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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001137171-05-000383.txt : 20050329
<SEC-HEADER>0001137171-05-000383.hdr.sgml : 20050329
<ACCEPTANCE-DATETIME>20050329124553
ACCESSION NUMBER:		0001137171-05-000383
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		43
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050329
DATE AS OF CHANGE:		20050329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		05708824

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>
Form 6-K
</TITLE>
<!-- Licensed to: Filing Services Canada Inc.-->
<!-- Document Created using EDGARIZER HTML 3.0.0.24752 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</HEAD><BODY id=38 bgColor=#ffffff>
<P style="MARGIN: 0pt; FONT-FAMILY: Times New Roman" align=right>&nbsp;</P><FONT
size=2><BR></FONT>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 14pt; MARGIN-BOTTOM: 28pt; LINE-HEIGHT: 16pt; FONT-FAMILY: Times New Roman"
align=center><B><FONT size=2>FORM 6-K<BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 14pt; MARGIN-BOTTOM: 28pt; LINE-HEIGHT: 16pt; FONT-FAMILY: Times New Roman"
align=center><B><FONT size=2>Report of Foreign Private Issuer</FONT> </B></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 36pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><B><FONT size=2>Pursuant to Rule 13a-16 or 15d-16 <BR>of the
Securities Exchange Act of 1934</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 24pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><FONT
size=2>For the month of March, 2005</FONT></P>
<P
style="FONT-SIZE: 11pt; MARGIN: 0pt; LINE-HEIGHT: 13pt; FONT-FAMILY: Times New Roman"
align=center><U><FONT size=2>Pan American Silver Corp</FONT></U></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><FONT size=2>(Translation of registrant&#8217;s name into
English)</FONT></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; FONT-FAMILY: Times New Roman"
align=center><FONT size=2><BR></FONT></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><U><FONT size=2>1500-625 HOWE STREET<BR>VANCOUVER BC CANADA V6C
2T6</FONT></U></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><FONT size=2>(Address of principal executive offices)</FONT></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><FONT
size=2>Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</FONT></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><FONT size=2>Form 20-F_<U>X</U>__ &nbsp;&nbsp;Form 40-F
&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><FONT
size=2>Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.</FONT></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><FONT size=2>Yes ..... &nbsp;No ..X...</FONT></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: Times New Roman"><FONT
size=2>If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): &nbsp;82-________</FONT> </P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><B><FONT
size=2></FONT></B>&nbsp;</P>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><B><FONT
size=2></FONT></B>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><B><FONT
size=2>Exhibit<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;Description</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><STRONG><FONT
size=2>99&nbsp;&nbsp;&nbsp;&nbsp;<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <A
href="fs.htm">Annual Report for the Year Ended December 31,
2004</A></FONT></STRONG></P>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><STRONG><FONT
size=2></FONT></STRONG>&nbsp;</P>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=center><B><FONT size=2>Signatures</FONT></B></P>
<P
style="FONT-SIZE: 12pt; MARGIN: 0pt 0pt 24pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"><FONT
size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</FONT></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=right><U><FONT size=2>Pan American Silver Corp</FONT></U></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=right><FONT size=2>(Registrant)</FONT></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=right><FONT size=2>By:<U>/s/ Ross Beaty</U></FONT></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=right><FONT size=2>(Signature)</FONT></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=right><FONT size=2>Ross Beaty, Chairman</FONT></P>
