#$AHUY=Z%H
MNKT8<[6PJU:5QA-N'R\.,GA84<PPVVNY17>2\#C[JV];[KVOJ.AW4N%.[I."
MGAOXYIYA/":SQDHO&>\8?3`PY0KUK6XI7%O5J4:]*:G3J4Y.,H23RFFNTT^\
MFM_$WD:COC;\+>]N:;W!:0_TNGP4/DCG$:L5G#36%+&,2^R3CG*FN:->;>UV
M]TB_AQNK2K*E/":4L>I1RDW%K#3QVFF?/2M5OM#U2WU/3+FI;7EO/G2JP]Q?
M^#364T^FFT\I@;S!7?C[RUHN\=+HPO[JTTW6E.-&I:5:J@JTY=1='D\R4G_9
M[:?3STY6(`````````````@>Z_+^T-I7#M+B\J7UY&?&I;6$8U94L.2?)MJ*
M:<<..>2RNL=@3BO7HVMO5N+BK3HT*4'.I4J248PBEEMM]))=Y,H>;-ZT=V[Q
MC:Z?<4Z^EZ7!T:%2FU*-6I+#J33PGC*C'VT^&4_J//Y`\O:UONW_`(>J%/3=
M)YJ;MJ4W*55I+'R3ZY)23:227:SEI-5V!T-#UF\V]KMEJ]A/C=6E6-6&6TI8
M]QEAIN+64UGM-HW>8T\7[*H[\WBM+NZ]2C9TK>=Q<2I34:CBL12AF,EGE..<
MKUG[X-E@```````````(7Y+W]1V!MI7D:5.XU"YFZ-G;SFDG+&7.2SEPCUG'
MW<5E<LKN;FW-I>T-"K:OJ]?XK>GU&,>YU9O.(07WD\/_`'-MI)M8PW-N;5-W
M:[6U?5Z_RW%3J,8]0I06<0@OM%9?^]MMMML/'JNJWVN:I<:GJ=S4N;RXGSJU
M9^Y/_!)+"2722272.YL78NJ;]UU6%@OBMZ>)7=W..86\']W^\GAXC]\/TDVN
M'I6E7VN:I;Z9IEM4N;RXGPI4H>Y/_!)++;?22;?2-?\`C38-'Q_MIV<JM.XU
M"YFJMY<0@DG+&%"+QEPCWC/W<GA<L(/9L'9=OL/:\-'H7'YFHZLZU>XX.'RS
MD\)\7*7'$5&/3_LY]MDH````````````````````````````````````````
M``````````````````''W-N;2]H:%6U?5Z_Q6]/J,8]SJS><0@OO)X?^YMM)
M-KJ5Z]&UMZMQ<5:=&A2@YU*E22C&$4LMMOI)+O)DSR[Y'_ISKL+;3:U=:%9]
M483^E5ZG>:SCC*RGA*66EE_2Y20$3W=NB^WCN6[UF_J5&ZLVJ-*4^2H4LOC3
MCTEA)^\++RWVV<_2M*OM<U2WTS3+:I<WEQ/A2I0]R?\`@DEEMOI)-OI'GH4*
MUU<4K>WI5*U>K-0ITZ<7*4Y-X227;;?6#6?B_P`46_C_`.:_N;S\[J]S25*<
MX)QIT8?2Y0BO[7U+]3QE)84>\A)-B;4H[+V=8:-!4W7A#G=5(8_K*TNYO.$V
ML_2FUGC&*?HD@```````````````````````````````````````````````
M```````````````````````!0?XDM?BK?1MN4Y4W.4W?5XN,N44DX4VGZP\U
M<KM_2O7WSX6!YL_];^N__3__`(*97X&E_P`-]C;T]FZM?QIXNJVH?#4GR?U0
MA3@XK'KIU)_[_P"Y%T%=^#Z%&CXDTB=*E3A.M.O.K*,4G.7S3CF7[OC&*R_L
MDOL6(````````````````````B_D;6?X!XZU[45.O3J1M)4J52@\3A4J?U<)
M)Y6,2E%Y7:QUV2@H?\16[/AL[+:5&%>-2OPOKBJJG&$J:<XQIM+]7U+D\]+A
M'V_09X)QX?MOS7EC0*?&A+%6=3%>E\D?HISETLK$NOIE_9EAX>,.#E^?ASVI
M1K3U#==PJ<YT9NRM8O#<)<5*I/M=/C*,4T_3FFNT!H,`````````````````
M````,^?B/W+6_,:9M6-O35!0CJ,Z[;<G+-2G&*7I)+DW[SE>L=Z#,L?B%O;>
M[\E4Z-"ISJ6FGTJ-=<6N$W*=1+OW],XOK]_WR!4YT-&T/5-PZC"PTBPKWMU+
M#X489XIM+E)^HQRUF3PEGMG/-)_A]V56TK2[K=&H6]2E<7\%1LXS3B_R_4G/
MWVIR4<92>()IM2`M#:.U['9VVK31K"G32I03K58PXNO5PN527;>6UZR\+"72
M1W````````````````47^)2G8O1M`JU*U1:A&XJQH4DOIE2<8_))]>U)4DNU
M^I]/[7H9P_$GJ?R[AT/2?AQ^6M)W/R\OU?+/CQQCK'PYSGOE]L=A`_$NI4=*
M\J;?N*\:DH3N';I02;Y582I1?;77*:;_`+L^_1LLPQM33+S6=VZ3IUA6KT+J
MO=TXPKT(N4Z'U)NHDFG]"3EG*QQSE>S<X```````````````````````````
M````````````````1O>N\]-V/M^OJ5[.G4KJ#=M9_-&%2XEE+$4^VDY1<FD\
M+O#]/(&Z-W:UO'5)W^LWM2LW.4J5!2:I4$\+C3AG$5B,?[WC+;?9;'XE-2HU
M=9T#2XQJ?/;V]6XG)I<7&I*,8I=YSFE+/7W7O[46!:'@?<7\%\BT[&K5XVNJ
MTI6TE.MP@JB^JG)KU*64X)>_ZQX_9ZO,0;$_]8>V?_FMK_\`EB;?``````!5
M_E'Q%;[XXZGI4Z%EKL>,9U*F53N8+K%3";4DO4DGTN+ZPXV@`,.;MVIJ6S-P
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MIYZDPG````````````````````````````````````````!\Z]>C:V]6XN*M
M.C0I0<ZE2I)1C"*66VWTDEWD^=_>V^F:=<W]Y4^.UM:4JU:?%OC"*;D\+MX2
M?HS!Y2\P7FZKRII6@7->TT*GRA*<).G.]RG%N7W5-IM*#]YS+O"B#RKY?N-V
MU;G1-%E\6WNH3E.FN=VXR4E-Y6813BL)8?MR]\8U.":;!\::UY`N*DK-T[73
MZ$XQKWM9/BFVLQ@E^N:B\XZ7K+65D/1X[\;:UN_6=/NI:54>@QN(2NKBLW2I
MU*2D^<8/W)OC*/T9PVLN/LUOI6E6.AZ7;Z9IEM3MK.WAPI4H>HK_`!;;RVWV
MVVWEL^EA8V^F:=;6%G3^.UM:4*-&')OC"*2BLOMX27L]````````````````
M````"#^6=K7&[O']W86%G^;U*G5I5K2'RJGB:DE)Y;2_1*?O]_WP3@`90T;P
M)O75].A>58V.F\\.-&^JRC4<6DTW&$9<?>,2Q)-/*1=?C_Q#HNQ+C^(.O4U+
M5N#@KFK!1C23;S\<.^+<6DVVWT\83:=B```````````````&5/,GDN6[]4EH
M>GJFM%T^X;C43C-W-6/*/R*2RN&'+BD^T\OVE&5^>/(]Y;WE79FDUOAINE%Z
MC6AE3ER6517747%Q;:SRY*/24DZ``$\\0;4H[M\@VEO=JG*SLH.]N*<\/Y8P
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M[U&;FHNE:VDXR2P_J?R<%CK'O/:Z]XA?^<S_`/"/_P!R_P#U%*:MMW5]"M]/
MN-2L:E"AJ-O&YM*C:E&K3:3333:SAIN+[65E+*//JFE7VBW\[#4K:I:W<(0G
M.C4ZE%3@IQROL^,ET^UZ>&!9&I?B!WO?6\:5N]-T^:FI.K:VSE)K#^E_)*:Q
MWGUGI=^\UOJNJWVN:I<:GJ=S4N;RXGSJU9^Y/_!)+"2722272/&``)AHWBW>
MVOZ="_T[0*\[6>'"=:I3H\TTFI15247*+36)+I_OT>Q>&?(,KB=!;=J<X0C-
MMW-%1Q)M+$N>&_I>4GE=9QE9"!@N#_-RWA_K+0_^WK?\(X_^0O?_`/$?RW\+
MH?#\OQ_F_P`W3^/CG'/&>?''?Z>6/MGH"MP71_FW[D_AW/\`C.E?GOEQ\.:G
MQ_'C]7R<<\L]<>.,=\OL>.O^';>5&WJU87>C5YP@Y1I4[BHI3:7Z5RII9?KM
MI?NT!48+`_R)^0_]GO\`QMO_`,0Y^I^+-]:1\7YG;-]4^7/'\K%7.,8SGXG+
MC[^^,]X],"Y_"GE.XW'C;&NU?DU*C2<[6\G-<KF$<9A++S*HEWE9Y13;[BW*
MZ#/'@39.L:?NV_U?6='KV=.VM/BH?GK6=.;J3DOJI\H_:,9IM/*YI>FS0X``
M```````````````````````````````````````````````'GL;^SU.SIWEA
M=T+NUJ9X5J%15(2PVGB2;3PTU_(]``````````````!5_E'Q%;[XXZGI4Z%E
MKL>,9U*F53N8+K%3";4DO4DGTN+ZPXY<U72K[0]4N-,U.VJ6UY;SX5:4_<7_
M`(--8::Z:::Z9O,C^[-EZ%O73HV>M6GR_%R="M"3C4HRDL-QDOY/#S%M+*>$
M!B2A7K6MQ2N+>K4HUZ4U.G4IR<90DGE--=II]Y+<VY^(7<NF?)#7+6AK5.67
M&7TVU2+ZPLPCQ<5A]<<YE[PL$;WQXFW'L>G4O*\*=[I,9J*OK=]1S)J/.#[@
MWA?O',DN3;(&!JO1?/VR]1M^6HU+O2:\80<H5J$JL92:^I0E34FTFO<E'.5U
M[Q++'R/LK4+.G=4=T:5"G/.%7N8T9K#:[A-J2]?==^_1B@`;_!@``;_(W7\@
M[-MK>K7GNK1G"G!SDJ=[3G)I+/48MN3_`+DFW]C$@`UGJ7GG8=C;QJV]]=ZC
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MZFFXION,,Q3X+$5CI`1?Q-XWK>/=+OG?7E.YU"_G!UE0S\5.,.7!1;2;?U-M
MO'M)+K+L0``````````?.O7HVMO5N+BK3HT*4'.I4J248PBEEMM]))=Y/G>W
M]GIEG4O+^[H6EK3QSK5ZBIPCEI+,F\++:7\S)GEGR-6WQN"=O97-1[?M)_Z)
M3X.'R2QB562SEMO*CG&(OTFY9#E^2-Z7F]=VW=S4N_FTVWJU*6GPA%PA&CRZ
MDHOOE))-M]^ETDDH>?2A0K75Q2M[>E4K5ZLU"G3IQ<I3DWA))=MM]8-'^)O#
M,M!N(:_NJA3>ITYYM++E&<;=I]5)--J4_O%)M1]_JQQ"2>(O'']!M"G<ZE2H
M/7;SNM.'U.A3ZQ14LX>&LMQPFVE]2C%ED```````````````````````````
M````````````````````````````````"-[[W71V9LZ_UF;INO3APM:<\?UE
M:74%C*;6?J:3SQC)KT!3'XA-ZUJVJ4MH6-Q4A;V\(U=0C%M*I4EB4(2Z[48X
METVFYK*S`HL]%_>W&IZC<W]Y4^2ZNJLJU:?%+E.3;D\+I9;?HEGBG;]'<ODC
M2;*[MZE>SISE<7$8P4H\81<DIY37!R48O/OECVT!./`OCZ6I:HMVZG0J1L[*
M?^@1G3BX7%7M.??>(/&&E^K&'F#1I,``````````````````````````````
M``````````````````````````````````````````$+\J;HCM/Q[J-W&I4A
M=W,'9VCISE"2JU$TI*23XN,5*?V_3C*;0&4-Y:K'7-[:WJ=*YJ7-"XO:LZ%6
M?+,J7)_'^KM)1XI)^DDOL<_2=-K:SK-CI=O*G&O>W%.WIRJ-J*E.2BF\)O&7
M^S/&6IX#T"^U+R)1UBA&G^3TJ$Y7,Y2P\U*<X0C%>VV\O]L1?><)AI?;N@6.
MUMOV>BZ;&HK2U@XP^27*4FVY2DW^[DV^L+OI)='4````````````````````
M`9$\V:_'7O)M]&E*G*AIT(V$)1C*+;@VY\L^VJDIK*PL)>_;T7Y-W=_0O8U[
MJ5*7&^J_Z-9=9_KIIXE^EKZ4I3PUA\<?<QI7KUKJXJW%Q5J5J]6;G4J5).4I
MR;RVV^VV^\@>C2=-K:SK-CI=O*G&O>W%.WIRJ-J*E.2BF\)O&7^S-I[+VG9[
M)VO:Z)9S^7X\SK5W34)5JDGF4FE_)+.6HJ*R\9,N>'=`EN#R;I4>-3X+&?YZ
MM*$HQ<53:<'W[3J?&FEWB3]>UL,``````````````````````\]_>V^F:=<W
M]Y4^.UM:4JU:?%OC"*;D\+MX2?HPA?WMQJ>HW-_>5/DNKJK*M6GQ2Y3DVY/"
MZ66WZ-+_`(B-;_(;&M-)IW'"MJ5VN=+AGY*--<I=XZQ-TG[3?_1DS`!W-G:!
M+=.\=*T6,:CA=7$8U?CE&,HTE]522<NLJ"D_OZ]/T;C*'_#OM"WCIUWNR\MN
M5U.J[>QE5I-?'!+ZYP;>'R<G#*77"2SVT7P````````````````!\Z]>C:V]
M6XN*M.C0I0<ZE2I)1C"*66VWTDEWDQ)O?<?]+MZ:IKBI_'3NJO\`50<<-4XI
M0AR67]7&,<X>,YQT:/\`->^K?;.TJ^CT70K:GJU*=#X)R>:5"491G5:7_P#R
MLM9;;[XM&4`+4\!Z!?:EY$HZQ0C3_)Z5"<KF<I8>:E.<(1BO;;>7^V(OO.$]
M5E?^&=N?T<\:V'*ISK:E_P"D*F)9C'Y(QXI=+'T1AE=_5R[Q@L``````````
M``````````````````````````````````,^?B7=;\QMJ,J=-4%"Y<)J;<G+
M-/DG'&$DN.'EYR^ECN@S:^_MEV^_-KST>O<?EJBJPK4+C@Y_%.+PWQ4H\LQ<
MH]O^UGVD4Y4_#5J2U2C3I;DM):>X9JUY6THU8R[ZC3RU)?I[<U[?7781/P58
MW%WY8TVM0I\Z=I2KUJ[Y)<(.G*FGW[^J<5U^_P"V36Y6_C[Q%9[`W#J&K4-6
MKWGSTG;T*4Z2A\5-S4GR:;YR^F*RE%>^NUBR`````````!7?E[Q_6WWMJB]/
M^/\`BVGSE5ME.32JQDOKIYSA.6(M-_>*64FVK$`&`"2;'WE?;$W+3UBQITZR
M<'1N*$^E6I-IN.?<7F*::]-+*:RG///.Q;?;VNT=P:>J_P"7U>K5E<P<7*%*
MOU)M3^W/,FHOUQECKJ-/@;STG4J.LZ-8ZI;QJ1H7MO3N*<:B2DHSBI)/#:SA
M_NSV%7^#-W?TCV-'3;B6;[1N-M+K]5%I_%+J*2Z3AC+?]7E_J+0`````````
M```````````````````````````<?<VYM+VAH5;5]7K_`!6]/J,8]SJS><0@
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M+M],TRVIVUG;PX4J4/45_BVWEMOMMMO+9[``````````````````````````
M`````````````0/RWO*^V1LEW^F4Z;O+FXC:4JL^U1<HSESX^I-*#PGUEIO*
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MM)R:BFWA=9?MR0`#YUJ%&Y@H5Z5.K!3C-1G%22E&2E%]_=22:?V:3/H`!$]`
M\:[0VW3BK'1+2=6%P[BG<7-.-:K3ERS%1G)-Q4<)+#^V7EMM_2U\=;1L]PU]
M?I:)0EJ=:K*O*O6E.KBHY\W.,9MQC+DLIQ2:^V"4`#SUK"SN+RVO*UI0J75K
MR_+UITTYTN2Q+C)]QRNGCV9@_$+>V]WY*IT:%3G4M-/I4:ZXM<)N4ZB7?OZ9
MQ?7[_ODO_P`@[L_H5LN^UJG"A4NH<:=M1K5.*J5)2PO[Y869.*[:B^U[6+*]
M>M=7%6XN*M2M7JS<ZE2I)RE.3>6VWVVWWD#YEV>#O&='7)_TJUJC3JZ?2G.C
M;6=>@IPN)<<2G)26'".6EC/U)]KCAUGLO:=YO;=%KHMG/XODS.M7=-SC1IQ6
M92:7\DLX3DXK*SDV?H>C6>WM"LM(L(<;6TI1I0RDG+'N4L))R;RV\=MM@=``
M`````````````````````````````````````````````````````/'JNJV.
MAZ7<:GJ=S3MK.WASJU9^HK_%MO"27;;27;`^E[?V>F6=2\O[NA:6M/'.M7J*
MG".6DLR;PLMI?S*GUO\`$1M:Q^>GI-G?:I6AQ^.?%4*-3.,_5+ZUA-^X=M?M
MV4QY$\FZIY!O*2JT_P`EIE##HV,*G-*>,.<I87*7;2Z6%TEW)OA[5VEJ^\]4
MJZ=HU&G5N*5O.XDIU%!<8XZR_NY.,5_?)9PLM!--Q>>-XZU\E*QJT-(M9?)%
M1M89J.$NDG4EEJ27]J"AVV_VQ6][?WFIWE2\O[NO=W53'.M7J.I.6$DLR;;>
M$DOY%H:3^'W>-_9W%6]E8Z96CU1H5ZW-U'F/;=/DHQPY=Y;S'&,/DNA8_AOW
M)4O*<;_6=*H6KSSJ4'4JS73QB+C%/O']I?OWZ`I<[&WMU:[M2\E=:'J=>RJ2
M_6H-.%3":7*#S&6.3QE/&<KLG&H>`M]66?R]"QO\<?\`^-=*.<\L_P#**/Z>
M*S_UXXS]7&!ZEMK7M&MXW&J:)J5C0E-0C4NK6=*+EAO"<DEG";Q_<P+K\<>>
M+BXU&EI.\ZM!4ZOTTM34%3XS;?55+Z5%Y24DEQPN64W):`,`&D_PX:U6N]M:
MOHU7Y)0L+B%6E.51R2C53^B,?[*4J<I=/MS?7[A=@`````````````0O4O$N
MP]5N(U[C;=I"<8*"5K*=O'&6^XTW%-]^\9]?LB:`"C]3_#9H]7XOX3N"^M<9
M^3\U1A<<O6,<>&/O[SG*]8[KS6O!&]]'M_GHVUIJ<%"<ZBL*SE*"BL_IFHN3
M?>%%2;Q_T9UF`,0?T$WA_LIKG_=U;_RC^@F\/]E-<_[NK?\`E-O@#%E/QEO>
MKI=;48[8U)4*4^$H2HN-5OK]-)_7)?4NU%KW^SQV-*\([\U.=OSTJG8T*\.?