<P
style="PADDING-RIGHT: 14.4pt; FONT-SIZE: 12pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 14pt; FONT-FAMILY: Times New Roman"
align=left><FONT size=2>Date: March 28, 2005</FONT></P></BODY></HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>fs.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2004
<TEXT>
<HTML><HEAD>
<TITLE>
Consolidated Financial Statements for the Year Ended December 31, 2004
</TITLE>
<!-- Licensed to: Filing Services Canada Inc.-->
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<!-- All rights reserved EDGARfilings.com -->
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><IMG src="fs49.jpg"></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 24pt; COLOR: #00386b; FONT-FAMILY: Times New Roman"><STRONG>2004
ANNUAL REPORT</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><IMG
src="temp1.jpg"><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 36pt; COLOR: #00386b; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><EM><STRONG>Profile</STRONG></EM><BR><IMG
src="fs49.jpg"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><IMG src="temp3.jpg"></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><BR>
<DIV align=left>In 2004 Pan American Silver Corp. marked its tenth anniversary
with its tenth consecutive year of growth in silver production, a new record for
cash flow from operations and a new record for mine operating earnings. Silver
production rose 30% to 11.2 million ounces, thanks to the purchase of the
Morococha silver mine in Peru and the expansion of the La Colorada mine in
Mexico. The Company has announced that construction of the new Alamo Dorado
silver mine in Mexico will begin in the second quarter, it has fast-tracked
development of the San Vicente mine in Bolivia which will increase production in
the second quarter of 2005 and it expects to make a production decision on the
Manantial Espejo project later in 2005. By 2008 the Company plans to have annual
silver production of 23 million ounces from eight mines.</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>Throughout its ten-year history, Pan American Silver has
remained true to its mission: to be the best vehicle for equity investors
wanting real exposure to higher silver prices. The Company continues to seek
future growth opportunities, through acquisition or discovery; it remains fully
unhedged and exposed to a rising silver price; and it continues to strive for
lower costs and increased profitability.</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV></DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><STRONG><EM><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">2004
Highlights </FONT>
<DIV>
<HR align=center width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></DIV>
<UL compact>
  <LI>
  <DIV align=left>Tenth anniversary of the Company. Tenth consecutive year of
  growth - 11.2 million ounces of silver, up 30% over 2003.</DIV>
  <LI>
  <DIV align=left>Record mine operating earnings of $12.9 million - a sixfold
  increase over 2003.</DIV>
  <LI>
  <DIV align=left>Record net earnings of $19.9 million.</DIV>
  <LI>
  <DIV align=left>Acquired the Morococha silver mine in Peru.</DIV>
  <LI>
  <DIV align=left>Successful early conversion of $86 million of debentures and
  repayment of project loans. Company is now debt-free.</DIV>
  <LI>
  <DIV align=left>Sold interest in Dukat property in Russia for up to $43
  million to more than recoup original investment.</DIV>
  <LI>
  <DIV align=left>Most active exploration program in Company's history,
  completing 65,000 meters of drilling to replace what was mined in 2004.</DIV>
  <LI>
  <DIV align=left>San Vicente project fast-tracked to add 700,000 ounces to
  silver production in 2005.</DIV>
  <LI>
  <DIV align=left>New resource model and revised recovery options completed for
  Alamo Dorado project, leading to a construction decision in early 2005.</DIV>
  <LI>
  <DIV align=left>Feasibility study on Manantial Espejo project advanced.
  Completion expected in Q3 2005.</DIV></LI></UL>
<DIV></DIV><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Production:</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="12%"
    bgColor=#e2eef6 colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2003</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Silver
      (million ounces)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">11.2</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">8.6</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Zinc
      (tonnes)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">34,086</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">31,797</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Lead
      (tonnes)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">16,694</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">18,990</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Copper
      (tonnes)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">3,426</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3,143</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Cash
      cost per oz silver</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">4.25</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.09</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Total
      cost per oz silver</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">5.33</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.62</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Average
      silver price - London fixing</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">6.66</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.88</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Financial:
      (millions)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    bgColor=#e2eef6 colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2003</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">92.9</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">45.1</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mine
      Operating Earnings</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Times New Roman">12.9</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.0</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Net
      earnings (loss)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">19.9</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">(6.8</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Capital
      expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">17.0</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">18.3</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Exploration
      expense</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">3.8</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.5</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Cash
      and short-term investments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">98.1</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">89.1</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Working
      capital</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">114.7</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">81.9</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Stakeholders:</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    bgColor=#e2eef6 colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>2003</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="12%"
    bgColor=#e2eef6 colSpan=2>&nbsp;<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Common
      shares outstanding at Dec. 31 (million)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">66.8</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">53.0</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Employees</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%"
    bgColor=#e2eef6>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    bgColor=#e2eef6>
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">4,500</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,600</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR>&nbsp;</FONT></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">1</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Chairman&#8217;s
Report</EM></STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>to
shareholders for 2004</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center>
<HR align=center width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pan
American has now grown from being a mere idea to </STRONG><STRONG>becoming the
world's leading primary silver mining </STRONG><STRONG>company. From a simple
concept in early 1994 - that of </STRONG><STRONG>delivering to our shareholders
the most silver-focused </STRONG><STRONG>company possible with the best possible
leverage to higher </STRONG><STRONG>silver prices - to what we are today: a
major silver mining </STRONG><STRONG>company with six silver mines in three
countries, over </STRONG><STRONG>4500 tremendous employees at our operating
locations, </STRONG><STRONG>annual silver production of over 13 million ounces,
one of </STRONG><STRONG>the largest silver reserve and resource positions of any
</STRONG><STRONG>company in the world, an excellent balance sheet, the best
</STRONG><STRONG>trading liquidity of any silver equity in the world, and the
</STRONG><STRONG>strongest growth profile in the industry.</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">These
are achievements that I am extremely proud of, and I hope all our 33,000-plus
shareholders take pride in owning Pan American Silver Corp along with me. You
have all been part of this great growth story. And I know, based on our existing
development projects, that our record of strong growth will continue for the
foreseeable future.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">After
enduring difficult markets and metals prices from 1998 until 2003, Pan American
benefited greatly from the rise in silver (and base metal) prices since late
2003. During the bear market we focused on making acquisitions of silver mines
and silver development projects, and on steadily increasing our silver
production. We suffered from this strategy while silver prices were low, but we
are now reaping the benefit of this strategy since we now have a large silver
production base from which to enjoy the strong current metal price climate. Our
mine operating earnings and cash flow from operations have never been stronger,
and they will continue to grow as we further develop our operations and
projects.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Highlights
of 2004 were: the acquisition of the Morococha silver mine in Peru, which I
expect will grow to become one of our best assets anywhere based on its
outstanding exploration environment and long life potential; the sale of our 20
percent interest in the Dukat mine in Russia for $43 million, of which we
realized $20.3 million in cash in 2004; the profound strengthening of our
balance sheet and income statement through the elimination of over $96 million
in convertible and conventional debt, the addition of $55 million from a 3.3
million share equity issue in May, and the positive operating cash flow we
enjoyed throughout the year; the decision to begin construction on our Alamo
Dorado project and the advancement of the Manantial Espejo project. It was a
busy and a most productive year, made even more rewarding with the continuing
strength in metals prices.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">None
of the growth and success of this past year could have been attained without our
strong operating and management team. It is unfair to single out individuals, as
our corporate growth is the result of so many peoples' efforts. It is fair,
however, to sing the praises of our entire team and we do operate as a real
team. I particularly want to acknowledge the new senior staff members who have
joined us in the last two years, forming what I think is one of the strongest
management teams in the industry. It is a pleasure to work with such fine people
as we continue to build Pan American Silver into a world-class silver mining
company.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">I
feel we have completed the first phase of our mission of building the best
silver company in the world for equity investors. But we have a great deal yet
to do, and our focus will now evolve into making our existing assets even
better, to further increase our silver production and silver reserves and
resources, to produce silver at lower costs, to maintain our great balance sheet
and avoid significant debt, to maintain our policy of never hedging our silver
production, and to continue operating with such great and competent employees.