MS7=Q"*@N.5RA%N:?VQQRF^\=XUV`,T6/X;]R5+RG&_UG2J%J\\ZE!U*LUT\8
MBXQ3[Q_:7[]^B=T/P[;-HW%*K.[UFO"$U*5*I<4U&:3_`$OC33P_733_`&:+
M<`$7T;QSL[0.#T[;MC"I"JJT*U:G\U2$UC#C.IRE'&$UA]/OVR4`````````
M````/'JNJV.AZ7<:GJ=S3MK.WASJU9^HK_%MO"27;;27;/89,\R>09;PW++3
M["O4_@NG3=.G%5(RA7JIR4JRX]--=1[?7:QR:`X_D;R#?;ZW!<5HU[NEH\9Q
M_*6-2I],%%-*;BNN;S)Y[:Y<<M)$+!K/PYL'3=K[:M=<I5:EQJ&KV5&K5J5(
M12I1DN?"'64OJBI9;Y.">%Z003PIXOU2VW"MP[DT7X+6A2;LJ=XN-15^:2G\
M?M<5&7ZTNY1E%/VM#@``````````````````````````````````````````
M``````````````````,<>4M]3WUNVI<4GC3+/E0LHJ4L2AR>:K4L8E/IOI82
MBGGCEV)YR\G5OS%;:&A7=-4%#CJ5Q1DW)RRTZ&?226.6&\YXO&))T&`-=^'=
MCQV=LZG7N*52&K:G"%>\4W)<%VZ=/BTN+C&7:QGDY=M)8I3PCLN\W!O2TUJK
M:<M(TNK\M6M.3BG62S3C''ZI*7&37I)=^TGJ\```````````````````````
M``````````````````````````````````````````````````9@\^[R_C6Z
M*>WK.MRL=*_Y;A+,:EPU]6<2:?!8CVDXR=1&B]Q:_8[6V_>:UJ4JBM+6"E/X
MX\I2;:C&*7[N32[PN^VEV8@U;4JVLZS?:I<1IQKWMQ4N*D:::BI3DY-++;QE
M_NP/&:S\$:+6T?QE;UJ_R*>HW%2\5.=-P<(OC"/OVG&FII]94E_TO.GCW:?]
M-=Z66BU)UZ=K/E4N:U&GR=.G%-O^Z.7B*D^DY+I^GM<`````````````````
M```!Y[^]M],TZYO[RI\=K:TI5JT^+?&$4W)X7;PD_0&;/Q$Z_'4-XV.BTI4Y
M0TNW<JF(R4HU:N).+;Z:X1I-8_YS[^RILZFY-2HZSNK6-4MXU(T+V]K7%.-1
M)249SE))X;6</]V>S9>T[S>VZ+71;.?Q?)F=:NZ;G&C3BLRDTOY)9PG)Q65G
M(%__`(=]$_([&N]6J6_"MJ5V^%7GGY*--<8]9ZQ-U5Z3?_1@N`Y^AZ-9[>T*
MRTBPAQM;2E&E#*2<L>Y2PDG)O+;QVVV=````````````````````!\Z]>C:V
M]6XN*M.C0I0<ZE2I)1C"*66VWTDEWD^A4?X@MQ5M(V3:Z;:7U2WN-3N'"I""
M:=6WC%_(N6.ERE3364VFUVL@5!Y>\@4=][EHK3_D_A.GPE2MG.*3JRD_KJ8Q
ME*6(I)OU%/";:5=@M3P5LV.Y-XO5[BI3_*:).G7=)\N52K+E\6,8PHRAR??]
ME+#3>`TGM7;UOM3:^G:':RYT[2DH.>&ODFWF<\-O'*3D\9ZSA='8````````
M```````!\Z]>C:V]6XN*M.C0I0<ZE2I)1C"*66VWTDEWD5Z]&UMZMQ<5:=&A
M2@YU*E22C&$4LMMOI)+O)F3RKYE_I;9W.WM$M_CTAU5\MU4_7=1BTXXBU_5Q
MY+/_`#GB/Z>XL*_WKN:XW=NW4-7K5Z]6C4JR5K&MA.E04G\<,+I83[Q]VWEM
MMOQ[;T6MN/<NFZ-0^13O+B%%SA3=1TXM_5/BO:C',GVND^T<LU'X9\8T=M:7
M1W#K%I46O7,&X4Z\4G9TWE))?:<H]MO#2?'"^KD%N```````````````````
M``````````````````````````````````````````*C_$2Z*\<6JJTZDIO4
MZ2I.,U%1E\=3N2P^2X\EA-=M//6'EPTO^)"]MZ>S=)L)5,75;4/FIPXOZH0I
MS4GGUTZD/]_]S,T`71^&^]N*>\M6L(U,6M;3_FJ0XKZIPJ047GWTJD_]_P#<
MC2YF3\.%"M+?>IW$:51T(:9*$ZBB^,92JTW%-^DVHR:7WXO]C38``````!']
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M=&>>+:3XR7N,L-9B\-9[0'0``````````````#SWM_9Z99U+R_NZ%I:T\<ZU
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M27LTK2K'0]+M],TRVIVUG;PX4J4/45_BVWEMOMMMO+9[````````````````
M```````````````````````<_6];T[;FCU]6U:X_+V-#C\E7A*?'E)1744V^
MVETCH&8/-OD>\UO7;O:UA6^/2+&K\=?AE.YK1_5RRE],))I1]-QY9?T\0B_D
MWR)<>0==IU51_+Z99\H65&27-*6.4YM?VI<8])X6$EGN3A="A6NKBE;V]*I6
MKU9J%.G3BY2G)O"22[;;ZP?,N3\/&W:UYO&XUZM8U)6=C;SA1N6W&,;B7%87
M?U/XY3RNTLK.&X@67XI\6:7M73K'7KFE7K:[<VD)S_,PX_E'-9E"$,9C+#XM
MMM]/'%-HM`````````$?WQK?]'-C:UJT;C\O6H6D_@J\.?&M)<:?6'GZW%=K
M'[]9`S!Y2\CWF^==J6]&MPT*TJR5G1AE*KC*^:64FY->DU]*>/?)NOP6)X3T
MFMJ/D_2KAZ?4N;.TG.=>I\+G3HR^*HZ;D\8B^44XM_===H"]_#NQX[.V=3KW
M%*I#5M3A"O>*;DN"[=.GQ:7%QC+M8SR<NVDL6(``````````````````````
M``#AZYO';FVKBVM]9UBTLZ]Q.,:=.I/ZOJ;2DTNXPS%KF\16.V!W`<.AO/:M
MU<4K>WW+HU:O5FH4Z=._I2E.3>$DE++;?6#N``<.OO/:MK<5;>XW+HU&O2FX
M5*=2_I1E"2>&FG+*:?6#N`````````````````````````1_>F[+/96U[K6[
MR'R_%B%&@JBA*M4D\1BF_P";>,M14GAXP9(WCO\`W!OB\^75KKC;QXNG94'*
M-"FTFN2@V\R^J7U-M]XSC"7<\S[KK;E\@WENG4C9Z5.5E0IRROJBVJD\9:RY
M)K*QF,8964?3PQLO3MY[MN:6LVE>XTVTM)59*$I0@ZCE&,(RE'M93G))--\/
MNDT!$]I;4U+>FX*6C:6J:KSA*<JE7E\=.,5G,W%-I9Q%/'N27W--^./$5GX^
MU&XU+^+5[^^K4I6^?B5*FJ;<)?IS)\LP]\L8?K[DXT;0]+V]IT+#2+"A96L<
M/A1ACDTDN4G[E+"69/+>.V=````!X]5TJQUS2[C3-3MJ=S9W$.%6E/U)?XII
MX::[32:[1["I_+OE2_V%J.F6&CTK&O=5Z4ZUQ"ZI5)<(92IM.,HKMJI^_P"E
M>ON%">1MFRV+O&XTB-2I5M)0C7M*M3CRG2EG&<?=24H^EGCG"30\<;MK;,WM
M8ZC&M3I6E6<;>^<Z;FOR\I1YO"[RL*2QWF*]K*?GWKO74M^:S1U35*%I1KTK
M>-O&-K"48N*E*67RE)YS-_?]B-@;_```````````````````````````````
M``````#SWM_9Z99U+R_NZ%I:T\<ZU>HJ<(Y:2S)O"RVE_,]!ESS-Y.K;EU2O
MM[1[NF]!MII3J4)-J\J+#;;^\(RZ264VN67].`^GE7S%>;@O+G1=MWWQZ!*D
MJ=2M3@XSN^23EGE%2A%=QXK&?JRVI)*GP:#_``Z[1BK>^W5>V5-SE-6^GU:D
M9<HI)_+*.5C#RH\EE_3-==Y#Y^#/&7Z=W:_8_P#-GI5*J_\`I;K.&/\`HX-O
M]Y8_1(T`````````````````````````````````````````````````````
M`````````@?EG?$MC[.G7LZM..K7D_@LU)1EQ?N53BWVHQ^^&N4H933)X8\\
MJ>0*V^]RMTOC6DV$ZE*P48O,XMK-23:3S+C%X>.*26,Y;"#UZ]:ZN*MQ<5:E
M:O5FYU*E23E*<F\MMOMMOO)T-MZ+6W'N73=&H?(IWEQ"BYPINHZ<6_JGQ7M1
MCF3[72?:.6:S\+['L=M;.L]8E2IU-6U6WC7JW&>7&E/ZH4XY2XKCQ<E]Y?=I
M1P%@:5I5CH>EV^F:9;4[:SMX<*5*'J*_Q;;RVWVVVWEL]@``````````````
M``````````````````````````````````````````````````````````(W
MOO=='9FSK_69NFZ].'"UISQ_65I=06,IM9^II//&,FO0%.?B-W-"O>:9MBVK
M\OR^;N[@N+2FUBFF_P!2DHN;:ZZG%]]8H<]%_>W&IZC<W]Y4^2ZNJLJU:?%+
ME.3;D\+I9;?HDGC[8]]OK<M&QH4JBL*4XSO[A/BJ-+/>&TUS:345AY??I-H+
M_P#!NRJ.WMG4=:N;>G_%-5A\OR-)RIV[PZ<$TVL-)3>,/ZDFOI1:@```````
M`````````````#,GG;?&M7.Y[_:"JTZ.DVDZ4W"DFI5W*G":^1Y[49-M))+T
MWEI-:'W'K5';FVM2UFO\;A9V\ZJA.HJ:J22^F')^G*6(KI]M=,PY?WMQJ>HW
M-_>5/DNKJK*M6GQ2Y3DVY/"Z66WZ`\YHO\/&S96EA<;PN*E2,[R$[2UI+CQ=
M)3CRF_;SSAQ2ZQQ;[Y+%":'HUYN'7;+2+"'.ZNZL:4,IM1S[E+";44LMO'23
M9M_0]&L]O:%9:180XVMI2C2AE).6/<I823DWEMX[;;`Z````````````````
M`````#SW][;Z9IUS?WE3X[6UI2K5I\6^,(IN3PNWA)^C$&ZMPW&Z]T:CKEU'
MA4NZKFH93^."6(0RDL\8J*SCO&7VRY/Q#;SK?F+?9UI.FJ"A"ZO)TZS<G+,N
M%*45TDEB>'G.8/K'=!@#3_X=]$_([&N]6J6_"MJ5V^%7GGY*--<8]9ZQ-U5Z
M3?\`T8,V:5I5]KFJ6^F:9;5+F\N)\*5*'N3_`,$DLMM]))M](W786-OIFG6U
MA9T_CM;6E"C1AR;XPBDHK+[>$E[`]````````````$7W-Y#VMM&E6_BFK4%=
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M?P;XQH_EZ.[]=M*CKN?+3;>M%**CA-5\>VV\\<I8QR6<Q:OP````````````
M````&4/,'DBXW5N&XTS3+RO#0K3-!TZ=9.G=SC/+JOCU*.5'CEOJ*DL.30&A
M]P^1=H[5O%9ZQK="A=/W1A&=6<.D_JC!-QRI)KEC/VR57N'\1E:VG6M]'VU4
MI3<*<Z%?4JCBW&48RS*E'[.+^EJ?::E_<<CQ]X&OM2G1U/=L:EC9QG&<=/\`
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M4N+;5(OY(]Q4/FBX07;;<&W)XB\)+N\`!$ZNL[CT+QM0U2_T6IJ>X*%O15>Q
MM*G*56HY1C)IP@UG#<FHQ:6&DVER(/6W?YHTV"O+_8VFUK2G.+JT[27.K.+D
MDU%0K3>>_?&6/;6$7(`*G_RM[D_AW/\`R6[C_/?+CX?BJ?'\>/U?)\6>6>N/
M'&.^7V/1_ED_(:/^>U_8VZ]-X?\`+2_)<J-/,L1_K)N'O*]I=O'?MV@`(_MS
M>.E[F^2C0^>RU*CEU],OX?#=T4L8E*FWGBU*+4EE?4N\Y1V/S]G_`!'^'?FZ
M'Y[XOG_+?(OD^//'GQSGCGK/K(K6%G<7EM>5K2A4NK7E^7K3IISI<EB7&3[C
ME=/'L?D+/^(_Q'\I0_/?%\'YGXU\GQYY<.7OCGO&<9`]````````````````
M````````!P]T;NT79VESO]9O:=%*$I4J"DG5KM87&G#.9/+C_<LY;2[(GO\`
M\P:%M"SN;6PN:&HZ[',(6M.3E"E+,DW5DNEQ<7F&>7I=)\EEC6=<U3<.HSO]
M7OZ][=2RN=:>>*;;XQ7J,<MXBL)9Z0'0WINR\WKNBZUJ\A\7RXA1H*HYQHTX
MK$8IO^;>,)R<GA9P1\%P>%/&7])-16X-<L?DT2WS^7A5>(W59-?V<?53CWGT
MG+"^I*2`LOP+M>.A["6JU:=2-YK$_FGSA*#C2BW&FL-X::Y34DEE5%[23+4/
MG0H4;6WI6]O2IT:%*"A3ITXJ,812PDDNDDNL'T````9L\@^>;[4IUM,VE*I8
MV<9RA+4/_:W$../H36:2RVT_U?I?TO*.OYR\G4?R];:&A7=1UW/CJ5Q1DE%1
MPTZ&?;;>.6&L8XO.9)9\``[&C;4W!N'@](T:^O:<JJH_-1H2=.,WCJ4\<8^T
MWEK">7T7?X_\`_D;RVU;=U6A7E3Q..ETUSARPFOEEZEA\DX).+POJ:RF&>`:
M;\H:_LW8FC/3]*V]MBZU:O<0<["I9TY1I*,6U4J0BEWQGB*;B_ZQM92:=(;X
MW_J6_P"XL[C5+'3:%>UA*$:EI1E&4XMIXDY2DVDTVE]N4OW`B8``'0T;7-4V
M]J,+_2+^O974<+G1GCDDT^,EZE'*68O*>.T<\^E"A6NKBE;V]*I6KU9J%.G3
MBY2G)O"22[;;ZP!NO0M3_C>W=,U;X?A_/6E*Y^+ERX<X*7'.%G&<9PCH$/\`
M%MCJFF^,]$M-9IUZ5]3I24J=>69P@YR=.+_;$'%<7^G&,+&"8``````````>
M/5=5L=#TNXU/4[FG;6=O#G5JS]17^+;>$DNVVDNV41NO\1DJUN[?:FF5*$YP
MQ*[OU%R@VI+Z:<6UE?2U)MKVG%^P+#\E>4=.V%9SM:<?S.NU:2J6UK*$E!1D
MY)5)R]<4XOZ4^3Z72?)9@W9O37=ZZC&\UJ[^7XN2H4814:=&,GEJ,5_)9>9-
M)9;PCQZ_N+5]TZI+4M:OJEW=N"ASDE%1BO2C&*2BO;PDNVW[;.6``)9L'8.I
M>0-9J65E5IVU"WA&I<W-6$G&$7)+"PL.;66HMK/%]K`$T\$["T[=&HZCJVMV
M7YJQL?CA0I582^.I6;Y-Y32EQ44G!IIJHL_;.GSA[2VIINR]OTM&TM5'0A.4
MY5*O'Y*DI/.9N*2;QB*>/44OL=P`````````"C]^>?J6D:BK#:5*QU+A_P`M
M>5G.5-23DI0C%<>7J+4U)Q:?6?97%[YTW_=WE2O1U2A94Y8Q0H6E-PAA)=.:
ME+OWVW[_`&Z`UN<_4]=T?1/B_BVJV-A\V?C_`#5Q"ESQC..36<97^]&*-9W7
MN#</-:OK-]>TY576^&M7DZ<9O/<89XQ]M+"6$\+HXX&_P88T;=>X-O<%I&LW
MUE3C55;X:->2IRFL=RAGC+TD\IY2P^C0_ACRCJ.\:MSH>N1^;4K>E*YA>0A&
M"J4^44XRBL)23FL-+#7O#69!<````````````````````````(GY)W1+:&PM
M2U6A4IQO."HVG*<4_EF^*<4TU)Q69\</*@_MEF,*]>M=7%6XN*M2M7JS<ZE2
MI)RE.3>6VWVVWWDO3\2&X;B6HZ3MJ,>-K"E^?J/*?R3;G3C]LKBHS^_?/UTB
MAP)!LK;%QN_=NGZ11H5ZM&I5B[J5'"=*@I+Y)Y?2PGUG[M+#;2>T]*TJQT/2
M[?3-,MJ=M9V\.%*E#U%?XMMY;;[;;;RV0/PSL6>S=I.XO5C4]4X5Z\7&472@
MH_12DI?VH\I-]+N37?%,L@`````````9D_$)NNMJ.[*6VJ3J0M-+A&=6+RE4
MK5(J6?>&HP<4FTFG*?V9I._O;?3-.N;^\J?':VM*5:M/BWQA%-R>%V\)/T84
MU;4JVLZS?:I<1IQKWMQ4N*D:::BI3DY-++;QE_NP/&:[\0>/ZVQ-M5GJ'Q_Q
M;4)QJW*A)M4HQ7T4\YPW',FVOO)K+23>8-G:!+=.\=*T6,:CA=7$8U?CE&,H
MTE]522<NLJ"D_OZ]/T;C`````````````````````4/Y5\U:CHNNW.WMKNA3
MJ6V(7-_)1JM5.FXTUEQ6.XRY)O+:PG'+"R-W>3=K;+Y4M2OOEOHX_P!!M4JE
M;^S[64H=24OJ<<K.,E(;C_$+N74_CAH=K0T6G'#E+Z;FI)]Y69QXJ+RNN.<Q
M]X>"HZ]>M=7%6XN*M2M7JS<ZE2I)RE.3>6VWVVWWD^8$DU7R!N_6IW$K_<>I
M3A<PX5:,*\J=*4>/%KXX8AAKVL=Y>?;(V=#3-"UC6_E_A.E7U_\`#CY/REO.