Our first decade saw tremendous growth. Our next decade will build on this
platform for even greater strength and depth with exactly the same focus: to be
the best possible way for investors to gain leverage to the silver price. We
have a great future and I hope you will remain with us as we continue writing
new chapters for Pan American as THE silver story. </FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Respectfully
submitted,</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><IMG
src="fs66.jpg"></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Ross
Beaty, Chairman</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">February
24, 2005</FONT></DIV>
<DIV></DIV></FONT></DIV>
<DIV></DIV><STRONG><EM><FONT face="Baskerville Old Face"
color=#00386b></FONT></EM></STRONG>
<DIV></DIV><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">2</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>President&#8217;s
Message</EM></STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>to
shareholders for 2004</EM></STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM><IMG
src="temp6.jpg"></EM></STRONG></FONT></DIV>
<DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>It
has been almost two years since I started working with </STRONG><STRONG>Pan
American and almost a full year since accepting the </STRONG><STRONG>role of
President and CEO. I have spent the last 25 years </STRONG><STRONG>in the
precious metals mining industry and I have been </STRONG><STRONG>part of all
phases of the metal cycle. In all this time in the </STRONG><STRONG>industry, I
have seen but a precious few examples of </STRONG><STRONG>companies that have
grown successfully from a concept to </STRONG><STRONG>an industry leader. The
few truly successful examples </STRONG><STRONG>have all demonstrated similar
attributes: exceptional </STRONG><STRONG>entrepreneurial leadership, an ability
to identify real </STRONG><STRONG>assets and create value, and the drive to push
for the </STRONG><STRONG>organizational evolution necessary to effectively
manage </STRONG><STRONG>this growth. Recognizing that your Company has all of
</STRONG><STRONG>these attributes and helping it to capitalize on them to
</STRONG><STRONG>become the leading silver investment is why I
joined.</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">It's
been an exciting and intense couple of years. On the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">back
of a mine construction and startup in Mexico and a </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">mine
acquisition in Peru, Pan American's silver production </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">has
grown from 7.8 million ounces in 2002 to 11.2 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">ounces
in 2004, a 47% increase. Another 21% increase in </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">silver
production is planned for 2005. Revenues have more </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">than
doubled in the same period and the number of mines </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">we
operate has grown from three to six, with the requisite</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">increase
in employees.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">Managing
this growth successfully has been and will </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">continue
to be one of my paramount goals. To do so requires </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">thoughtful
planning as well as the implementation of many </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">new
systems, and above all, the right people. Your Company </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">now
has that team of people. In the last two years Pan </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">American
has built a management team which I can say, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">unequivocally,
is one of the finest in all the mining industry. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">We
have added depth, experience and expertise in all </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">aspects
of mine operations, project development, geology, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">finance
and corporate communications. Your team is in </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">place
and as committed as I am to continuing to maximize </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">the
value of our assets and to execute our growth plans, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">which
should see Pan American produce 21 million ounces </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">of
silver annually starting in 2007.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">By
2007, Pan American unquestionably will have become the largest primary silver
producer and will be operating seven mines in Peru, Mexico, and Bolivia. With
this growth now within our grasp, the question becomes: what comes next? Let me
share with you my answer - Pan American will work to more than double our silver
production to 50 million ounces within the next 5 years and concurrently
position the Company to achieve sustainable profitability at more modest silver
prices. This is where we are heading and this is why I believe we will retain
and augment our position
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>as the industry's leading silver investment.</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>I look forward to a long association with Pan American and you,
our shareholders and I hope you stay on board for the exciting times
ahead.</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV align=left>Respectfully submitted,</DIV>
<DIV align=left><IMG src="fs67.jpg"></DIV>
<DIV align=left>Geoff Burns, President &amp; CEO</DIV>
<DIV align=left>February 24, 2005</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">3</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Ten
Years of Growth <STRONG><EM>In Silver</EM></STRONG> <BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2007
Target:</EM></STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>21
million ounces of silver annually
<DIV>
<HR align=center width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></FONT></DIV>
<DIV></DIV>
<DIV></DIV></EM></STRONG></FONT></DIV>
<DIV></DIV><BR></DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1994.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1994</EM></STRONG></FONT></DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pan American
      is born when Ross Beaty </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">takes over
      Pan American Minerals, a </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">TSX shell
      company. Waterloo and Hog </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Heaven
      projects are acquired.</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1995.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1995</EM></STRONG></FONT></DIV>
      <DIV align=left><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pan American
      Minerals changes its </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">name to Pan
      American Silver Corp. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Quiruvilca
      silver mine is purchased. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">First 700,000
      ounces of silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">production.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1996.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1996</EM></STRONG></FONT></DIV>
      <DIV align=left><STRONG><EM><FONT face="Baskerville Old Face"
      color=#00386b></FONT></EM></STRONG>&nbsp;</DIV>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Quiruvilca
      expanded. Annual </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">silver
      production grows to </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2.5 million
      ounces.</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1997.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1997</EM></STRONG></FONT></DIV>
      <DIV align=left><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dukat silver
      project acquired in </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Russia.
      Annual silver production </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">increases to
      2.8 million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1998.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1998</EM></STRONG></FONT></DIV>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><EM><BR>
      <DIV></DIV>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">La
      Colorada silver mine acquired in </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">Mexico.
      Dukat feasibility study </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">completed.
      Annual silver production </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">grows
      to 3.1 million ounces.</FONT></EM></FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t1999.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>1999</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dukat project
      raided by Russian </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">company. San
      Vicente project in </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bolivia
      acquired. For fifth consecutive </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">year, annual
      silver production </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">increases -
      to 3.2 million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t2000.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2000</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Huaron silver
      mine acquired in Peru. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Dukat
      resolved, Pan American Silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">retains a 20%
      carried interest. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual silver
      production continues </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">to grow to
      3.6 million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t2001.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2001</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Huaron
      rehabilitated and production </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">commences. La
      Colorada begins </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">small-scale
      production. Annual silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">production
      rises to 6.9 million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t2002.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2002</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">San Vicente
      begins small-scale production. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Manantial
      Espejo silver-gold joint venture </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(50%) in
      Argentina acquired. Silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">stockpiles in
      Peru acquired. Annual silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">production
      grows to 7.8 million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><IMG src="t2003.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2003</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alamo Dorado
      silver project </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">acquired. La
      Colorada expansion </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">completed.
      Annual silver output </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">grows to 8.6
      million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t2004.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2004</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morococha
      silver mine in Peru </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">acquired. Pan
      American becomes debt </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">free.
      Interest in Dukat sold recouping </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">more than
      original investment. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Annual silver
      production increases </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">to 11.2
      million ounces.</FONT></DIV></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=center width="20%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="t2005.jpg"></DIV></TD>
    <TD vAlign=center width="80%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 33pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>2005</EM></STRONG></FONT></DIV>
      <DIV><BR>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Expect to
      produce 13.6 million </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">ounces of
      silver - 11th consecutive </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">year of
      growth.</FONT></DIV></DIV></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=5 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp13.jpg"></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp14.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>bactericidal
      quality</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Silver has
      bactericidal properties, and in the early 18th century, </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">babies who
      were fed with silver spoons were healthier than those </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">fed with
      spoons made from other metals, and silver pacifiers </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">were widely
      used in America because of their health effects.</FONT></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>electrical
      conductor</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Silver is the
      best electrical conductor of all metals and is used in </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">many
      electrical applications, particularly in conductors, switches,
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">contacts and
      fuses, and the majority of personal computers use </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">silver
      membrane switches.</FONT></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp21.jpg"></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp22.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>brazing
      and soldering</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The precious
      metal is used in brazing and soldering, as it </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">produces
      naturally smooth and leak-tight joints that resist </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">corrosion,
      and the use of silver solders for water pipes provides a </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">natural
      built-in bactericidal action. In fact, in 2003, 37.5 million </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">ounces of
      silver were used for brazing and soldering.</FONT></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>rechargeable
      batteries</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">Uses
      for silver include rechargeable and disposable batteries, </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">commonly
      the &#8220;button&#8221; style, which have up to 35% silver by </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">weight,
      and as an electroplating metal for steel bearings to </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">increase
      fatigue strength and load carrying
capacity.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"></FONT>&nbsp;</DIV>
<DIV align=center><FONT face=Arial></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">4</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV align=center><FONT face=Arial><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><EM><STRONG>Producing