MKPSG&>*>,X?O]F6)LWP5N/<D)W&KNIH-IPS2E<4.56I+DUCXN47%+#>98]QP
MFGE!58+<W+^'[=&EW%".A3IZW0J0;J37"VE2DGZ<9SPTUC#3?WREUGA_Y$_(
M?^SW_C;?_B`5^3C97D[<&U==T^K6U6^NM)H\:-:RJU958*ATFJ<)22C))?3A
MK&$O3:?GI>+-]5?S_';-\OR.?EY14>6,_P#)Y?\`6_I?Z.6>OW68G0H5KJXI
M6]O2J5J]6:A3ITXN4IR;PDDNVV^L`;WH5Z-U;TKBWJTZU"K!3IU*<E*,XM93
M37337>3Z$?V/IFHZ+L;1=-U:M\M];6D*=3Z8Q^/"ZI_2VGP6(<L_5QS]R0``
M````````````````````&!*]"M:W%6WN*52C7I3<*E.I%QE"2>&FGVFGU@U_
MX;H:;1\5Z-/3*52$*T)SKRJQBISK<W&HWQ]KE%J+??%13]%"><-O6^@>2KF=
MK+^KU*DK]PP_HG.4E/MMYS*$I?;'+"6$<_9'E3<&PM.N;#3*5C7M:]7YG"[I
M2EPGA)M.,HOM*/O/Z5C'>0V.#.FF_B5U*E;RCJFV[2YK\VXSM;F5"*CA=.,E
M-MYSWG[KKKN5_P"<;L__`%;KG_84?^*!<`*?_P`XW9_^K=<_["C_`,4C&YOQ
M'7%>E6MML:3^6Y=0O+V2E-)Q>6J2^E24GTW*2Z[7>$%S[LWIH6RM.C>:U=_%
M\G)4*,(N52M**RU&*_DLO$4Y++649,\C;REOK>-QJ\:=2E:1A&A:4JG'E"E'
M.,X^[DY2]O'+&6DB-WM_>:G>5+R_NZ]W=5,<ZU>HZDY822S)MMX22_D><`>B
MPL;C4]1MK"SI_)=756%&C#DERG)I167TLMKV><MC\/NC?Q#R++49PK_'IMI4
MJQJ07T*I/^K49/'WC*HTNF^/[)@:G```````````````````````````````
M````X^YMS:7M#0JVKZO7^*WI]1C'N=6;SB$%]Y/#_P!S;:2;7/WUOK2]AZ$[
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MNEEMO^9Z````````````````````````````````````````````````````
M``````````"O_,>[+S:.P:MQ80_TJ^JJQA651Q=#G";=2..^247CM8;3[QAY
M`+4\[[MH[BWM#3K.M4G::/"=O)2IJ*5QR?RN+]M?3"/?68/'3RZK`F'C?9=Y
MO7=MI;4[3YM-MZM.KJ$YR<(1H\NXN2[Y22:27?M])-K9Y3_X=]$_([&N]6J6
M_"MJ5V^%7GGY*--<8]9ZQ-U5Z3?_`$8+@``````````````!R]?W%I&UM+EJ
M6M7U.TM%-0YR3DY2?I1C%-R?MX2?2;])G/WWNNCLS9U_K,W3=>G#A:TYX_K*
MTNH+&4VL_4TGGC&37HQQK^XM7W3JDM2UJ^J7=VX*'.245&*]*,8I**]O"2[;
M?ML#2>L_B"V=I_.&G1OM4J?$YPE1H_%3<^\0DZF)+TLM1>$_N^B+_P"<S_\`
M"/\`]R__`%%``#1>F_B5TVK<2CJFV[NVH<&XSM;F->3EE=.,E!)8SWG[+KOJ
M<:5YDV'JT[>E#7:=M7K0Y?'=TIT53?'+C*<EP37K]6&^DWE&/`!O>QO[/4[.
MG>6%W0N[6IGA6H5%4A+#:>))M/#37\CT&)-M;]W1M"WKV^A:M4M:%>:G4ING
M"I'DEC*4XM)XPFUC.%GTB[]O_B,T6YMZ%+<&F7=G=N<85*MJE5H)86:CRU.*
MSR?%*322[DP+L!P]M;PT#>%O7KZ#J5.\A;S4*J4)0E!M968R2>'WAXP\/]F=
MP``````````````````````````````````````````````^=>O1M;>K<7%6
MG1H4H.=2I4DHQA%++;;Z22[R9`\J>0*V^]RMTOC6DV$ZE*P48O,XMK-23:3S
M+C%X>.*26,Y;LOSQY'_+4JNS-)K5Z=U+B]1K0^E*G*.51767R4HMM86,1[Y2
M2SP!]*%"M=7%*WMZ52M7JS4*=.G%RE.3>$DEVVWU@U_XFV/+8^SH4+RE3CJU
MY/Y[QQ<9<7ZC3Y)=J,?MEKE*>&TRG/!.P?X_KO\`26_IYTW3*J^!*KQ<[J/&
M4<I=\8IJ3[66X^UR1I\````````````````````!"_)V]:.R=G75U"XIPU2X
M@Z-A3;7*51].:3334$^3RL/"3?U("K//N_[>^^/:.DW7R1HU>>I2IM\><?TT
MLIXEAY<DT\24.\Q:5#@LCPIM"WW9OE3U&V^?3=.I.XJPG2<J=2>4H0D\X66W
M+#SR5-K#6<!9_P"'S:%QI&A7NX;^V^*MJ7"%HJE)*:H1[YJ6<J,VUUA9^.,N
MTT70`````````````````````Y^N:S9[>T*]U>_GQM;2E*K/#2<L>HQRTG)O
M"2SVVD=`SAYX\B_Q&\J[-TWJUM*L97M>%7*K5$LJFE%XXQ;[4N^<5TN.6%/Z
MYK-YN'7;W5[^?.ZNZLJL\-M1SZC'+;44L)+/221SP=C:NWKC=>Z-.T.UEPJ7
M=50<\)_'!+,YX;6>,5)XSWC"[`O?P#L+\AIU3=>JV7&[N<1T[YH?53HX[J1[
MZYYPFTGQCE-J?=X'GL+&WTS3K:PLZ?QVMK2A1HPY-\81245E]O"2]GH`````
M1??6^M+V'H3O[]_+<5,QM+2$L3N)K[+]HK*S+[97MM)A*`90UGSUO;4-1G6T
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M<_6T\TEEI-?J_4OH>&:#TS0M'T3Y?X3I5C8?-CY/REO"ESQG&>*6<9?O]V=`
M#QZ;I.FZ-;RM]+T^TL:$IN<J=K1C2BY82RU%)9PDL_W(]@``````````````
M````PYO+2HZ'O;6],I6U2VH6][5A0I3Y9C2Y/X_U=M./%IOVFG]S<95_E'Q%
M;[XXZGI4Z%EKL>,9U*F53N8+K%3";4DO4DGTN+ZPXA.-L;FTO=^A4=7TBO\`
M+;U.I1EU.E->X37VDLK_`'IIM--]@QQ1L/(WC&\N;RC::KI4:7'\Q6A3^2VE
ME8CRDN5*?Z\+.<-_9D@L?Q"[UM+.G0K4M*O:D<YKU[>2G/+;[4)QCUZZ2]?O
MV!J<%)Z;^)+0:MO*6J:'J5M7YM1A:SA7BXX7;E)P:><]8^R[[Z[FF>?=BW_R
M_F;B^TWACC^;M7+Y,YSCXG/UC[X]K&>\!:`(O8^1]E:A9T[JCNC2H4YYPJ]S
M&C-8;7<)M27K[KOWZ.QIFNZ/K?R_PG5;&_\`AQ\GY2XA5X9SC/%O&</W^S`Z
M`````````````````````````!X]2U;3=&MXW&J:A:6-"4U"-2ZK1I1<L-X3
MDTLX3>/[F![`5WJOF[8>F0N.&JU+ZO0GP^&TMYR<WRP^,Y)0:^^>6&EUGK,'
MU7\2M&,[BGH^VZDX<,4*]W<J+Y<?<J<4^E+[*?:7M9Z"_`9(O?.F_P"[O*E>
MCJE"RIRQBA0M*;A#"2Z<U*7?OMOW^W1#]P[JUW==XKK7-3KWM2/Z%-I0IY23
MXP6(QSQ6<)9QE]@:SW1Y4VAM.$XW>J4[J[A.4'9V+C6JJ49)24DGB#6?4W'T
M\9:P9TWEY@W3N_YK;\S_``W3)YC^3M)./.+Y+%2?ZIYC+#747A/BBOSZ4*%:
MZN*5O;TJE:O5FH4Z=.+E*<F\))+MMOK`'S!;GCSPGJ>O7LJNZM/U+3-+E;RE
M2J1G3I5754XI1E":<DL<WW%>D\]]W'MSPSLK;GR2_AO\4K3RODU/C7XQ>.E'
MBH+N/OCR[:SAX`ICQ_X/U3==G;:OJUS_``S2:V)TXJ.:]>&5W%/J,9+EB3SZ
M3XM-,TWI6E6.AZ7;Z9IEM3MK.WAPI4H>HK_%MO+;?;;;>6ST4*%&UMZ5O;TJ
M=&A2@H4Z=.*C&$4L))+I)+K!]````'+W)J5;1MJZQJEO&G*O965:XIQJ)N+E
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M````````0/?'EG;FQYU+.O.I>ZM&"DK&W7<<Q;CSF^H)X7[RQ)/BTP)X5OOK
MS-M_9M5V5NOXOJ:RI6]M5BH4FI<7&I/OC+J7TI-_3VEE,I#>GFC<N[/S5I;5
M/X7I%Q25*=G1<9RDO[7*KQ4GGTTL+CTT^VZW`EF\O(VX]]3A'5[FG&TI3YTK
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M\81245E]O"2]GH`````````&?_/'D>\M[RKLS2:WPTW2B]1K0RIRY+*HKKJ+
MBXMM9Y<E'I*2>@#"&N:S>;AUV]U>_GSNKNK*K/#;4<^HQRVU%+"2STDD!SP>
MBPL;C4]1MK"SI_)=756%&C#DERG)I167TLMKV:3VI^'O0-.MU5W+6J:M=SAB
M5*G.5&A3;4?7%J<FFI+DVDT_TI@9D!L.CX9\?4)N<-NTVW"4/KN:TUB47%]2
MFUG#Z?M/#6&DSY_Y$_'G^SW_`(VX_P"(!D`FGB?6JVA>3=#K4ODE"YN(V=6G
M&HX*<:KX?5^ZC)QGA^W%>O:N?7/P[;<O[BI6TC4+O2E*&(T6OGIPEF/:Y-2Q
MA3RG)]R332CQ<HV?XDVOL^=A>T+>I<:Q:0DG?SJS3G*47&3^-2X)8DTEAX6.
MV^P)X``````S_P"7?,=O7LX:'L_5*_S?+RN]0M)N"2BVOCA+&7EI-RBTL)).
M2D\3#P+K-GJ'C.VTZC/_`$K3:M2E<4VUE<YRJ1DDGGBU+";QEQE^P%H'#W1N
M[1=G:7._UF]IT4H2E2H*2=6NUA<:<,YD\N/]RSEM+L[ADCS-OJ&\MVJWLGG3
M-+YT*$E*,E5FY?75BX_V9<8I=OJ*?7)H"4:S^)#6)ZC/^!Z-8TK%94?SRG4J
M3[>)/A**CE8^GZL//U,M_P`:[V_I[M*.JU+7\M=4:KMKF$7F#J1C&3E#O/%J
M2>'VNUWC+Q@7_P#AF_\`ZI_^D_\`[P&@`````````#QZMJ5'1M&OM4N(U)4+
M*WJ7%2--)R<81<FEEI9POW0&0/*^M5M<\FZY6J_)&%M<2LZ5.51S4(TGP^G]
ME*2E/"].3]^W&]#T:\W#KMEI%A#G=7=6-*&4VHY]REA-J*66WCI)L\]_>W&I
MZC<W]Y4^2ZNJLJU:?%+E.3;D\+I9;?HMC\.^C5;W?-WJO#_1]/M&G/$'BI4?
M&*^I.2S%5'F.'].&\-J0:?``````````%'_B-W%^6T+3-O4:N*EY5=S<*%;#
M5.'48R@O<92EE-]9I?=KK.!9'G2]N+ORQJ5&O4YT[2E0HT%Q2X0=.-1KKW]4
MY/O]_P!L%;@7Q^&_;UQ+4=6W+*7&UA2_(4UA/Y)MPJ2^^5Q48?;OG[Z9H<A_
MB[1K/1/&NA4K.&/S-I3O*TVERG4JQ4Y-M)9QE16>^,8K+P3`````````````
M```````/'JVI4=&T:^U2XC4E0LK>I<5(TTG)QA%R:66EG"_=&%+^]N-3U&YO
M[RI\EU=595JT^*7*<FW)X72RV_1L_P`CVOYSQKN.E^8KT..GUJO.A/C)\(N?
M%O\`YLN/&2^\6U]S%`'4T#;NK[IU2.FZ+8U+N[<'/A%J*C%>W*4FE%>EEM=M
M+VT7_M+\/.D6=O2K[JN:E_>*<G.VM:KA;\<8BF^*FW_:RG'O"PTLOH>`=`T6
MUV/#7+6-.KJUY.I2NZKDI2I*,WQI+_F)Q4)M>WR3>5QQ;@'/T;0]+V]IT+#2
M+"A96L</A1ACDTDN4G[E+"69/+>.V=`````!\U0HQN)W$:5-5ZD(PG445RE&
M+;BF_;2<I-+[<G^Y]`````````````````````````!"_)VRJ.]MG75K"WIS
MU2W@ZMA4:7*-1=N";:24TN+R\+*;3XHR)K.AZIM[49V&KV%>RNHY?"M#'))M
M<HOU*.4\264\=,W>>>]L+/4[.I9W]I0N[6ICG1KTU4A+#368O*>&D_Y`8(!L
M>[\0[%N]"6DK0:%O3CR=.XHMJO"3Y=_*\RECDVE)RCTNL)$;H?AVV;1N*56=
MWK->$)J4J52XIJ,TG^E\::>'ZZ:?[-`9<!JO4OP_;(OKB-6W6I:?!0472M;E
M2BWE_4_DC-Y[Q[QTNO>6F_A^V18W$JMPM2U&#@XJE=7*C%/*^I?'&#SUCWCM
M]>L!E0&M]Q>%]HZCM>IIVEZ10L;ZC2J?DKF-2:DJC?)?)+ZG..4E]7)J+?'!
ME"]L+S3+RI9W]I7M+JGCG1KTW3G'*368OM933_F!YS8?BSQY'Q_M^K2N)TZN
MK7D^5Y5I5)2IM1<OCC#*6$HO+ZSF3[:QBF/!OC^MN#<%'<UW\:TO2[C,8N3Y
M5KB*4HI8::46XR;?3Z6'EXU&```````````````````````````````#YUZ]
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MDX_2EE8SD"O_``_X?_A7Y?<VYK;_`-(=5+*QJ1__`(W[5*B__P!G[1_L^W]7
MZ+P```````````````````````````````````````````%%[X_$%'3-4J:=
MM2TM+Y4)J-2^N)2E2F^^481BTVL\?KY8>'A-8DPO0B>M>3-E[>N/R^H[@M(U
M^<X2IT>5>5.47B2FJ:DX//6)8]/]F94W-Y#W3NZK6_BFK5W:U>G949.G045)
MRBN"ZEA^G+,NEEO!%P-SZ-NO;^X>"TC6;&]J2I*M\5&O%U(P>.Y0SRC[2>4L
M-X?9V#`!/-D^5]Q[0OZ#J7MWJ6EP@H2T^M<?3QC!Q@H2DI.FDVGB*6>*3`V&
M#SV%[;ZGIUM?V=3Y+6ZI0K49\6N4)).+P^UE->ST````````````(OY!W9_0
MK9=]K5.%"I=0XT[:C6J<54J2EA?WRPLR<5VU%]KVI09,\T[POM<WQJ.CPU*I
M6T?3KA0H6ZAPC"K&"C4STG)J:FDWG&7CI]A69W-H[7OMX[EM-&L*=1NK-.M5
MC#DJ%+*Y5)=I82?K*R\)=M'#-%_AMT6C#1M9UZ7QRKUKB-G#--<J<814Y8E[
MQ)SCE?\`N+W]@N30]&L]O:%9:180XVMI2C2AE).6/<I823DWEMX[;;.@````
M```````````47^)34JU+1M`TN,:?P7%Q5N)R:?)2IQC&*7>,8JRSU]EZ^^=#
M0_XEJUO'3MNT96O*ZG5KSIW'R-?'!*"E#CZ?)R@\_;A_>S/`%D>+?&%OY#_.