Mines</STRONG></EM></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><EM><STRONG>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</STRONG></EM></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM><STRONG><IMG
src="temp23.jpg"></STRONG></EM></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Baskerville Old Face"><STRONG>Huaron
(100%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
Huaron silver mine is located 300 km northeast of Lima in </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">the
heart of the Cerro de Pasco district, one of Peru's most </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">important
mining districts. The mine produced 4.1 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ounces
of silver, 15,041 tonnes of zinc, 10,569 tonnes of lead </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">and
1,754 tonnes of copper at a cash cost of $3.90/oz silver and a </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">total
cost of $5.06/oz silver, net of by-product credits, making </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Huaron
the Company's largest silver producer in 2004. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Huaron
currently hosts proven and probable reserves of 47.9 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">million
ounces, plus an additional 8.4 million ounces in </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">measured
and indicated resources and a further 13.8 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ounces
of inferred resources. Given the long life of this </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">operation,
Pan American is currently re-engineering the mine </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">to
optimize production rates, which is expected to result in a </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">gradual
increase in silver output over the next few years. In </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2005
the mine is expected to produce 4.2 million ounces of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">silver,
17,000 tonnes of zinc, 9,400 tonnes of lead and 2,000 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">tonnes
of copper at a cash cost of $4.10/oz of silver, met of by-product </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">credits.</FONT></DIV>
<DIV align=left><FONT color=#000000 size=2></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><IMG
src="temp24.jpg"></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=center>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: BaskervilleWin95BT,Bold, serif"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Baskerville Old Face"><STRONG>Morococha
(86%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">On
August 26, 2004, Pan American acquired the Morococha </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">silver
mine located approximately 50 kilometers southwest of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">the
Company's Huaron mine. Morococha is an underground, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">polymetallic
vein mine, similar in character to both the Huaron </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">and
Quiruvilca mines, creating many administrative synergies </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">with
the existing operations. With this acquisition, Peruvian </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">operations
now account for 79% of Pan American's total silver </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">production.
In 2004, Morococha contributed to Pan American </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">1.3
million ounces of silver, 5,902 tonnes of zinc, 2,186 tonnes </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">of
lead and 538 tonnes of copper at a cash cost of $4.41/oz of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">silver
and a total cost of $5.94/oz. In 2005 Morococha is slated </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">to
produce 2.6 million ounces of silver, 13,000 tonnes of zinc, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">5,400
tonnes of lead and 975 tonnes of copper at a cash </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">production
cost of $3.42/oz of silver (Company's share). With a </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">modest
refurbishment of the existing mill facilities, Pan </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">American
expects that an expansion to an average 3.3 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ounces
per year (Company's share) is viable within the next few </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">years.
Currently, proven and probable reserves at Morococha </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">total
14.7 million ounces of silver, with an additional 4.2 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ounces
of measured and indicated resources and 52.8 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">of
inferred resources. Morococha and its surrounding claim </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">package
of 110 square kilometers is the most prospective </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ground
in the Company's portfolio. In 2005 Pan American </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">plans
to conduct 24,000 meters of delineation and exploration </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">drilling
to further add to the reserve base.</FONT></DIV>
<DIV></DIV><FONT color=#000000 size=2></FONT></DIV>
<DIV></DIV>
<DIV align=center>
<TABLE cellSpacing=5 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp25.jpg"></DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp26.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>silver
      to the rescue</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">According to
      the Silver Institute, it was a layer of silver on the main </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">shaft
      bearings of the 9,000 horsepower reciprocating engines of </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">the World War
      II Superfortress that resolved the unacceptable </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">failure rate
      of these giant engines. Silver, with its superior fatigue </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">resistance,
      came to the rescue.</FONT></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>industrial
      applications grow</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">In 2003, 351
      million ounces of silver was used for industrial </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">application
      (41%), 266 million ounces were consumed in the </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">jewellery and
      silverware markets (31%) and over 196 million </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">ounces of
      silver went for use in the photographic sector
(23%).</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></FONT></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always"><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">5</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></FONT></DIV>
<DIV id=HDR><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV id=GLHDR style="WIDTH: 100%"
align=right></DIV></FONT></DIV></DIV></DIV></FONT></FONT></DIV>
<DIV align=center><FONT face=Arial>
<DIV></DIV></FONT></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV>&nbsp;</DIV>
<DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>&#8220;2004
marked Pan American's tenth anniversary as a silver company.