MUKC6ORE.QJTE5MZ5!RJ3A++SR>(QSQ:3^KM/*2QRT/HWB[96B:="SI;>L;K&
M'*M?48W%2<L)-N4T\9QG$<1RWA+)\_$]#2*/C+0YZ-2IPI5K>,[B48M.=Q^F
MJY9[;YQ:SZPDETD30"L]?\%[-U[5)7\:=WICE!1E0TZ5.E2;77+@X-)XQG&%
MUG&6VXGN;\.EA2T*M5VQ?WU74Z?UPHWM2FX5DLY@FH1XR?V;>.L/&>2O@`84
MUK;FM;<N/@UG2[NQFYSA!UJ3C&HXO$N$O4TLKN+:[7[G+-9[N\D>+[RRN]*U
MJ^M-6A3@Y?!1H2KJ4G!X^.I%<%/$FE)26&_:[,P;BNM(O-P7E?0=/J:?I<II
M6UM4JNI*,4DLMMMY;3EC+QG&7C('GTK5;[0]4M]3TRYJ6UY;SYTJL/<7_@TU
ME-/IIM/*9M?9^Y:.\-IV&O4+>I;PNX2;HS:;A*,G"2RO:Y1>'UE8Z7HPX79^
M'#5;Z.ZM3T=7-3^'SLI73MWW'Y8SIQ4U^SXR:>/?6<X6`TF`````````````
M`````````````````````````````!2?D3SM1T:XU#0MN6M2IJ5"<[>I?5DE
M3H5$TFX0>7-I\UWA)Q3^M>Y1Y9\C4=C[?G;V5S36X+N'^B4^"G\<<XE5DLX2
M2RHYSF7V:4L9$`^E>O6NKBK<7%6I6KU9N=2I4DY2G)O+;;[;;[R2CQ]L>^WU
MN6C8T*516%*<9W]PGQ5&EGO#::YM)J*P\OOTFU$R2;:WYN39]O7H:#?T[.%Q
M-3JM6M&<IM+"S*46\+O"SA9?[O(;#VQMC2]H:%1TC2*'Q6]/N4I=SJS?N<W]
MY/"_W)))))=@R93\\[\AI=:TE?6E2O4GRC>RM(?+377TQ2Q#'3]Q;^I]^L<N
MMY@W_7O+:ZGN.NJEORX*%*G"#Y+#Y045&?\`=R3Q[6&!L<&0/\MGD/\`VA_\
M%;_\,?Y;/(?^T/\`X*W_`.&!K\&1*'G#R#1N*56>M4Z\(34I4JEG149I/]+X
MQ3P_733_`&:+/VO^(G2+Z<+?<FGU-,GPBG=4&ZU)R47R;BES@FTL)<_U=M8R
MPNP'+T7<>B[CM_GT;5+2^@H0G-4:JE*FI+,><?<&\/J23Z?['4``````````
M``8X\K[QM][;YK7]CW86]*-K:S<'"52$6VY--_>4I8]?3QRD\DT\S^4[Z\UF
M\VOH5[4HZ90A*UOW&GQE7JJ34X<GWP6%'KCG,T^46BDP!J_P9M'^CFQHZE<1
MQ?:SQN9=_IHI/XH]2:?3<\X3_K,/])5'A3QQ_2O6%KVITJ%71+"JX2HU?J_,
M5E%-1XI_ICRC)YZ?4<-.6-/WM_9Z99U+R_NZ%I:T\<ZU>HJ<(Y:2S)O"RVE_
M,#T`I/<'XC-%MK>O2V_IEW>7<9RA3JW25*@UAXJ+#<Y+/%\6HMION+*DUGR]
MOK6^<:NO5[6BZKJQIV*5OP]XBI0Q-Q2?J4GZ3>6L@;'.?J>NZ/HGQ?Q;5;&P
M^;/Q_FKB%+GC&<<FLXRO]Z,65]Y[JNK>K;W&Y=9K4*L'"I3J7]649Q:PTTY8
M::ZP<,#;_P#3O9_^U>A_]XT?_,=BQO[/4[.G>6%W0N[6IGA6H5%4A+#:>))M
M/#37\C!!W-M;PU_9]Q7KZ#J52SG<04*J4(SC-)Y68R365WAXRLO]WD-Q@J/Q
M!Y9K;RG6T;7IVE/5J4(RMIP3@[N*C]?T^N:QR>&LJ3Q%*++<```````````"
M-[[W71V9LZ_UF;INO3APM:<\?UE:74%C*;6?J:3SQC)KT8HKUZUU<5;BXJU*
MU>K-SJ5*DG*4Y-Y;;?;;?>2T/-7D"[W)N6ZT"A\E'2=,N'2=&<8-U+BFYPE4
MREE+ZG%++6$GA-X55@"_/P\;,K?F+C>-W"FJ"A.ULX5*+<G+,>=6,GTDEF&5
MG.9KK'=+[?V_J6Y]9H:7I=O4K5ZLXJ4HPE*-*+DH\Y\4W&"<EEXZ-K[=T"QV
MMM^ST738U%:6L'&'R2Y2DVW*4F_W<FWUA=])+H#J`````!%]];%TO?FA.POU
M\5Q3S*TNX1S.WF_NOWB\+,?OA>FDU*`!G_\`S9O_`(N_^V__`+3P:-^&_6)Z
MC#^.:S8TK%8<OR+G4J3[68KG&*CE9^KZL/'TLT>`('M3Q!M#:5PKNWLZE]>1
MGRIW-_*-65+#BUQ22BFG'*ECDLOO'1/`````````````````````````````
M%?[J\.[1W/\`Q&Z_(_DM6O,S_.T)S^FI_P`YT^7!Y:^KI-Y;RF\E@`"DZWX;
M=!EI:IT-=U*&H<(IUYPA*ERZY/XTD\/O"Y]97;QW7F__``MJFR].H7]C<5]9
MM7S=U.C9\/RRBLJ4DI2?%I2S+I+CV^T:O`&"+6PO+[Y_R=I7N/@I2KUOAIN?
MQTX_JG+'J*RLM](6-_>:9>4[RPNZ]I=4\\*U"HZ<XY33Q)/*RFU_,W?:V%G8
M?/\`D[2A;_/5E7K?#34/DJ2_5.6/<GA9;[9P]R["VON^XH7&NZ33NJ]"#A3J
M*I.G+BWG#<))M9RTGG&7CV\AD3^G>\/]J]<_[QK?^8[$/,&_Z=*UIK<==QM<
M?&Y4J;<L1<?K;CFITW^K/>'[29;^L_AQV_=\YZ1JU]I]2=5SXUHQN*<(//T1
M7TRZZPW)]+O+>3C_`.;-_P#%W_VW_P#:!'*'XB=Y4;>E2G::-7G""C*K4MZB
ME-I?J?&HEE^^DE^R1]/\XW>'^K=#_P"PK?\`%/IH?X=MQWMQ<QUG4+33*%*<
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MQ^YZ/\XW9_\`JW7/^PH_\4S)7H5K6XJV]Q2J4:]*;A4IU(N,H23PTT^TT^L'
MS`TW4_$?M53HJEI6LR@YXJN5.E%QCQ?<5\CY/EQ6&UTV\]8?CM?Q)Z//4:\+
MS;]]2L5R^&M1K0J5)]_3RIOBHY66\2EA]=^S.``T_P#YQNS_`/5NN?\`84?^
M*?1?B)V:[>=5VFLJ<9QBJ3MZ?*2:>9+^LQA82>6G]2PGWC+@`TG6_$EH,=+5
M2AH>I3U#A%NA.<(TN77)?(FWA=X?#O"Z6>N17_$O6E;U8V^U*=.NX-4YU+]S
MC&6.FXJFFUG[96?W108`ORA^)>M&WI1N-J4ZE=02J3IW[A&4L=M1=-M+/VR\
M?NSSWGXE=2G<6LK+;=I1H1GFYA6N9595(Y74))14'C/;4O:ZZ[HL`7)JOXC-
MS74[B.F:9IMC0J0XTG-2K5:3XXY<LJ+><M9ACTFG]X'_`)1]Z_Q'\]_2C5?F
M^7YN/YF7Q\LYQ\>>''/]G'''6,=$7.Q8[3W)J=G3O+#;^JW=K4SPK4+*I4A+
M#:>))-/#37\@/97\@[RN;BK7GNK65.I-SDJ=[4A%-O/48M**_N227V.'>W]Y
MJ=Y4O+^[KW=U4QSK5ZCJ3EA)+,FVWA)+^1*(>+-]5+RUM5MF^52ZI*M3<HI0
MC%IO$YM\:<NG],FI>EC+1.+7\-^Y)_/^<UG2J6*4G1^%U*G.I_9C+,8\8OO,
MER:_YK`I<&C]&_#?I=IJ,*VKZ[7U"UAA_EZ-O^7YM-/$I<I/BUE-+#[Z:P6)
M/QELBI;VE![8TU0M)PG3<:*4I.*PN<EW47[J;:E]\@8L)IHOBC>^NW'Q4=`N
M[6$9PC4JW\';Q@I/]7UX<DL-OBI-?MVLZ_L])TW3H4(6.GVEK"A"<*,:%&,%
M3C.2E-1PNE*23:7MI-GL`IO8O@ZML_>=MKU77Z=S"SG-4J,;1Q=6,J3AF3YO
MBU*4NERRHKM9PK$V[LK;^U:MU6TG3:%&XN:M2I4KJG'FE.7+XXM)<::Q%*"P
MEQ7MY;D````````````#%GDK;];;7D'6+*=O3H4*EQ.XM8TH.-/X9MR@H=)8
M2?%XZ3BTO1&["]N-,U&VO[.I\=U:U85J,^*?&<6G%X?3PTO9LOR#L>QWUMJM
M8UZ5-7]*$IV%RWQ=&KCK+2;X-I*2P\KOVDUDC<NS]?V?<4*&O:;4LYUX.=)N
M<9QFD\/$HMK*ZRLY65^ZR&B_''FK3MU_%IFO.AIVMU*OQT8P4E1N<Y<>+;?&
M76.,GVVL-M\5;!@`L#9OF#=.T/BMOS/\2TR&(_D[N3EPBN*Q3G^J&(QPEW%9
M;XL#7X('M?R[M#<>EPN*VK6FEW<81=>UOJ\:3IR>>HREA373>8_9K*BW@G%"
MO1NK>E<6]6G6H58*=.I3DI1G%K*::Z::[R!]````/'J6K:;HUO&XU34+2QH2
MFH1J75:-*+EAO"<FEG";Q_<P/8"G];_$1M:Q^>GI-G?:I6AQ^.?%4*-3.,_5
M+ZUA-^X=M?MV0#<?XA=RZG\<-#M:&BTXX<I?3<U)/O*S./%1>5UQSF/O#P!I
MNO7HVMO5N+BK3HT*4'.I4J248PBEEMM]))=Y*GW7Y_VYH=P[71K>IK=>$^-2
M=.I\5".')/$VFY/*7J+BU+*E]C.&O[BU?=.J2U+6KZI=W;@H<Y)148KTHQBD
MHKV\)+MM^VSE@3S7_,6]]P3ERUBII]#FIQHZ=F@HM1Q^M/FT^VTY-9?]RQ`S
MV:5I5]KFJ6^F:9;5+F\N)\*5*'N3_P`$DLMM]))M](N#:/X>K[5M+M-1U_4J
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MIY><I2UOI6E6.AZ7;Z9IEM3MK.WAPI4H>HK_`!;;RVWVVVWEL@=UN78OAC1Z
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M';]G<``````!@`W^5OOKPSM_>55WMN_X3J;RY7%M2BX56Y<G*I#KE+N7U)I_
M5VWA(#+FVM2HZ-NK2-4N(U)4+*]HW%2--)R<834FEEI9POW1M/;VZM"W79RN
MM#U.A>TX_K4&U.GEM+E!XE'/%XREG&5T8@O[&XTS4;FPO*?QW5K5E1K0Y)\9
MQ;4EE=/#3]'TTK5;[0]4M]3TRYJ6UY;SYTJL/<7_`(--933Z:;3RF!O,&:-L
M?B(UVQJT:&X[.AJ5JNJE>C%4J_<L\L+Z)8CE**4<]9DNV[+TWSSL.^MY5;B^
MN].FIN*I75I.4FL+ZE\?-8[Q[ST^O60LP%?_`.6SQY_M#_X*X_X9S[7S[L6X
MU&O;5;B^M:-/EQNZUJW3JX>%Q4'*?:[7**Z7>'T!:`*;U_\`$3MS3YRI:+I]
MWJTXS2^23_+TI1<<MQ<DYY3PL."^_?K,$UO\1&Z;[YZ>DV=CI=&?'XY\77K4
M\8S]4OH>6G[ATG^_8&D]2U;3=&MXW&J:A:6-"4U"-2ZK1I1<L-X3DTLX3>/[
MF4OY!\\Z8M+K:9M*52[KW=O*$M0_K*"MG+KZ$TI.>,M/I1?%_5VE0&I:MJ6L
MW$;C5-0N[ZO&"A&I=5I59*.6\)R;>,MO'][/&`-+_ATV]<:?M?4=<KRQ3U2K
M&%"&%W"DYISRG]Y2DL-+'#/::(IXF\.WUYK,-8W=H]2CIE"'.A:W7TRKU5+"
MYTVL\%AMJ7'.8_JBV:/H4*-K;TK>WI4Z-"E!0ITZ<5&,(I82272276`*?_$%
MNZ6D[:M=`L;VI1O-2FY7$:4HY=LDTXR[Y)2DTEA8DH33>,IYD+$\X5ZU;RWJ
M\*M6I.%&%"%*,I-J$?AA+$?V7*4GA?=M_<KL#L;8VQJF[]=HZ1I%#Y;BIW*4
MNH4H+W.;^T5E?[TDFVD]=^/]B6.P=O\`\/MY4[B[J3<[J]5+A*N\OCE9>%&+
MPEG'M^Y,Y_B+:]CMSQ[IE:WITY7>I6].\NKA0Q*HYKE&+[?48RXK[>WA.3)Q
M7KT;6WJW%Q5IT:%*#G4J5)*,812RVV^DDN\@?0%;[J\T;1T33M1AIVKT+_5J
M-)_EZ-"G.K3G4:^G-18@XIM.6)9PFO?15'^<1NG^COY+\G8_Q/\`1_$>+_3P
MQGX_T_)R^K/Z?MP`T^"C_`NZMT[EU'7_`.+:G^>L:?"M+YVW4A6J-X5/'4:>
M(2S'TFH\4LR+P````<?=EC<:GLW7+"SI_)=76GUZ-&')+E.5.2BLOI9;7L[`
M`P`3CQ7O:SV%NVIJ=_:U[BUKVD[::H-<X9E&2DDVD^X)8RO>?MAO)7CJ\V%K
MLZ=/Y[G2*N)6UY*DTERY8ISECC\BXOI>UAX6<*#@:KU+\0.R+&XC2MWJ6HP<
M%)U;6V48IY?TOY)0>>L^L=KOWB+U_P`2M&6C596^VZE/5'-QIPJ7*G0C'CU-
MR24F^7]C"RO[2,^'TH4*UU<4K>WI5*U>K-0ITZ<7*4Y-X227;;?6`+4M?Q"[
MUM_G^6EI5U\E652/S6\E\47ZA'A./TK[<LR[[;-3F=/#WB&QUJPL-VZY7IW5
MI.=25#3E#,9.$^*E5;]KE&7T8P_IRVLQ-%@`````&+/)NI5M5\F[BN*\:<9P
MO9VZ4$TN-)_%%]M]\8)O^_/KT</0]&O-PZ[9:180YW5W5C2AE-J.?<I83:BE
MEMXZ2;&NSMZFX=3J6=Y7O;65W5=&ZN&W4K0<WQG-M)N36&\I=OT61^'JQM[O
MR55K5Z?.I::?5K4'R:X3<H4V^O?TSDN_W_?`&IP`````````````````````
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M2H_@K?3F4E-]4^T_ID_O%*4F^K8``````````\][?V>F6=2\O[NA:6M/'.M7
MJ*G".6DLR;PLMI?S*KW=Y\VYH].[M-#535=0A!QI58QQ:JIR<?JEE.26.7TI
MJ2PE)9R@M#5=5L=#TNXU/4[FG;6=O#G5JS]17^+;>$DNVVDNV?2PO;?4].MK
M^SJ?):W5*%:C/BURA))Q>'VLIKV8LW+OW=&[[>A;Z[JU2ZH4)N=.FJ<*<>36
M,M0BDWC*3><9>/;S[-D>0=8VCKNEU7J-]4TBUJ_UM@J\W2=.6>?&GR4>7U2D
ML]<L-@;/!\Z%:-S;TJ\%44*D%.*J4Y0DDUGN,DG%_P!S2:^Y]```````````
M````````````1O<NPMK[ON*%QKNDT[JO0@X4ZBJ3IRXMYPW"2;6<M)YQEX]O
M,D`'/T;0]+V]IT+#2+"A96L</A1ACDTDN4G[E+"69/+>.V=`````````````
M`````````````````!#_`"/OJWV'M>K?9H5-2J_U=C:U9-?+/*R\+OC%/D_7
MV64Y(#N:_N+2-K:7+4M:OJ=I:*:ASDG)RD_2C&*;D_;PD^DWZ3,L>1O+.K[X
MN+BRMYU+/;[G'X[-)*53BVU*K)=MM]\<\5B/MKDX_O+?&M;ZU2%]K%6FE2AP
MHV]!.-*BNL\4VWEM9;;;?2]))1L`6IMOPCJ6[=CZ?N#2]8M(U[N<U*UNJ<H1
MA&,YPRJD>3;S%=<5[??7?#\=^,M4\@WE5TJGY+3*&56OIT^:4\94(QRN4NTW
MVL+MON*>M]"TS^";=TS2?F^;\C:4K;Y>/'GP@H\L9>,XSC+`X^Q=BZ7L+0E8
M6"^6XJ8E=W<XXG<37W?[167B/VR_;;;E``````"G_.'D>\VK9V^@:-6^'4K^
MDZE:XCE3H4<\5P>,<I-27)/,>+Z3<6@M#6=<TO;VG3O]7OZ%E:QRN=:>.32;
MXQ7N4L)XBLMXZ15]_P#B+VG;_F86=AJMW4I\E1E\4*=.JUGB\N?*,7UVXY2?
MK/1FB]O[S4[RI>7]W7N[JICG6KU'4G+"269-MO"27\CS@71>_B0W)4O*DK#1
MM*H6KQPIUU4JSCTLYDI13[S_`&5^W?L\_P#G&[P_U;H?_85O^*4^`+@_SC=X
M?ZMT/_L*W_%.Y0_$O6C;THW&U*=2NH)5)T[]PC*6.VHNFVEG[9>/W908`O\`
M_P`YG_X1_P#N7_ZB*:UY^WIJ-QRTZI::30C.;C"C0C5E*+?TJ<JBDFTE[BHY
MR^O6*K`%Z;1_$-J2U2TM=U6UI+3W!4JMY;4I1JQETODE'DU)>\J,5[REUQ=Y
M[>W5H6Z[.5UH>IT+VG']:@VIT\MI<H/$HYXO&4LXRNC#!)/'U>M;>1MMSH5:
ME*;U.W@Y0DXMQE449+K[.+::^Z;0&VP```(/Y$\FZ7X^LZ2JT_SNIU\.C8PJ
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MEC[<L/M`2@```>>]O[/3+.I>7]W0M+6GCG6KU%3A'+269-X66TOYF</*7FK^
MD=G4T+;#KT--J<H7=W-<)W,<M<8K.8TVNWG$I9PTEE2#1]:_L[>\MK.M=T*=
MU=<OR]&=1*=7BLRXQ;S+"[>/1Z#`E"O6M;BE<6]6I1KTIJ=.I3DXRA)/*::[
M33[R;3\=;AN-U>/]'UB\CBZK4G"L\KZYPE*G*?227)Q<L)=9Q]@)0`````KO
MRCY1H^/K>VM[>TIWNJ7D)RITY55&-&*6%.:7U-.7277+C/ZE@R(6!YJO_P`]
MY8UCC=_F*-#XJ%/%3G&GQIQY07?6)N>5]I<OODA>DZ;6UG6;'2[>5.->]N*=
MO3E4;45*<E%-X3>,O]F!XR2+Q]O*5O.NMK:SPA.,&G95%+,DVL1QEKZ7EI87
M6<96=9[.V!M_8UG\6DVO*XER52]KJ,J]1-I\7-)8C],?I22ZSC.6Y0!@`]%A
M8W&IZC;6%G3^2ZNJL*-&')+E.32BLOI9;7LVO2V/M:EK%_JRT&QE?7^?S%6I
M24^68N,L*65'DI24L)<LOED^>F[`VIH^X):[IVAVEKJ#@X*I23C&":2?"&>$
M&TL-Q2;R_P!WD)!0H4;6WI6]O2IT:%*"A3ITXJ,812PDDNDDNL'T````````
M````"'^4M9O-`\9ZWJ-A/X[J-*-*%1-IP^2<:;E%IIJ24FT_LTC&!HO\1FZ(
MT-+T_:]"I45>YFKRYXSE%?%'E&$9+&)*4LOWTZ2Z[3,Z`#V6>K:EIUO=6]EJ
M%W;4+N'"YIT:TH1K1PUB:3Q)8DUA_N_W/&`/18W]YIEY3O+"[KVEU3SPK4*C
MISCE-/$D\K*;7\R>:5YNWYID[?GJM.^H4(</AN[>$E-*.%RG%*;?WSRRVN\]
MYKL`7YH'XDJRG&GN/0Z<H.;;KZ=-Q<8\>E\<V^3Y>WS73]==S_0/-FR->G&E
M+4*FF5Y3<8T]1@J2:4<\N:;@E[2S)/*QCM9R(`-_@Q)I7D#=^BSMY6&X]2A"
MVAPI49UY5*48\>*7QSS#"7I8ZZQZ+?V/^(2-6=.PWE1IT4H-?Q.WA)IM16.=
M**;RVI?5'K+2XI9:"_`<O1=QZ+N.W^?1M4M+Z"A"<U1JJ4J:DLQYQ]P;P^I)
M/I_L=0````/G7KT;6WJW%Q5IT:%*#G4J5)*,812RVV^DDN\D/U+RSL/2KB-"
MXW+:3G*"FG:QG<1QEKN5-22?7K.?7[H#Q^9MN?TC\:ZAQJ<*VF_^D*>98C+X
MXRY)]//T.>%U]7'O&3(!J_6?/6R=/TZ=;3KJOJEUVH6]&A4I9>&TY2J124<I
M)M9:SZ9E`"R/%'D__)_>7=M?T*]UI%WB<X499G1J)/$H1;47GI2]-XB\_3AV
MO_G&[/\`]6ZY_P!A1_XIF``:'O?Q+6=.\J1L-L5Z]JL<*E>\5*<NEG,5"27>
M?[3_`'Z]%4;Z\CZ[OR\?YZM\.FTZKJ6UA3QPI=867A.<L?VG_P`Z6%%/!#R:
M:;XEWYJMO*O;[;NX0C-P:NI0MY9PGU&HXMKOWC'O]F!"P7Y0_#/6E;TI7&ZZ
M=.NX)U(4[!SC&6.TI.HFUG[X6?V1(]$_#OM:P^"IJUY?:I6AR^2')4*-3.<?
M3'ZUA-?V^VOV>`,Z:!MW5]TZI'3=%L:EW=N#GPBU%1BO;E*32BO2RVNVE[:-
M1^*/&'^3^SN[F_KT+K5[O$)SHQS"C33>(PDTI//3EZ3Q%8^G+F&WMJZ%M2SE
M:Z'IE"RIR_6X)N=3#;7*;S*6.3QEO&<+H[``````````````````````````
M`````````````!Y[V_L],LZEY?W="TM:>.=:O45.$<M)9DWA9;2_F4GN#\1]
MC;7%>WV_HM2\A&$HT[NZJ_%%SRTI*FDW*'Z7VXMY:Q'V!>A7^\O,&UMH?-;?
MF?XEJ<,Q_)VDE+A)<EBI/],,2CAKN2RGQ9FC<WD/=.[JM;^*:M7=K5Z=E1DZ
M=!14G**X+J6'Z<LRZ66\$7`Z&N:S>;AUV]U>_GSNKNK*K/#;4<^HQRVU%+"2
MSTDD<\%H;1\&;IW'QN-2A_`[%Y^N[IMUI?J75+IKM+]3CU)-9`J\FFF^)=^:
MK;RKV^V[N$(S<&KJ4+>6<)]1J.+:[]XQ[_9FD]B^+-O[%I*K;TOSNIO#E?W,
M(N<7QXM4UC^KB\RZ3;^K#;PL3@#)EYX&WY;6]K5HV-I=SK0Y5*5&[@I4'A?3
M/GQ3?;7TN2Z??K/'TWQ+OS5;>5>WVW=PA&;@U=2A;RSA/J-1Q;7?O&/?[,V6
M`,@?Y$_(?^SW_C;?_B'+L_&6][ZWNJ]';&I1A;0YU%6HNE)K#?T1GAS?3ZBF
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MY5"M+CG/]5+$UTF^UZ[]=D@,`$TVOY4W?M.<(VFJ5+JTA",%9WSE6I*,8M14
M4WF"6?4''TLY2P!LL%%Z+^)+39V_'7M#NZ->,(+G83C5C4ECZGQFXN"SC"S+
MW[Z[ZFM_B(VM8_/3TFSOM4K0X_'/BJ%&IG&?JE]:PF_<.VOV[`N`&?\`_.9_
M^$?_`+E_^HM38^_]-W_;WEQI=CJ5"A:SC"52[HQC&<FF\1<923:23:^W*/[@
M2P@_E7>G]"MEW-S:W="CJ]QBE8PJ1YN4N2YR4?\`W8MO+^G/%/.4G-*]>C:V
M]6XN*M.C0I0<ZE2I)1C"*66VWTDEWDR)Y=WU;[YW;"MISK_PRRI?!;_))I5'
MR;E54'^GE]*_=J$<X](*_``&A[#S;LK9NU[;1=MZ7JMY&UI0^*-PXTXRE)J4
M^<\MJ2<I9Q#CR6(_3AE*;HW=K6\=4G?ZS>U*S<Y2I4%)JE03PN-.&<16(Q_O
M>,MM]G#.IH&W=7W3JD=-T6QJ7=VX.?"+45&*]N4I-**]++:[:7MH#Z;6VY>;
MNW'::'85*%.ZNN?"=>34%QA*;RTF_47]BY*?X9ZSG657==.,%/%)QL')RCQ7
M<E\BXOER6$WTD\]X4_\`'/B;2-CV]O>W$*=YN!0E\EXVW&GR23C2B^DDNN6.
M3S+TGQ5B`9__`,V;_P"+O_MO_P"TFFF^!MAV-O*E<6-WJ,W-R56ZNYQDEA?2
MOCX+'6?6>WWZQ9@`I.Z_#AHM?5+^O0UJ[M[.K"3M+:-)2=O-XQRFVW.">?IP
MGC'U93;I#=>Q-Q[,N'#6=.J4Z#GQIW=/ZZ%3N6,372;46^+Q+';2-MGGO;"S
MU.SJ6=_:4+NUJ8YT:]-5(2PTUF+RGAI/^0&"#2_A3RG<;CQMC7:OR:E1I.=K
M>3FN5S".,PEEYE42[RL\HIM]Q;E5GE[Q_1V)N6B]/^3^$ZA"56V4Y)NE*+^N
MGG.6HYBTW]I)9;3;K^A7K6MQ2N+>K4HUZ4U.G4IR<90DGE--=II]Y`WV"K_$
M7E'^G%G/2M3CPUVTI?)4G"&(7---1^18ZC++2<?7:<>LJ-H```````@?EG?$
MMC[.G7LZM..K7D_@LU)1EQ?N53BWVHQ^^&N4H933)X9`\P;R_I?OFX_+5ODT
MS3\VMIQEF$\/ZZBQ)Q?*7J2QF,89]`0.O7K75Q5N+BK4K5ZLW.I4J2<I3DWE
MMM]MM]Y/F"0;(VY_2[>FEZ&ZGQT[JK_6S4L-4XISGQ>']7&,L96,XST!H/\`
M#QI4K+Q[<7]6VITYW][.=.LN/*K2@HP66N\*:J83_=O[Y=N'SH4*-K;TK>WI
M4Z-"E!0ITZ<5&,(I82272276#Z``````````````````````````````````
M```````````````````````#CWNT]MZG>5+R_P!OZ5=W53'.M7LJ=2<L))9D
MTV\))?R.P`(W7\?;-N;>K0GM;1E"I!PDZ=E3A))K'4HI.+_O337V/IHFQ]K;
M<^"6DZ#8V]:AR^.X^)3K1Y9S_6RS-]-KM^NO71(`!PZ^S-JW5Q5N+C;6C5J]
M6;G4J5+"E*4Y-Y;;<<MM]Y//1\?;-H0<(;6T9ISE/Z[*G-YE)R?<DWC+Z7I+
M"6$DB2`"/V.QMIZ=2IT[7;>E4^%)T5-VD)3<'%PDI3:<I9BVGEO.7G.3J5M)
MTVYTM:77T^TJZ>H1@K2=&,J2C''%<&L86%A8ZPCV`"/_`-!-G_[*:'_W=1_\
MIW*%"C:V]*WMZ5.C0I04*=.G%1C"*6$DETDEU@^@````````````````````
M`````'#W7M+2-YZ,]+UFC4J4%/Y*<J=1PE3J<914UCIM*3Z::_=,[@`R!Y$\
M4:IX^I4KVI>4+[3*U54:=Q!?'-3X\L2@\XSB>,.7Z>\92*_-]UZ%&ZMZMO<4
MJ=:A5@X5*=2*E&<6L--/IIKK!4^Z_`&W-<N'=:-<5-$KSGRJ0IT_EH2RY-X@
MVG%Y:]244HX4?N!EPZ&F:[K&B?+_``G5;ZP^;'R?E+B=+GC.,\6LXR_?[LMS
M4OPVZ]2N(QTO7=-N:'!.4[J$Z$E++Z48J::QCO/W?77=;ZUL/<V@[@_@MSI%
MW5NYSG&W_+T95(W*BN3E2:7UI1:;QVL]I/*`4?(.\J$W.&ZM9;<)0^N]J36)
M1<7U)M9P^G[3PUAI,^FF^1MXZ1\*LMQ7T(TJM6LHSJ?)&4ZGZW)2RIY>9?5G
M$FY+#;;X>I:3J6C7$;?5-/N[&O*"G&G=494I..6LI22>,IK/]S.Q0\?;RN;B
ME0AM;65.I-0BZEE4A%-O'<I)**_O;27W`\>L[KW!N'FM7UF^O:<JKK?#6KR=
M.,WGN,,\8^VEA+">%T<<E%[XXWKI]Y4M:VU]5G4AC+H6TJT'E)]3@G%^_L^O
M7LDFE>"=\WNJ6]O?Z=3TZTG/%6ZG<4JBI1^[XPFW)_LOW:RTLM!68-3UOP];
M*J6=M0A5U6E4I<N=>%Q%SK9>5R3@XK'I<5'^_+[)II7C_:&BPMXV&W--A.VG
MSI5IT(U*L9<N2?R3S/*?IYZZQZ`RAM3QQN;>%^K:PT^I0I*'.=W=PE3H03A&
M<<RXO+E&<&DDVU)/UV6OM3\.<:-PKC=>ITZ\(3S&TL')1FDXOZJDDGA_4G%)
M/TU)>B_`!S]&T/2]O:="PTBPH65K'#X488Y-)+E)^Y2PEF3RWCMG0``&?/Q+
MTY*XVU5=:HX2A<Q5)J/&+3IYDNLY>4GEM?2L)=YT&1O>6Q]%WUI<+'6*51.E
M/G1N:#4:M%]9XMIK#2PTTT^G[2:#$@-+WOX;]MU+.I&PUG5:%T\<*E=TZL(]
MK.8J,6^L_P!I?OWZ(1:_AZW+5W17L+FZH4-(I\G#5%QG\JQ]*5+ER4GGM/"6
M)8;ZY!3Y+/&F@6.Z/(FD:/J<:DK.O.I*K"$N+FH4Y3XY]I-Q2>.\-X:?9H?3
M?`VP[&WE2N+&[U&;FY*K=7<XR2POI7Q\%CK/K/;[]8L#2M*L=#TNWTS3+:G;
M6=O#A2I0]17^+;>6V^VVV\M@1O1/%VS-N:Q0U;2=&_+WU#E\=7\U6GQY1<7U
M*;3Z;7:)@````````````%9^0_#FD;TG=:K:5*EEKU2&56=1RI5I*,8Q52+S
MA<8XS#&,Y:EC!2&O^$][Z#"56.GT]3H1@I2J:=-U6FY8X\&E-OTWB+6'G/3Q
MKL`8$="M&WA<2I5%0G.4(5'%\92BDY)/TVE*+:^W)?N?,WO>V%GJ=G4L[^TH
M7=K4QSHUZ:J0EAIK,7E/#2?\BJ]5_#SM"]G<5;"YU+3YSABE3A5C4I4I<<)X
MG%SDL]M<_P!\-?8,N`T7>?AJTV=O:QLMR7=&O&&+F=:VC5C4EA=PBG%P6<]-
MR]KOKOH4/PX;5C;THW&JZS4KJ"52=.I2A&4L=M1=-M+/VR\?NP,R'LTW2=2U
MFXE;Z7I]W?5XP<Y4[6C*K)1REEJ*;QEI9_O1I/\`S<MG_P"LM<_[>C_PBS-`
MV[I&UM+CINBV-.TM%-SX1;DY2?MRE)MR?I9;?22])`98V;X<W-NG5)T+^SN]
M$LZ4.52YO;646V\\8PA+BYMM=]I)>WG"=U[+\'[?VGJ-KJMS<U]4U*WRX2K1
MC"C&><QG&GVU)+UF3[[23QBT````&2/.EC<6GEC4JU>GPIW=*A6H/DGS@J<:
M;?7KZH27?[?M@K<VWO+8^B[ZTN%CK%*HG2GSHW-!J-6B^L\6TUAI8:::?3]I
M-9\W#^'_`'=IEXHZ/\&LVLO52%2%"<<)?JC.6%EMXXREZR\9P!`]`WCN/:TX
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M``````!X]5TJQUS2[C3-3MJ=S9W$.%6E/U)?XIIX::[32:[12^M?AMTV=ORT
M'7;NC7C";X7\(U8U)8^E<H*+@LYR\2]^NN[T`&:-"_#IKM]^<_C>IT-+^*K\
M=#XJ:N?GBO<^I1XQ?6,_5[RHX6;K\>;'H^/]M2TFE?5+V=2XE<5:TJ:@G)J,
M<1CEX7&,?;?>7]\*6`````````#`!<'X<O\`UAZA_P#*JG_Y:)6>X]%K;<W+
MJ6C5_D<[.XG14YTW3=2*?TSXOTI1Q)=OIKMD@\2ZE1TKRIM^XKQJ2A.X=NE!
M)OE5A*E%]M=<IIO^[/OT!LL`````!P]?WCMS:T)2UK6+2TFH*?PRGRJRBY<4
MXTXYG)9SVD_3_9E9ZS^([;]ISAI&DWVH5(57#E6E&WIS@L_7%_5+OK"<5T^\
M-8`N@\=?5M-M;"K?W&H6E&SI3<*EQ4K1C3A)3X-.3>$U+Z<?OU[,\;@_$5J6
MIZ-7LM+T.GIM>O"5.5S*\E4E",HM9AQC!QFFTU++QCU^T'V3MO<WD*XH;<M+
M^[6CVLU6K.K4E*WM$W+ZE#..;S+"6&VWVER:#98./M70OZ,;7T[1/SM>]_)T
ME3^>N_JEWGI?:*SB,>\1267C)V````````````KOR7XIL=_4U?T[BI:ZU0MW
M1MZKEFE-*7)1J1PWC+EW'#7++4L)&9-X[.U38^N_PG5O@E6E2C6IU*$^4*D'
ME964FNXR7:7K]L-[?/'J6DZ;K-O&WU33[2^H1FIQIW5&-6*EAK*4DUG#:S_>
MP,&$DVIOO<>R[A3T;4:E.@Y\JEI4^NA4[CG,'TFU%+DL2QTFB_\`?'@C1=PS
MJ7^@U*>CW[@E\$*25K4:BTOHBDX-OCF4<K";XMMLSYNS9>N[*U&-GK5I\7R<
MG0K0DI4ZT8O#<9+^3P\22DLI90%B4/Q'[JC<4I7&E:-4H*:=2%.G5A*4<]I2
M=1I/'WP\?LR9V/XD-MU+.G*_T;5:%T\\Z=!4ZL%V\8DY1;ZQ_97[=^S-``U_
M_EL\>?[0_P#@KC_AC_+9X\_VA_\`!7'_``S(``U'JOXAMH64[BE86VI:C.$,
MTJD*4:=*K+CE+,Y*<5GIOA^^$_O6FYO/VZ=:I5K;2Z5#1K6ITI46ZE=1<6I+
MY'TLMY3C&,EA8?674X`]FI:MJ6LW$;C5-0N[ZO&"A&I=5I59*.6\)R;>,MO'
M][/&2S;_`(UW?N6XH0LM$NZ="M"-2-W=4Y4:'QMKZU.2Q)8DGB.6UEI,T/I7
M@G8UEI=O;W^G5-1NX0Q5NIW%6FZLON^,)I17V2_;&6WEL,R;8VQJF[]=HZ1I
M%#Y;BIW*4NH4H+W.;^T5E?[TDFVD]/[0\*[6VG>6^HS5?4M2H\)PK737"G42
M>90II)++>5R<G'"P\K+FFB[<T7;=O\&C:7:6,'"$)NC2495%%8CSE[FUE]R;
M?;_<Z@``````````````````````````````````````````````````````
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MV[6LZ]Q0NKZZJJM7K4J/#'T12I\GW*,6I--X_4^EEDX`\]C86>F6=.SL+2A:
M6M//"C0IJG".6V\172RVW_,]```````!Q]U;AM]J;7U'7+J/.G:4G-0RU\DV
M\0AE)XY2<5G'6<OI&)-5U6^US5+C4]3N:ES>7$^=6K/W)_X))822Z222Z1M/
M?7_J\W-_\JNO_P`4C$``NS9/X?;[5;>AJ&Z+NIIUO5@IQLJ,?](PT_UN2Q3?
MZ7C$GAM/BT<_P'J>V=+W+J5?7:EI;7D;>,K*\NZL:<*2RXU(IRDESDI1QA9P
MI]I-IZC`I_\`S<MG_P"LM<_[>C_PCV:;^'[9%C<2JW"U+48.#BJ5U<J,4\KZ
ME\<8//6/>.WUZQ:@`K__`")^//\`9[_QMQ_Q#AU_P[;-K7%6K"[UFA"<W*-*
MG<4W&";_`$KE3;PO7;;_`';+<`%'ZG^&S1ZOQ?PG<%]:XS\GYJC"XY>L8X\,
M??WG.5ZQW$-W^!;S;&A7&KT=QV-Q:VM*=6X_-4W;OK'&,,.:E*3Z2;CVTN\]
M7?K/E+9.@:C.PU'7Z$;J&5.%&G4K<&FTXR=.,E&2:>8OM?L9P\E>4=1W[>3M
M:<?RVA4JJJ6UK*$7-RBI)5)R]\FI/Z4^*Z7;7)A7Y*/'5A>7WD/0/R=I7N/@
MU"WKUOAIN?QTXU8<IRQZBLK+?2/'L_;5;>&[+#0:%Q3MYW<Y)UIIM0C&+G)X
M7M\8O"ZR\=KV;7TK2K'0]+M],TRVIVUG;PX4J4/45_BVWEMOMMMO+8'L```R
M9YXJ6,_*EY&THU*=>G;T8WDI/JI5X94H]OKXW37V[B^ON]9F(-]?^L/<W_S6
MZ_\`RR`CY)-C[-OM][EIZ/8U*=%*#K7%>?:HTDTG+'N3S)))>VUEI9:C9V-N
M;IUG:.HU+_0[S\I=5*3HRG\4*F8-IM8FFO<5_N`U?HWB'8NB<)4M!H7594E2
ME4OF[CGZS)QGF"DVO<8KVTL)X.QN/>^VMH_&M<U>A:5*F'&EB52HT\XEP@G+
MC]+7+&,K&<F1-?W]NO=$)4M8UR[KT)04)4(M4J4TI<ERIP2BWGO+6>E^R(V!