W</EM></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>hat
a satisfying decade we have had, and what a satisfying year we
</EM></STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>have
just enjoyed - the best year in our short history&#8221;</EM></STRONG></FONT></DIV>
<DIV></DIV></DIV>
<DIV><IMG src="temp27.jpg"></DIV>
<DIV><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Quiruvilca
(100%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Pan
American has operated the Quiruvilca silver mine in Peru </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">since
late 1995. The mine is located at an elevation of 3,800 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">meters
in the Andes Mountains of northern Peru, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">approximately
130 kilometers inland from the coastal city of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Trujillo.
It is one of Peru's oldest mines with evidence of mining </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">activity
dating back to at least the 1500s. After closing the highcost </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">North
Zone in 2003, the mine has achieved a remarkable </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">turnaround
and in 2004 was the Company's most profitable </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">producer.
During the year Quiruvilca produced 2.5 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">ounces
of silver, 11,709 tonnes of zinc, 3,803 tonnes of lead and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,081
tonnes of copper. Cash costs declined to $3.63/oz and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">total
production costs dropped to $3.88/oz. Exploration </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">drilling
in 2004 was also successful, replacing what was mined </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">and
converting 3 million ounces of resources into mineable </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">reserves.
Another 10,500 meters of exploration drilling will be </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">conducted
in 2005. This year the mine is expected to produce </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.3
million ounces of silver, 11,000 tonnes of zinc, 3,000 tonnes </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">of
lead and 1,200 tonnes of copper, at a cash cost of $4.03/oz.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV><IMG src="temp28.jpg"></DIV></DIV>
<DIV><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Stockpiles
(100%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">These
large, silver-rich pyrite stockpiles in the Cerro de Pasco </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">mining
district of Peru were accumulated by the Peruvian </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">mining
company, Volcan Compania Minera (Volcan), and were </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">purchased
by Pan American in 2002. The agreement grants </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Pan
American the right to mine and sell 600,000 tonnes of the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">highest
grade silver stockpiles to a smelter, where the ore is </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">used
as process flux and Pan American is paid for the contained </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">silver.
The purchase price for this small mining operation was </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">$4.5
million, plus Volcan retained a right to share one-third of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">the
cash flow generated once Pan American recovered its </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">acquisition,
tax and interest costs. Pan American began to pay </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Volcan
its share in December of 2004. Production from these </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">stockpiles
in 2004 totaled 961,000 ounces of silver at a cash cost </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">of
$2.95/oz and a total cost of $3.58/oz. For 2005 and beyond, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">stockpile
sales are expected to average approximately 80,000 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">tonnes
per year resulting in annual silver production of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">approximately
960,000 ounces at a cash cost rising to $3.41/oz </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">due
to Volcan's participation.</FONT></DIV>
<DIV align=left><FONT face="Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=5 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp29.jpg"></DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp30.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>solar
      energy</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">In
      California, USA, 1,926 silver coated mirrors use solar energy to
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">heat silver
      nitrate salt to over 10,000 degrees F, which is then used </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">to generate
      steam, turning steam turbines to create electricity </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">sufficient to
      power 10,000 homes.</FONT></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>recent
      discoveries</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">More than
      two-thirds of world silver resources are associated with </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">copper, lead,
      and zinc deposits. Most recent discoveries have been </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">primarily
      gold and silver deposits, but significant future reserves </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">and resources
      are expected from large base metal discoveries that </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">contain
      silver.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">6</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></DIV>
<DIV>
<DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Producing
Mines</EM><EM>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</EM></STRONG></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><EM><STRONG><IMG src="temp31.jpg"></STRONG></EM></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>La
Colorada (100%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
La Colorada silver mine is located approximately midway </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">between
the cities of Zacatecas and Durango in west central </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Mexico.