MJ_6?/6R=/TZ=;3KJOJEUVH6]&A4I9>&TY2J124<I)M9:SZ9']9_$AH\-.G_`
M]&OJM\\J/YY0ITX=/$GPE)RP\?3UE9^I&<`!(-V;TUW>NHQO-:N_E^+DJ%&$
M5&G1C)Y:C%?R67F3266\(CYU-`V[J^Z=4CINBV-2[NW!SX1:BHQ7MRE)I17I
M9;7;2]M$PK^$=^6VC5=0GI5-SIS:E9T[B$Z[@H\N:46U)?;BFY-^H_<"NR^/
M!7DC2](TZMM?7+S\I%U9U[2ZN:V*,4TN5++ZI]IR7V;E+T\<J'`&_P`^=>O1
MM;>K<7%6G1H4H.=2I4DHQA%++;;Z22[R8<V]NK7=J7DKK0]3KV527ZU!IPJ8
M32Y0>8RQR>,IXSE=DHW7Y4W9Y!L[?1*U*A2HU*J7Y73J4T[F;:X1DG*3EA^H
MKVVGAM+`:_!']D:%>;8V7I>BW][^=NK2EPG63;7<FU&.>^,4U%>NHKI>E(`,
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MWMJBU"E>5-.T_3[BFZMU3Y1JN7<L498QS6(Y;?T\HO#],-=@```````H?R_X
M@UG7]QRW'MR/YVM><(75I.I"FZ;C!14XN32<6HI--Y3[64_IA%[X$WK8Z%4U
M)QL:]2G2565C0JRG7_OBEQXRDN^E)YQUEXSJ\`9$VUX5WEN2WKUW:4]*A2FH
M):HJE&51XR^,>#>%UVTEWUG#Q9^F_AMT&E;RCJFNZE<U^;<9VL(4(J.%TXR4
MVWG/>?NNNN[L`%/_`.;EL_\`UEKG_;T?^$<_4_PV:/5^+^$[@OK7&?D_-487
M'+UC''AC[^\YRO6.[P`&5-2_#]O>QMXU;=:;J,W-1=*UN7&26']3^2,%CK'O
M/:Z]XC]?Q+ORVN*M">V[MSIV[N9.G*$XN">,*46U*?\`[B;D_LC98`P)7H5K
M6XJV]Q2J4:]*;A4IU(N,H23PTT^TT^L'S-=^0/$.B[[N/X@J]33=6X*#N:4%
M*-5)K'R0ZY-132::?:SE))4!NOQ!N_:5N[NXLZ=]9QARJ7-A*56-+"DWR32D
MDE'+ECBLKO/0$'H5ZUK<4KBWJU*->E-3IU*<G&4))Y337::?>2P-`\V;WT&$
M:4M0IZG0C!QC3U&#JM-RSRYIJ;?M+,FL/&.EBNP!<'^<;O#_`%;H?_85O^*<
M.OYP\@UKBK5AK5.A"<W*-*G9T7&";_2N46\+UVV_W;*[`$@W'O?<N[OC6N:O
M7NZ=/#C1Q&G336<2X02CR^IKEC.'C."/@[%CM/<FIV=.\L-OZK=VM3/"M0LJ
ME2$L-IXDDT\--?R`XX+4TW\/V][ZWE5N%ING34W%4KJY<I-87U+XXS6.\>\]
M/KUF?Z;^&W0:5O*.J:[J5S7YMQG:PA0BHX73C)3;><]Y^ZZZ[#-@+LW]X#N]
M(MZ=[M%W>IT(0E^9MJTH.O'";Y0PHJ::6.*7+.,<L_34>IZ%K&B?%_%M*OK#
MYL_'^:MYTN>,9QR2SC*_WH#L>.]QV>T=]Z;KE_3KU+6U^7G"A%.;Y4IP6$VE
M[DON:OV]Y%VCNJ\E9Z/K="O=+U1G&=*<^F_IC-)RPHMOCG'WP8H`&_P8@_IW
MO#_:O7/^\:W_`)CN4/,WD&VMZ5"&XJCA3@H1=2VHSDTECN4H-R?][;;^X&PP
M94C^('>ZG92;TV2MX.-6+MGBZ;BERJ?5E-/OZ."R_371Y]2\\[\OKB-6WOK3
M3X*"BZ5K:0E%O+^I_)S>>\>\=+KWD-9@QY7\S>0;FWJT)[BJ*%2#A)T[:C"2
M36.I1@G%_P!Z::^QYZ/EG?E#2WIT-RW;H.$H<YQA.KB6<_ULDYY[Z?+*ZQC"
M`V6#$'].]X?[5ZY_WC6_\QR]2U;4M9N(W&J:A=WU>,%"-2ZK2JR4<MX3DV\9
M;>/[V!M>OO/:MK<5;>XW+HU&O2FX5*=2_I1E"2>&FG+*:?6"-_Y;/'G^T/\`
MX*X_X9D``:+U+\2NFTKB,=+VW=W-#@G*=U<QH24LOI1BIIK&.\_=]==PS>/G
MG<&X[/\`):30_@=O+BZE2A<2E7DTV\*HE'C%_3TEGKWAM%3EN;4\`;CURW5U
MK-Q3T2A.'*G"I3^6O+*BUF":45AOW)23CAQ^X%;ZEN77M9MXV^J:WJ5]0C-3
MC3NKJ=6*EAK*4FUG#:S_`'LT/^'K0-:TG;6H7^HQJ4;#4ITJME0G)Y:2DI5>
M'I*2<,/W)03]<6_/H'X<](T_5(W&M:O4U:TC!K\K&@[=2D_3E*,V\+MX6.\=
MXRG=@``````````````````````*K\L^6:.S;>>CZ/.G6W!5AV\*4;.+74I+
MTYM=QB_^L^L*7+\\;_M]-T*KM/3KK.IWG%7BIMYH4/?%R36)3Z7'O,'+*7*+
M>:`.AJ>NZQK?Q?Q;5;Z_^'/Q_FKB=7AG&<<F\9PO]R.>``))M'8NO[WN*U+1
M+6G5A;SIQN*M2M&$:*FWB3R\M?3)_2F^O7HY>C:'JFX=1A8:185[VZEA\*,,
M\4VERD_48Y:S)X2SVS8?C_8ECL';_P##[>5.XNZDW.ZO52X2KO+XY67A1B\)
M9Q[?N3`B_C[PGI&TYT=2U>=/5-8ISC5I3XN-*VDH_P!B.?K:DVU*2^T6E%KN
MU`````````````X>O[.VYNF$HZUH]I=S<%#YI0XU8Q4N24:D<3BLYZ37M_NR
ML[W\-^VZEG4C8:SJM"Z>.%2NZ=6$>UG,5&+?6?[2_?OT70`,.;HVCK6SM4G8
M:S95*+4Y1I5U%NE72Q]5.6,26''^]9PTGT<,WW7H4;JWJV]Q2IUJ%6#A4IU(
MJ49Q:PTT^FFNL$+O?#^P-0O*EU6VY0C4GC*H5:E&"PDNH0DHKU]EW[]@8X!H
MNM^&K39:HJE#<EW#3^<6Z$[:,JO'KDOD32R^\/AUE=/'<DTSP%L6P^7\S0OM
M2YXX_F[IQ^/&<X^)0]Y^^?2QCO(90-G^+M$U';GCC2=)U:W_`"]]0^;Y*7.,
M^/*M.2[BVGTT_9T+#8VT],_+.SVWI5.I:\'1K?E(.I%QQQES:Y.2PGR;SGO.
M1O3=EGLK:]UK=Y#Y?BQ"C0510E6J2>(Q3?\`-O&6HJ3P\8`IC\06^IU;R.S+
M)\:-'XZ]]-2DG*;3<*372<4G&;]Y;CZ<7FASV:KJM]KFJ7&IZG<U+F\N)\ZM
M6?N3_P`$DL))=)))=(\8`^E"A6NKBE;V]*I6KU9J%.G3BY2G)O"22[;;ZP2C
MQSLV6^MXV^D2J5*5I&$J]W5I\>4*4<9QG[N3C'T\<LX:3--[.\4;6V3>?GK"
MA7N;]<E"[O*BG.G&22:BDE%>GWCE]4EG#P!5&T?P[ZC><;G==Y_#Z/?^AVDH
MSK/]2[GW"/:B^N>4VOI9?>@;=TC:VEQTW1;&G:6BFY\(MR<I/VY2DVY/TLMO
MI)>DCJ`````````"/[TVG9[UVO=:)>3^+Y<3HUU34Y4:D7F,DG_-/&&XN2RL
MY,<;FVQJFT-=K:1J]#XKBGW&4>X58/.)P?WB\/\`W--)II;G*W\V[8AN#QU=
MW5.A\E]I7^ET9+BFH+_E4V_[/#,FDUEPC[QAAE32M5OM#U2WU/3+FI;7EO/G
M2JP]Q?\`@TUE-/IIM/*9K/QEY/L_(%G4MZE#\IJ]K2A.YH\EPJ9;3E2[<G%8
M6<KZ><5E^WD`]FE:K?:'JEOJ>F7-2VO+>?.E5A[B_P#!IK*:?33:>4P-Y@I_
MPQY1U'>-6YT/7(_-J5O2E<PO(0C!5*?**<916$I)S6&EAKWAK,K@```"L_,^
M_JVS-M4[.QI5/XAJT*M&C<*;BK>,4E.:::?/ZUQQZ?;?6'DPLCS;N:>X/(MW
M:TZ_R6.E?Z)1BN22FO\`E6T_[7/,6TEE0C[QEUN`-)^`=CV-MM^&[[JE3K:A
M=SJ0M)MY^"E%N$L+'4Y24TWE_3A+&9)TAL3:E;>F\;#1H*HJ$Y\[JI#/]71C
MW-YPTGCZ4VL<I13]FT["QM],TZVL+.G\=K:TH4:,.3?&$4E%9?;PDO8'H```
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M!F3\0FU*VG;LI;EI*I.TU2$859/+5.M3BHX]82E!1:3;;<9_9%-FW]Z;3L]Z
M[7NM$O)_%\N)T:ZIJ<J-2+S&23_FGC#<7)96<F0-V;+UW96HQL]:M/B^3DZ%
M:$E*G6C%X;C)?R>'B24EE+*`FFQ_..M;2TNGI5]9T]7L*$'&W4ZSIU:2ZQ'G
MB2<$D\)QRLI)X21]-P_B`W=J=XI:/\&C6L?5.%.%><LI?JE..'AIXXQC[P\X
MR5.`+`UCS1OK6+.%J]7_`"=-4H4ZCLJ:I3J2B\\W-?5&3ZSQ<8_;"3>8?J>N
MZQK?Q?Q;5;Z_^'/Q_FKB=7AG&<<F\9PO]R.>2"PV-NS4_P`L[/;>JU*=UP=&
MM^4FJ<E+'&7-KBHO*?)O&.\X`CYW-M;/U_>%Q7H:#IM2\G;P4ZK4XPC!-X69
M2:67WA9R\/\`9E]^+?"]GI6G2U'>.D4+C5I59?%;5JBK4Z-/''ZHK,)2;<GW
MR27'&'DN"QL+/3+.G9V%I0M+6GGA1H4U3A'+;>(KI9;;_F!GS1?PVZE.XY:]
MKMI1H1G!\+"$JLJD<_4N4U%0>,8>)>_77=Y[8VQI>T-"HZ1I%#XK>GW*4NYU
M9OW.;^\GA?[DDDDDNP````````````````````Y]KH6CV&HU]1L]*L;>^K\O
MFN:-O"%2IR?*7*267EI-Y?;/'K^SMN;IA*.M:/:7<W!0^:4.-6,5+DE&I'$X
MK.>DU[?[L[@`J>]_#ULJ[O*E>C5U6RIRQBA0N(N$,)+ISA*7?OMOW^W1&ZWX
M;:,MRIT-=J0T'A&34X*5URRN4,I*&&LM3^S:7%XR[\`%;Z%X/V5H?YSY+6OJ
MGYFE\+_B$HS^*+]N'&,>,GU]7ZECIK+S)-*\?[0T6%O&PVYIL)VT^=*M.A&I
M5C+ER3^2>9Y3]//76/1)````````````````````````````````````````
M``````````````````(OOK?6E[#T)W]^_EN*F8VEI"6)W$U]E^T5E9E]LKVV
MDX?Y2\P6>U;.II6@7-"[UVIRA*<)*I"RPW%N7V=3*:4'ZQF76%+,%[?WFIWE
M2\O[NO=W53'.M7J.I.6$DLR;;>$DOY`=C<V]=P;NO*U;5]2KU:-2K\L;2-22
MH4FDTN%/.%A-K/OMY;;;<?!;FQ/!NO:U<6&IZ[1IV&EJXS7M+I3A<5:<7VE!
M).*DTXY<DTLR2?60C?CWQOJF]-=LH5K.^MM$J<JE;4(T<0X1RFH2E]+DY+CU
MG&6\-19J_;&V-+VAH5'2-(H?%;T^Y2EW.K-^YS?WD\+_`')))))=2A0HVMO2
MM[>E3HT*4%"G3IQ48PBEA))=))=8/H```````````'SKT*-U;U;>XI4ZU"K!
MPJ4ZD5*,XM8::?3376#&'D?:5;9F]K[3I4:=*TJSE<6*A4<U^7E*7!9?>5AQ
M>>\Q?M8;VF1O=VQ=`WO;TJ6MVM2K.A"I&WJTZTH2HN:69+#PW],7]2:Z]>P,
M2%X>+/-5GMW0J>A;G=]6ITJL86EW!*HJ-%X7&2RI<88RL<GAX22BDZ?UW3/X
M)N'4])^;YOR-W5MOEX\>?";CRQEXSC.,LYX&Y]&W7M_</!:1K-C>U)4E6^*C
M7BZD8/'<H9Y1]I/*6&\/L]&LZYI>WM.G?ZO?T+*UCE<ZT\<FDWQBO<I83Q%9
M;QTC"``U/K/X@MG:?SAIT;[5*GQ.<)4:/Q4W/O$).IB2]++47A/[OHISR!Y>
MUK?=O_#U0IZ;I/-3=M2FY2JM)8^2?7)*2;222[6<M)JNP`.QMW:^L;IU&G9Z
M38UZ_*K3I5*T:4Y4Z'-X4JDHI\8]-Y?V3_8G&PO"NN[K_*:EJ2_ANB5>-3Y)
M-?-7IO/_`"<</&<+ZI86)*24ET:7VQMC2]H:%1TC2*'Q6]/N4I=SJS?N<W]Y
M/"_W)))))!R]C^/M%V)I=.A8T*=:_<&KC4)TTJM9O#:S[C#,5B">%A9R\MRP
M````!0_FWQ9;U+.[WCHE+XKBG_6:A:TX-JJF^ZT4EU)9S+[-)RZ:?*^`!@`&
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M-]5C*FI)IIN,(QY>L8EF+3>4RT`!\Z%"C:V]*WMZ5.C0I04*=.G%1C"*6$DE
MTDEU@^@`&?\`>OX?+BO>:AJFV+^@_FJRK0TRK25)033DX4YKZ?U=1BXQ2369
M=9=6:EXRWOI5Q&A<;8U*<Y04T[6B[B.,M=RI\DGUZSGU^Z-I@#%'^3C>O\._
M/?T7U7X?E^'C^6E\G+&<_'CGQQ_:QQSUG/1:'A+QEKMANBEN;6[&OI]O;4JG
MY6G6:A4J5))TWRIM<E%1<_?%MN+65DT.````\>JZ58ZYI=QIFIVU.YL[B'"K
M2GZDO\4T\--=II-=HR9OKQ)N#9EXW1HU]5TSXG5_/6UO+%-169_)%9^/'O+>
M&N\]-+7X`P`>BQL+S4[RG9V%I7N[JIGA1H4W4G+";>(K+>$F_P"1N_\`(6?\
M1_B/Y2A^>^+X/S/QKY/CSRX<O?'/>,XR>>UT+1[#4:^HV>E6-O?5^7S7-&WA
M"I4Y/E+E)++RTF\OM@84KT*UK<5;>XI5*->E-PJ4ZD7&4))X::?::?6!0H5K
MJXI6]O2J5J]6:A3ITXN4IR;PDDNVV^L&^P!DR\\#;\MK>UJT;&TNYUH<JE*C
M=P4J#POIGSXIOMKZ7)=/OUF8;$\!ZE9[@L-3W4]-JV%*'RSL(RE4E*ICZ83Z
M4<)O+PY)\<8:>308`^="A1M;>E;V]*G1H4H*%.G3BHQA%+"22Z22ZP?0````
M```````````````````@][X?V!J%Y4NJVW*$:D\95"K4HP6$EU"$E%>OLN_?
MLA][^&_;=2SJ1L-9U6A=/'"I7=.K"/:SF*C%OK/]I?OWZ+H`%)Z;^&W0:5O*
M.J:[J5S7YMQG:PA0BHX73C)3;><]Y^ZZZ[[&F_A^V18W$JMPM2U&#@XJE=7*
MC%/*^I?'&#SUCWCM]>L6H`*[VIX8VKM+65JEO^;OJ\88IQO_`(JL:4E*,E..
M*::FG'IYZRRQ`````'/UG0]+W#IT[#5["A>VLLOA6AGBVFN47[C+#>)+#6>F
M=``9LW1^';5[&$[C;>H4]3ASDU:UTJ-51Y+BE)OA-I-MM\/T])YPJOU_9VX]
MK3E'6M'N[2"FH?-*'*E*3CR2C4CF$GC/2;]/]F;C`&`#V7FDZEI]O:W%[I]W
M;4+N'.VJ5J,H1K1PGF#:Q)8DGE?NOW-OZ;MK0=&N)7&EZ)IMC7E!PE4M;6%*
M3CE/#<4GC*3Q_<CJ`8`!M_\`H)L__930_P#NZC_Y1_039_\`LIH?_=U'_P`H
M&*+&PO-3O*=G86E>[NJF>%&A3=2<L)MXBLMX2;_D=S1=A[FU[<'\%MM(NZ5W
M"<(W'YBC*G&V4ER4JK:^A.*;6>W]DWA&VP!FB]_#?N2G>5(V&LZ57M5CA4KN
MI2G+I9S%1DEWG^T_WZ]'4T#\-M9SC4W'KM.,%-IT-.@Y.4>/3^2:7%\O:X/I
M>^^M!@"I['\/6RK2\IUZU75;VG'.:%>XBH3RFNW"$9=>^FO7[=$DJ>)=AU=+
MHZ=+;=HJ%*?.,XRG&JWW^JJGSDOJ?3DUZ_98F@`Y^C:'I>WM.A8:184+*UCA
M\*,,<FDERD_<I82S)Y;QVSH````````````````````````Y^NW=QI^W=3O;
M-4'=6]I5JT5<34*;G&#<><FTE'*66VL+[HZ!'][Z%>;GV7JFBV%[^2NKNEPA
M6;:74DW&6.^,DG%^^I/I^F&*+^]N-3U&YO[RI\EU=595JT^*7*<FW)X72RV_
M1YSV:KI5]H>J7&F:G;5+:\MY\*M*?N+_`,&FL--=---=,]&@;=U?=.J1TW1;
M&I=W;@Y\(M148KVY2DTHKTLMKMI>V@.63C9WC;6-?WI9Z+JVF:KIUK+^LNJT
M[.<72IXFUGDL1YNG**D^LYZ>,%O^+/"O]'+RGKNYU0KZE3XSM+2#YPMI83Y2
M>,2J)]+&8QQE-O#C=`'CTK2K'0]+M],TRVIVUG;PX4J4/45_BVWEMOMMMO+9
M[```````````````````````#YUZ]&UMZMQ<5:=&A2@YU*E22C&$4LMMOI)+
MO)CSR;Y$N/(.NTZJH_E],L^4+*C)+FE+'*<VO[4N,>D\+"2SW)V)Y^\@5OS%
M39-A\:H*%.KJ%1Q;DY94X4UE822X3;6<Y2RL23H,`>S2M*OM<U2WTS3+:I<W
MEQ/A2I0]R?\`@DEEMOI)-OI'C-?^+/'%GL;0J=Q6I<]=NZ47>5IX;I9P_ACA
MM**?MI_4UGTHI!]/%GCR/C_;]6E<3IU=6O)\KRK2J2E3:BY?'&&4L)1>7UG,
MGVUC$\```````````````,T>:O%EOMS.Y]"I?'IM:JH75I"#XVTY9Q..%B--
MOK#QQDTEU)*-+FZ]Q:!8[IV_>:+J4:CM+J"C/XY<91::E&2?[J23[RNNTUT0
M/1O`FRM(U&%Y5C?:EPPXT;ZK&5-2333<81CR]8Q+,6F\I@2#QOLNSV5M*TMJ
M=I\.I7%*G5U"<Y*<Y5N/<7)=<8MM)+KV^VVW,``!Q]UZS_1[:6K:NIT(U+2T
MJ5:7SO$)5%%\(OM9S+BL)Y><+L[!0?XC]Q5J-/2-NVU]4A"M"=S>VT4TIQY)
M4G)X[7*-3Z<^TFUU%@9\`)!L6P_B>_MOV;M/S=.IJ%#Y:+I_(I4U-.?*/>8J
M*DWGK">>@-)^$-I4=N["M]1G1J0U#6(1N*[E44DZ>9?"HI=)<)<OWS-Y])*S
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``````!Q]P[5T+==FK77-,H7M./Z'--3IY:;XS6)1SQ6<-9QA]'8`$/NO%FQ
M;S4:%]5VS8QK4>/&-&+I4WAY7*G!J$NWWR3RNGE='HK>.-E5[RVNI[7TI5+?
MEP4+:,(/DL/E!)1G_=R3Q[6&2@`<.ALS:MK<4KBWVUHU&O2FITZE.PI1E"2>
M4TU'*:?>3N``````````````````````````````````````````````````
M`````````````````````````````````````'GO;^STRSJ7E_=T+2UIXYUJ
M]14X1RTEF3>%EM+^92?E[R_1MK*CI&SM;ISNZDY?G+NTDI*G3X=1C/BTW+GG
ME"68N&.F^HY^(+>-Q?[CCM.E]%CIWQUJR<%FI7E!M-2R_I4)I+UVY9SB+5+@
M#H:-H>J;AU&%AI%A7O;J6'PHPSQ3:7*3]1CEK,GA+/;/9L_;5;>&[+#0:%Q3
MMYW<Y)UIIM0C&+G)X7M\8O"ZR\=KV;'VOM'1=G:7"PT:RIT4H1C5KN*=6NUE
M\JD\9D\RE_<LX22Z`KOQQX/M]JZC2UG7[FAJ&I4NZ%&E%_#0FF\3S+#G+&&L
MI<7GIM*2N``````````````````#CWNT]MZG>5+R_P!OZ5=W53'.M7LJ=2<L
M))9DTV\))?R*SWEX!T/4-+@]ITZ>EZA3GG%>O5G2K1>,J3DY.+7M-?WIKM.-
MR`#%FM>,]Z;>M_S&H[?NXT.$YRJ4>->-.,5F3FZ;DH+'>98]/]F<?3=M:]K-
MO*XTO1-2OJ$9N$JEK:SJQ4L)X;BFLX:>/[T;K`&5-N^"=VWFX+.AKVG5-/TN
M4V[FYIW%"I*,4F\)*;>6THYP\9SAXP7?H'AW9&WX1XZ/3U"OP<)5M1Q7<DY9
M_0UP372344\+^]YG@```````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``````````````````X>Y=GZ!O"WH4->TVG>0H3<Z3<Y0E!M8>)1:>'UE9P\
M+]D=2QL+/3+.G9V%I0M+6GGA1H4U3A'+;>(KI9;;_F>@````````````````
M```````````!BCR/>W&H>2MQUKJI\E2.H5J*?%+$*<G3@NOVC&*_OQWV1<TW
MN'\/VFZYN6]U:EKUW;PO)U:]6C*A&HU6FY2S&65B"E*/TM-M)KDLY7`T#\.=
MS0W+&IKVIVESHM*;DH6SG&K<)/Z8R324$UV\2;7I/OD@X?B+Q%;[QLYZ]KTZ
M\-,A5^.WMZ>8.Y<6G)N37_)^X_2\M\NX\>]/GSH4*-K;TK>WI4Z-"E!0ITZ<
M5&,(I82272276#Z``````````````````````'SKUZ-K;U;BXJTZ-"E!SJ5*
MDE&,(I9;;?227>3&GDK>W]/=VSU6G:_EK6E25M;0D\S=.,I24I]XY-R;PNET
MN\9>SRBZWX:M-EJBJ4-R7<-/YQ;H3MHRJ\>N2^1-++[P^'65T\=AG0NC\/6T
M_P"([CN=S5IUZ=/2OZNW2I_16J5(2C+,G_S8ON*[^N+RETX/Y$V!>>/M=I6-
M:X_.6MQ256WNU1=-3^THM/*4D_:3?4HOK.#2_B3;$]J^.M/M;FA\-]<YN[J+
MY94Y^E)2QQDH*$6L+#B_?MA.````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M``B_D&XW+:[+OJVTZ7R:M#C*/%1E.,%+,W"$HR4Y86./7MXRTDY0`,,;F6X)
MZ[6NMST+ZEJ=W_73=[1E3G-/*346EB/6%A86,+T?3:^T=:WCJD+#1K*I6;G&
M-6NXM4J">?JJ2QB*Q&7][QA)OHV'NS9>A;UTZ-GK5I\OQ<G0K0DXU*,I+#<9
M+^3P\Q;2RGA'LT#;ND;6TN.FZ+8T[2T4W/A%N3E)^W*4FW)^EEM])+TD!P]G
M>,]M;&J_F=)MZ\KZ5*5&I=UZ\I3J0<E+#2Q!=QCZBO7_`$YF````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M```````````````!X[S2=-U"XM;B]T^TN:]I/G;5*U&,Y4993S!M9B\Q3ROV
M7['L````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
%```/_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>amendmenttoformf10002.jpg
<TEXT>
begin 644 amendmenttoformf10002.jpg
M_]C_X``02D9)1@`!`0(`7`!7``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``J`"<#`2(``A$!`Q$!_\0`
M&P```P$``P$```````````````<(!@(#!`7_Q``M$``"`0,%``$"!00#````
M```!`@,$!1$`!@<2(3$30106(C)"%2,WL5&$L__$`!0!`0``````````````
M``````#_Q``4$0$`````````````````````_]H`#`,!``(1`Q$`/P#$;PYB
MW+=]V25MFN]906VGFS101L%!48&9`!^OMU[=7[`=B/C.=IMBLV5S0LMOW':Z
M:U;I[-(M3;O[)J5R"2N<]F`7!5^QQEE_EU06NR">:EJ(JBGE>&>)P\<D;%61
M@<@@CT$'W.@WN_\`B2^;%5ZWL+C9P4'XZ).O1F\PZ9)7WS.2/5]!.-+[5A\3
M[W.^MFK-721O=:1C!6J%5>_W5^H)P&7[X`+*^!@:6_)_!TPJ*F^[/@0PE3+/
M:T&&5ON80!Z",GIYC&%SD*`Y<%\DW*LO`VI>JR:K26(FWR2GLR,G9F0G&2"N
M2"Q\Z`#Y&#6"X3_R_8O^Q_X2:-`O]>RU6JNOETI[9;*:2IK*A^D42?+'_0`&
M22?``2?!KQZJ_AOC?\FV8W6X>WFXQ*70IC\-'^X1^C/8^%OMD`8_3DAI-G;.
MLG&^V9(8)$!5/K5]PFPIE*@DLQ_BBC.%S@#/R22?D[5YFVCNRYBW02U-!5.5
M6%*]%3Z['SJI5F&<X&"03D8S[A;<^<@K75`V?:YXWIH'$E?+%(WLH)Q"<>$+
MXQ^?U8'A0Y1>@KFOV3MZV\NV'<U/5K0W*LDJ%:A1`15O]!RT@]'0@$EC@@DK
M\%B6-);BN^73<'-6WZN[U\];4)%+"LDS]B$6GD`'^R?^223DDDF@9/'W"J[:
MWM<;M=5AJ:2DF(M"N_=B,@K*_@`91A?C]W8@#"L=%RYR&=C;=6*@DC_K==E*
M967M])1^Z4CX\\`!^2?@@$:8FC00!HU?^C03AP-L"Z?F./=EQI)Z2BIHF_!F
90=#4/(F.P!'L?1B>W@)*X)PV#5'Z-!__V3\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>amendmenttoformf10004.jpg
<TEXT>
begin 644 amendmenttoformf10004.jpg
M_]C_X``02D9)1@`!`0(`'@!-``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``O`'<#`2(``A$!`Q$!_\0`
M&P```@(#`0``````````````!@<`!`,%"`+_Q``\$``"`0,"!0($`P0(!P``
M```!`@,$!1$&$@`'$R$Q%"(5,D%1%E)A%R,S0@@E-F)U@9&S-SA5<8.ALO_$
M`!8!`0$!```````````````````!`O_$`!<1`0$!`0`````````````````1
M`4'_V@`,`P$``A$#$0`_`!K2U5KW7M^J:.@U76PU(B:J<RUTL4>-R@A0F0.[
MC````XWLNL^8W+*YT]#J$_$*,[NGZEA()T#^YDF'NW?8/G:&&5\#BOR!_MY7
M?X9)_NQ<&W/^>)=%6Z`RH)GN*NL98;F58Y`Q`\D`LN3]-P^_&>*9=FNU)?K+
M1W6A?=3540D3)!*Y\J<$@,#D$9[$$<:+]I6C/BOPW\1477_/N/1^7=_%QT_'
M][SV\]N$'=;G>*+DUIVV25"&@N%9531JF0PCC90$;&`1U&D?!S_)W&,<#U3<
MM/2:;AH:?3TT-U3:7N1N!?J'^8&+9M"]^P&",#)/?-I#]YW72X6G15'/;:ZJ
MHYFN*(9*:9HV*].4XRI!QD#M^@XW/*JMJ[CRUM-5754U54R=;?-/(7=L3.!D
MGN>P`_RX46H;K47;^CWI\U*3"2EN:THDDC"K(B1RA"F/F4+A<_=6^V3@O=]J
M*'D-I:S0KB.Y2U+3/D?)%.2%P1]693D$?)COD\*'7^TK1GQ7X;^(J+K_`)]Q
MZ/R[OXN.GX_O>>WGMQDUO!%>^7UQB@O5+;X:N!3'7R3!82I8$`N#C8X]N>_9
MO!\%167EU8[CR/J=0-&XN_0J*I:AG8A!$[>P("%P5C(R<D%B?H!QIM/7:KJN
M2.L;5,^^FHI:22#))*]28;E&3@+E,X`'=F/?/"AD:&E3E_RXN=57ZCMETB@E
MD-)%2UZM!O$>_HHY4$.QR2O?R"!DG-[1G-^U:G]=\36BL?I^GT_4W!?WV[=G
M&X+XVC[_`##@&T/9Z"\<A]2>O@ZWHZJIJX/>R[)4IEVMV(SC)['MQ0Y,:/L.
MK/C?QN@]5Z;H=']](FW=U-WRL,YVCS]N`8.MN<=)I*_"V4MOANNV+=+)%7!>
ME)N93&P"MAAM&03GOXX8=ONEONU.T]MKJ6MA5MC24TRR*&P#@E21G!';]1QS
M;SLL]!9]>+Z"#H^LI15S^]FWRO+)N;N3C.!V';@]YI6VET+RQ-OTTCV^EK[B
MJ5*)*S&16C;<-S$D`]-00#W`(\$Y`U_:5HSXK\-_$5%U_P`^X]'Y=W\7'3\?
MWO/;SVX*^.-_BEA_"OP_\.?UQ_U7UTGY]W\+&WY?;_[\\=`\D;M5W3EZL=4^
M_P!#5/2Q,22QC"HP!))\;RHQ@``#Z<,T,?B<3B<5""L?)_7^FKD+A9[Y::6J
M"E-ZRR$,I\@J8B"/!P1Y`/D#BW1\D]07>])4:QU#ZNF2(KO@J9)IS^50TB85
M<DGZ_;'?(O<R.8%Z;5\&B-.2^@J998J>>L?&6:8#:JD`E5`<$L!NSXQCW:JR
MZMUGHOF%;M)7^Y0W:":6.!AUA(R]9AA^H1U-P)^5_IX&"K<13'UARZMNJM+4
M5EBD]#\/V"CF$?5,2*NW8<G)4J!_,.ZJ3G&"&VG17-NQT"T-!JRV+3)C8DKM
M-L```52\)(4`#"CL/MPY..?[Q>.=5@M4USN<_0HX-O4DV4;;=S!1V4$^2/IP
M!EJ30>J-2<LK38:RY44]XI*H2SU,TC['11(J^X)DMM9,DCO@DDGN;5+RR6KY
M4T>D;U.@JJ9I)8ZFE9F6.0N[*P!`W##D$$#R<8."%YI_4G.+5-!)76:K]531
MRF%GZ=(F'`!(PP!\,/\`7AY5FI]/VZK>EKK[;*6ICQOAGJXT=<C(R"<CL0?\
M^`3?[)N8GX;_``[^(;9\)ZO5]-UY-N[SC/2SMS[MN<9[XSWX)X.5$MOY4W'3
M='44KW>XM%+45,@*Q[E=&V`A2VQ0IQD>6)P,X#.@GBJ:>.>"5)895#QR1L&5
MU(R"".Q!'UXHV_4-DNT[06V\6^MF5=[1TU2DC!<@9(4DXR1W_4<(@4Y>Z$J-
M-:+N.G[XU+4I6SRM(*:1]K1O&B%22%(/M/C[COP'::Y1ZPTQJ6GJ:._TJ6U:
MR*2H2&HFB:HA1\X=`NTDKGVDD=R,_7AN0ZALE1<C;8;Q;Y*\,R&E2I0RAESN
M&P'.1@Y&.V#QGN%TM]IIUGN5=2T<+-L62IF6-2V"<98@9P#V_0\`N.:/+"X:
MUNU#<K554L4T4!@F6JD95VABR%=J$YRSYR?RX^O&>BY;7.ZZ`J]/ZPO#UM:U
M8:FEK$J))C`=@5?G`)&=^5\88X(/<$%^U/:JW25_^#7VBGK(+943+Z.K5I(]
ML9PXVG(P2._WQPO.2^KI6I[]/J74+F%&IDADN5:=JLPE)"EVP"0O@>=OZ<%9
M['H3FMINVBW6K4]I@I%8NL3$R!2?.-\)(&>^!VR2?)/#2TW!>J73]+#J&KAJ
M[JN_KSP`!&]Y*X`5?"[1X'C_`#XM6^Z6^[4[3VVNI:V%6V-)33+(H;`."5)&
M<$=OU''BXWJU6?I?$[G14/5ST_4SK%OQC.-Q&<9'^HXJ+W$XJ6^Z6^[4[3VV
MNI:V%6V-)33+(H;`."5)&<$=OU'$X#G'75REYIZPE.E[4]2EMHV_>@D2SQ*V
M2P0GQE_:H&\[N_T5<>B]3VNQ7&]774JULFK::*0T-37/+(.JL;1])U'N#=\9
M8D8&/81[B"NY8ZVTCJR:Z:'='IY6D$(BF16BC.#TY%E.&'?`[MG8&.#CC55?
M*375[2XWNYP4J7)V#"E1H5>H<E06]F(U&"S$YR2I[>[/&5,?D_?M5ZDMMQN.
MHIGGI&:-**5H8XPQ&[J8V@$C.T9/;(('<'C9<X/^%5Z_\'^_'Q;Y<PWF@TG3
MVF]6)+7-0J(D,4D;1SK^?",2'SDMGR3D'N0/?,BSU]_Y?W.V6R#KUD_2Z<>]
M5W;948]V('@'Z\7B%;H.^5NF^0^HKK;F1:N&XE8V==P4N($W8\$@-D9[9`R"
M.W%'E9RUM>L-,W:Y7"5S,6>CI5&0L#[%82G!!<@L,*2!V.<Y&#;0O+ZO3E=>
M=,:BIO1RUU4[I^\63;[(]C^QN^'3.,C.WOV/`;0Z(YLZ3CKK78GS1U&.I)35
M46QB5P63J$,C=\%@%/M'?L#P5[_H_P!SK5U+<;4*A_0/1M4F`]UZ@>-0P^QP
MQ!QY[9S@8J<@?[>5W^&2?[L7#!Y3\MJO1OJKG=VA-QJHEB2.)BW0C[,RL?!8
ML%S@$#9V8Y/"^IN6G,?1^I)JG32=3I[HXZR*:%5FC/YHY&_[9!!`(R"<`\03
M27_,A4?XG</_`)FXJW*DEYA<]*FTW*J>&'UDU*IBR=D,`?VJ&)`+!"?MN8G'
MTX)]'\M-4Z>YJT5TKT]91Q[Y)[AUE.^1X&W=BV\^]BN2,GS@9XFK>5NJ;?K.
M74^CZGK2S51J0G56.:&1RQ?YL*R?3!.2&P00"2!!+RPLFBM,ZGN5MJKA+-+9
M:J!EJ9$9=I3=GVH#G*CZ_?A8\J^7]OUU/=#<JNJAAHEC"I3;0S,Y;N68$8`0
M]L=\CN,=V/9J?FC<+1J.VZIIDEAJK5/'2,6IPW7*[54=,@88,<EACVCN.^<G
M)C1]^TG\;^-T'I?4]#H_OD?=MZF[Y6./F'G[\4+OD=>):#F"E`-[0W&"2)E$
MA"JR*9%<KX8@*RC[;SW^A'[9?K+=-9UE[UO3UM=!4;Y#!2,>\A("KDN"$5<@
M`-D;5'C/!SRVY;:ML&O[9<[G:>A1P=7J2>IB;;NB=1V5B?)'TXSU?+;7&C-4
MU=QT,T+TU3U$C"-'OAB+*P1A-V/<``@DG;DXSCB#1<G[MZ'FGZ"UO-\*N'6C
M"5)]_316>-F"G;O&W&>X]S8\\3AK<O?VC^OK?QIT?1])>CGH]3J9_EZ7;;C.
+=W?.W'UXG%Q'_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>amendmenttoformf10006.jpg
<TEXT>
begin 644 amendmenttoformf10006.jpg
M_]C_X``02D9)1@`!`0(`.0!.``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``N`#\#`2(``A$!`Q$!_\0`
M&@```P$!`0$```````````````4&!`<#`O_$`#00``$$`0($`P<#`P4`````
M``$"`P0%$082``<3(10B,146(R=19J0R06$7)7%"1%)BD?_$`!0!`0``````
M``````````````#_Q``4$0$`````````````````````_]H`#`,!``(1`Q$`
M/P#[8IN5;VF&M3KT%<L4*UA*I[DS*4`N=+<4)DES`5]$D_0'BPF<J>55?(BQ
MYM=$C/RU[(S;UF\A3RL@80"YE1RH#`^H^O"/2;>HD<IY6A$Z2M6[-#3\%V5+
MZ;$1'6<<'4#A45.)2E1/D2K.`/W!XSW.C'JK4<RNEPM1V=-8U\.L@+K(\:26
MVFD!"D/+>1\#SA+@*=J<G=G*?*#"HY<\O+75^HZ#W3Z7L;PWQ_:,A76ZS97^
MG<-N,8]3G^."[Y=\M8.D']05-!!M&4;>F?;JV&7,N!!^,IS8,$GU]2,>O&?4
M&E;VYU?K1#%8^_62["G<E,D!KQ\5ML]5#2U;4[@K83A2<8(S^Q7V6C[;45+J
MZ3IK2K]%`LXD-J/5OMM,+EO-OA2G2@J^!M2%#;V"]V[U/`.&M%\DW;B?4A$%
M,Z!GQ#3ED^C;A)4K!4X`K:$J*L$[<'=CCTK="<F;;3ZKZ)&B&K0LH<DNV$AI
M+:L@87O6"DY(P#C.X?4980]+QJOFW=/S],MS(>H$(5$F-0T.M1BEE:9"7B>[
M9<)^A"]_<DY`BZ+2E]#TEI@JIK6+[O6$Y=I&BL,E]]W;EF0RAT%M_:,("NZO
M^&<`\!>,<FN6TJ.U(CTC;S#J`MMQN>^I*TD9!!#F"".^>&E)RNT9IRX8MJFF
M\/.8W=-WQ3R]NY)2>RED'L2.XXV:%K&JK2<9EANR88=6N0W&L6F6W6`M144[
M&4A*1DE03ZIW8[8VBDX#A\_3JZSF')IIFO-9-U$73ZK=Y_VHHN)*72E7HGND
M)!.`G.?_`#B\HM>JL[2JB6-.Y6MW<=<FG=,A+QD(3E1#B4CX2^F4+QE0PK&[
M<,<2<_7?*>SU#)N9FH7W')54JH>8\*^&U,*65*]&]P4<D9"O3^>_%I5:"A5D
M^FEO6=E/-+'7'KFY1:"8Z5(2@D=-M!4=J0GS$^I/KWX!7I_F9[=]SO[1T/>3
MQO\`N=WA_#Y_Z#?NQ_&/YX\U:SG:HY<:AOZZO<KZOV9+5!EKEXE+6ALC=TT`
MA`"@L`]3.4`X[YX-"Z/TRNKT_<4EO96,"M7(56+D!*`V'.HAY.`VA1"E$GS9
M(*$X(&0IQ`T%"K-/SM/QK.R%+)COQT0E%HICI>*BHH7T]Y(W*QO4KU[YX!7`
MYF.FQM8MWIF=4^#JEW+`6ZAQQZ*DD$J0".FYZ>0DX.02,#.C2?,B'JO4*JEA
MACSUZ;%AV/+#^&RO:6W@`.D\,I)0"H#)\W89<3]'5=GJ&3<S.NXY*JE5#S&_
M#:F%+*E>@W!1R1D*]/Y[\;*6H?IX_0>N[*S0$(0V9Y:4I`2,?J0A)43VR5%1
M./\`.0:<'!P<!S.V<G,\[9SM6RV_8(T:XJ*TX<)6Z))V)/<=BK`]1_D<(]':
M@78ZCT.Y5ZAG6CUA$F.Z@;<E*=#2PA*AN:/E82'3M24I3D8`)![U'S?^QOR^
M#YO_`&-^7P$GRJB28.FM`6,2REML3I$Z'-AJ>6MIT8?<0I*5**6RDL?Z$@G<
M<GUSGT54S;O2NB;2;JG4ZG[2SD-RTIMW4I6VA#Z@CUR!F..X.?.OO^G;:?-_
M[&_+X/F_]C?E\!)P-5NPZ9=#:.RY2(VHYU:Q:3;EZ"E*&4E:?$2D9)6K>4I3
M@`[?0;>ZBKE&XC\K=0:FLY:6%(L8TNQ<G.1THVA8:!<2I(0M021NR%+V]RK'
M'0_F_P#8WY?!\W_L;\O@%]#<`\T9,%^S?NG)4N8MAR)/>":Y#02@LR(@PVA(
M.Y*7#G>K:<9((5T.LDW5[RLC0;]R4M<*4BU83)45*=1&2/C()R3O2L@J'?N1
IGUXI/F_]C?E\,*3^I'MACV_[J>S/-UO`>(ZWZ3MV[_+^K&<_MG@/_]D_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>pwcx1x1.jpg
<TEXT>
begin 644 pwcx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``J`54#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P"]X^U^^T>2
MQCTZ[6%Y`[2+M5CCY=IP0<?Q?D?2JMNOCJYTN*^AOX&$J!TAVQAR#T/*[>G/
M7]>*S?B&AO/%=K;6Q629H(XM@8<.7;`/IU'7UKTZ@#S_`,/>.+XZC#IFKV_F
M222B'S0NQT8DCYEZ=2!QC&#U->@5X[XXD23Q;?M&ZN`47*G/(101^!!%;2ZO
MXNBT*+7C?P36>_YHS&@;&[;R-HX)&.#GG\@#TBBO,]1\;ZO-I%E=6[QVLK2S
M1R^6@97VA""`P./OXZ__`%MC7?%UYI+VNEVT4=WJBH@N&*$J7*CA0,$DDY_$
M#Z`':45PINO&VF3VS71MKF.X*19=%*1.YP-VP`C!XSR.>YQ6?H&J^+_$$DRV
M>I1((0"[RQH`,]!PI/8]NU`'I5%>7Z'!=6_Q,"7RQK<F65W$9RN61FR/;GOS
MZUT'Q)U+[-HL=BJY:\?DD<!4()[]<[?PS0!V%%<?\,?^1>N/^OMO_0$K#\0W
M,>L^,9EN9,Z;IB$R@'&0N-XP2/F9R$R/]GTH`[S5=;T[1O*_M"X\GS<[/D9L
MXQGH#ZBL_P#X3;P[_P!!#_R#)_\`$UA^$=7/B;4;JWUN""[94\VW5X$*Q#.&
M`R,]UZYZ=:R]#LM-;QQJ?VY8([.T>9@D@41#]YL`(/&/FX]\4`>@:5K>G:SY
MO]GW'G>5C?\`(RXSG'4#T-:%9-KJ7AZSC,=I>Z9`A.XK%+&H)]<`^U<OJ_B/
M5K_Q4NF>'KR(1D*JNNQT<XW,V2#T'&!G[OKQ0!WU%>?V?C#4]&UJ33?$9CF1
M'P\T:C<F0""-N`5QSC&>?;%=1X?\26?B#[1]CCG3R-N[S5`SNSC&"?0T`;%%
M8-UXLL+77ET>2&Y-PTB1[E5=F7QCG.?XAVK%O/%FIZMJ[Z3X;AC!#E3=,0XP
M",N.H"]>><@C&#Q0!W%%>?S>(_$/AG5$AUX1WEM+@B2-`,COL(`Y&1D$=ATS
MFK6K>(=4'CNWTJR=DMUDB25%17W@X9FZ9'RGU[9H`[:BLWQ%J!TO0;R\0L'C
MCPA4`X<_*IP>."163HGB2&W\,V=_KNH?O;IWP609X8C`5%Z<#GU/7D4`=-)(
MD4;22.J(@+,S'`4#J2:H_P!NZ/\`]!6Q_P#`A/\`&L?5?%.B7N@:DEOJ$;.;
M=T"LK*S%E(``(!//IT[USO@[2-!NM"EO-:6)2+DQ+)+.8Q]U2!U`]:`.XN]>
MTRTTV34&O(I8$.W,+A]SXSM&#U]OQZ5Q\/B+Q1XCN@-%MUM+=3@OM#*.F=SL
M,'&<X`S@]#7.ZE;P:CXB&F:'%MM?-\N%0[.I/`:3JW'&<C^%17K6F:?!I>GP
MV5J&$40P-QR3DY)/U))H`X/5F\9>';5KF745GADD)=XP)/+)]=R_*#V`X'MG
MGL/#&IW.KZ'#?7<<4;R%L"(G!`8CH>G3U/KWP.7N_%>HZ_J4FD^'X(C!(-IF
MFCW?+GYF(/`7'&"">?4@`C\2ZIX6U!=-U^.*X@$8:-[95!5<84*!M&`01@@'
MWQC(!WU%<'!K7BGQ(LMSHL<%E:P[@,E69V`4[<L.O/'`'/)JYX2\73:C>'2]
M5B\N^&0C!"N\J/F##LW!/8=1QW`.PHKS71-5\7Z['=-9:E%FV`)1XT!;.<`?
M+C^'N13H_&&MII^J6ET8TOK-`1.JKN!$JHP(Y4_>QD#MWZT`>D45P.CS^-=3
MTW^T(+ZV:)@XCCE1`SX!&1A<=>F2.1SQUIWFK>+;+4;'3Y]06.ZNPORM%%A"
MSE1D@'/0'\:`/2J*\]E\3Z]X:UA;376BO(G"N3&H!V'(RI`'?LP_A[9S5R?Q
M!K6O:Q-8>&_*A@MS\]VX#`XR.O(P3TP"3C/3.`#MJ;)(D4;22.J(@+,S'`4#
MJ2:YWPEJ6KW,U]8ZVL8N;/R\E0-QW[CSM.WICI4WCB1X_"5^T;LA(1<J<<%U
M!'X@D4`$GC/P_'(T;:BI*D@E8G8<>A`P?J*;_P`)MX=_Z"'_`)!D_P#B:\C:
M"1;=+@K^Z=V16SU*@$C_`,>'YU'0![U:74%]:QW-K*LL,@RKKW_SZ45ROPQ_
MY%ZX_P"OMO\`T!**`.3\2ZA'%X\FOHAYJV]Q&2OW<F,*".GJI&:VI_'&KZK:
MO'HNDRQRJ1NEC!GV#Z;<#.._O]13\$%-4\;W-^ZM&0);E4#9P6;&"<<\.?2O
M3J`/']5\+7&C:`E]?G9<R7`C6%2"%7:QR2.I.!TZ#Z\.LK[5]2T^V\*P111I
M(0P+J59E),F23VYW<#)`'7OL?%*Y1KW3[4!M\<;R$]L,0!_Z`?TIOCO2/[&O
M+#5M.'E(FR/^]L=!\AY)S\JXZ?P\]:`,O4M$CLM;TG1)+CS-_EBY\I^%D=\-
M@'.#MV#IR`#BM+X>6SZCXAO-5N2KO$"Q/0^9(3S@<=`_YC\(=(OX=<^(]O>^
M1M27YO+?#;66'^C+D'Z'BCPIJ:^$]<OK#5?W4;?*\@1CAESM/KM()[=U[4`>
MB:Q/);:-?7$+;98K>1T;&<$*2#S7F_@QO$-M;W5QHEA!<Q2NJ.TK`8*C.!\P
M_O5I>)O%]IJ^D:A96L$ODX0+<,"`S^8"%`QQE58@D@\'BH?"OB_2=#T5+26V
MNS.79Y6C52K$G@C+?W0HZ=J`(;>;4+7XB65WK=LL%Q<D#9$01\RF-3]X]^O/
MK4E^!XCU_6K]662RTZSD2,E58$[&"XP?[VY@W/0=.*K^.M0+Z[IFI6A:,M9Q
M3Q%@,K\S,,CD5U7A+088?"1AE/SZE$6E=,9"NN%`..RGOGDF@#!\,ZH='\`:
MC=1LHF^TLD62!\Y5`",]<<G'M7-DBUM;;37N&MUNRDUXX!.$/,8('WL*=_'7
M?@\K5>RN3Y:07+,]A!(;A[<,%\QN!CJ#SP,C)`)('6O0/A_ICM%/KUU(LEQ?
M%L$#&!N.[/;EAZ<8]\4`8/A2^T[3/&-Z\4F;%XI?*=%8A4'[SG=\W"J1T//K
MUK'LY9K?PIJ>V/\`=75Q!"78''`=S@^O"_@?>MKQ-;SK\0BGRQB_"1([#=\D
MB>46P#V^;\JA\6:3)X=T:RTT7?VB*:XEN&/E[>0J*.YZ9/?O0!O:)X5T-?#=
MI>:Q#%O>,2/,T[HN&.5SR`."H^M<?+>G0?%EQ/I\$2"UGDCCC;<RX&4YR<].
M>O7\J[Z;P9X>LK=+F2&1%M,322%R_F!1D[E.00<<@`>U<OX(TF/74UK[7+(9
M9(ECWL<\LQ;<>Y(9%/7GG-`%>33[K5+&]\5:L8S`Z.$2/[S/_JTP`>%5L=23
M\O0YS5CP=XITW0-.FANK>=IY9=Q>)%.5P``22#P=WYUCIJ=QINCZGH%Q#GS9
M5S\P_=.K#=T'S9V@=>U>G>#K9[7PKI\<A4EHS)\OHY+#]&%`'F^HZF^J:YJ>
MKVD:QH(#E)3D[&58>W?Y\^@]^_9?#2Q\C0Y;MH]KW,IPV[.Y%X'';YM_^<5R
M_A_3;CQ!9>()D;??2(F`2%5RTF]NW!.SCH.?RV/"?BNRTC19-/U7S()[1W"1
MB([G!))7V;=D<X'3WH`/BI_S"_\`MK_[)6;X,MKN;QLOVDJ);&-EE!QP$7R@
M!C@XR/RJQ!:S^.O$S7[Q-'I<!5/WG=!SL&,<G))Y^7=UZ9H^&KR/PGXGN8]5
M61=J&!F1<@$LIW<X.W`STS@CB@#KOB/<O!X8,:!2+B=(VSV`RW'XJ*Y&Q^SI
MXNCMO$_"6B+;H#GR@4`"$Y_@/WO0DY/!-:6HW@\9^(8$@A4:3IY+S3RDH"A(
M+$GMD+@#KU)QSCH/$?A2R\0Q_;;:18[MHP8Y4(*2]-N['7C@$=CWP!0!B^-]
M)TFQTMM3L;>/=>;(4\HKY2C[^]0!U(3'!`P3[Y;:^%-/;P(U]<VS)??9GG$B
MR'MEEXSCE<=N_8UC^%-#G\16=Y9_V@UM;PR1RF/R]X9R&&>HQP/QX]!6]J'A
M+4K+1KE_^$DNW@@MW/D;6"LJJ?EQOQC`QTH`S?AE:F76[BY,2LD$&-YQ\CL1
MC'?D!N?\:ZSQWJ!L/#$X0L'N2(%(`/7);.?50P_&N?\`A9(@DU.,NH=A&P7/
M)`W9./;(_,5T7C?3)-4\.RI!'))/"ZS1HG5B.#QW^4G@<YQ]*`*OPZLDMO#:
MW(VE[J1G)VX(`.T+GOT)_P"!&L7XI3QM<:=;AOWJ)([+CH&*@'_QT_E4GA'Q
MAIFF^'Q9WQDBEMMQ0*I;S026XQT/..<#ISUQR^M7&H:]-<ZV]M(+576+(RR1
M#LN?Y]LMVR*`/7M,LDTW3;:SCVD01A,JNW<0.6Q[G)_&O+[B<+XWU26U5K<H
M+O!5R2'$3Y8'MD@GVS7477Q"T\:.)[9&:_<8%NX.$;U+="/IR>.G..1.B2:9
MX9NK_4[:2*:X=(+9'7#*=VYF(/*\(0._)XP<T`6O!^H:GI]K<C2=(ENYKF1$
M\XY,28[$`#^\>2PZCTYCU30-0T;09;_4)F%U>SB&2+<'RG+DLW.2613P?YX'
M<>`8T3PE9LB*I<R,Q`QN.]AD^O``_"N?^*5T#)I]FLK94/*\?..<!3Z'HWTY
M]:`':#-XOLM%M8;'2K26UV;XWD<;F#$MD_./7TK'\2W;0^/;F[M8X[I[=U<+
MRR@I&,D[2#\I!)Y[<]ZZC3_'6C_Z-865E??P0PIM3V"C)?Z=:P_!#0ZKXPU&
MXGMXRL\4LGEN`X7<XR.1Z,1]":`#PY87'C#7)-5U2>-H;=U)B&#GNJ!3G"?7
MKSU.2,\G6?`VKOL'[N7<%\P9CG4$@$@'@]\9R,^AYN?Z1X#\4?\`+>339OH/
M-3'Y;E)]OP#5K>)?&FDWF@RVUH&GFN8\;)(N(NGWL]QS@C/(H`ZC0-9@UW35
MO(%9#G9(C?P.`,C/?J.??MTJCX[_`.10OO\`MG_Z,6F^!=+GTKP\J72LDL\A
MF,;#!3(``/X*#[9QVIWCO_D4+[_MG_Z,6@#RTVY-@I21IT6`SLBN`(&,HC.1
MSG("],'YE/0<T:FEG&YOLZM`CQJCH')W8`R3]6&[';\*AH`]0^&/_(O7'_7V
MW_H"44?#'_D7KC_K[;_T!**`,WX61H9-3D**741J&QR`=V1GWP/R%>A57M+"
MSLM_V.T@M]^-WE1A-V.F<?4U8H`****`"J]W86=[L^V6D%QLSM\V,/MSUQGZ
M"K%%`$<$$-M"L-O%'#$OW4C4*H[\`5)110!BZUX7T[6[V"ZO!+OB&TA'P'7.
M<'\STP>?I6U110!C^'_#=GX?^T?8Y)W\_;N\U@<;<XQ@#U-;%%%`!7+^)_!_
M_"0:C'=_;OL^R(1[?)WYP2<YW#UKJ**`.5L_"NJV][!/)XGO)DCD5VB8-AP#
MDJ?G[]*ZJBB@"CJFCV.L1QQZA"TR1G<J^8RC/K@$9_'U/K4WV&W_`+.^P>7_
M`*+Y7D[-Q^YC&,]>E6**`,_2M$T[1O-_L^W\GS<;_G9LXSCJ3ZFIKK3;"\D$
MEW96T[@;0TL2L0/3)'O5JB@!L<:11K'&BHB`*JJ,!0.@`J&[L+.]V?;+2"XV
M9V^;&'VYZXS]!5BB@#/NM(MWTBZT^S6.Q2X1E)@B4`$C!.,8/'![X[CK7*IX
M.UV.`Z9'KBII1)/R@A^1R-OH23QNQWQFNZHH`R_#^A6N@V(M[<;I&P99B/FD
M/]!Z#M]<DZE%%`'E-U:WO@?Q(+J"*66S!PCOD+*C#E"1QD8/XJ#BNN_X3_0O
ML?G^9/YG_/#RCOZXZ_=]^OZ\5TTD:2QM'(BNC@JRL,A@>H(JC_86C_\`0*L?
M_`=/\*`.3TF\;Q5XF-Q_9-HNFQ[]\DMJK/+A0%#.0?F&0<`CCUQ7>444`4X-
M)TVVF6:WT^TAE7[KQPJK#MP0*N444`%%%%`!1110`V2-)8VCD171P596&0P/
M4$55@TG3;:99K?3[2&5?NO'"JL.W!`JY10`4V2-)8VCD171P596&0P/4$4ZB
M@#G_`/A"?#O_`$#_`/R-)_\`%4?\(3X=_P"@?_Y&D_\`BJZ"B@"&TM8+&UCM
1K6)8H8QA47M_GUHJ:B@#_]D_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