The property lies within a geologic belt known as the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">"faja
de plata" (silver belt) that extends for approximately 800 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">km
along the Sierra Madre Mountains and is defined by great </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">silver
deposits that make Mexico the largest silver producing </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">country
in the world. In January 2004, the mine's new 600 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">tonne-per-day
oxide mill achieved commercial production, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">however,
production from the existing 200 tonne-per-day </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">sulphide
plant shut down in the first quarter due to excess </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">water
underground. The mine increased its silver output from </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">992,000
ounces in 2003 to 2.0 million ounces in 2004 at a cash </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">cost
of $6.23/oz. Production and costs improved substantially in </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">the
fourth quarter of 2004, with a quarterly record silver </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">production
of 683,526 ounces at a cash cost of $5.98/oz. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Production
is expected to continue to rise in 2005 to 2.9 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">ounces
of silver with decreased cash costs of $5.53/oz. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Hydrogeological
studies are also underway to enable the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">resumption
of sulphide production, which would further </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">reduce
unit costs.</FONT></DIV>
<DIV><IMG src="temp32.jpg"></DIV>
<DIV><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>San
Vincente ( 50%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
San Vicente silver mine is located in the Potos&#195;&shy; Department </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">of
the Bolivian Andes. More than 20 bonanza type silver-zinc </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">veins
are known to occur over an area of 1.5 km on surface and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">extend
to at least 200 m in depth. San Vicente was operated by </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">COMIBOL,
the Bolivian state mining company, from 1972 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">until
1993 and optioned by Pan American in 1999. In the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">fourth
quarter of 2003, Pan American signed a joint-venture </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">agreement
with Bolivian mining company EMUSA, granting </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">EMUSA
an option to earn a 50 percent interest in the project. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">To
vest its interest, EMUSA spent $2.5 million in project costs </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">including
drilling, underground tunneling and feasibility </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">study
work while initiating limited, small-scale production. In </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
the mine produced 313,000 ounces to Pan American's </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">account.
The results from the work performed in 2004 helped </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Pan
American conclude that increased production is possible </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">using
existing infrastructure. As a result of the attractive project </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">economics,
Pan American is accelerating its production </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">program
at San Vicente and the mine is now expected to </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">produce
more than 700,000 ounces of silver for Pan American </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">in
2005, at a cash cost of $2.23/oz.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT face="Baskerville Old Face"
color=#000000></FONT>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=5 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp33.jpg"></DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp34.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>historical
      silver</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Silver has
      been mined as a main product and as a by-product of base </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">metal mining
      since 4,000BC, and the first major source of mined silver is </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">considered to
      be Anatolia, or Modern Turkey. Sophisticated silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">extraction
      began in 2,500 BC, when the Chaldeans began using a </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#8220;cupellation&#8221;
      process to extract silver from lead-silver ores.</FONT></DIV></TD>
    <TD vAlign=top width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>one
      billion troy ounces</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The next
      major leap in production came with the discovery of the New World
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">in 1492,
      which expanded silver mining production by almost an order of </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">magnitude,
      with the development of the mercury amalgamation process. </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Production
      began in Bolivia, and some one billion troy ounces of silver were
      </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">produced over
      300 years from 1500 to1800AD in South
America.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">7</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV><EM><STRONG><FONT face="Baskerville Old Face"><FONT size=7><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Development
Projects</EM></STRONG></FONT></DIV>
<DIV></DIV></FONT></FONT></STRONG>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</EM></DIV>
<DIV><IMG src="temp35.jpg"></DIV>
<DIV><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Alamo
Dorado (100%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Pan
American acquired the Alamo Dorado through its </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">acquisition
of Corner Bay Silver in February, 2003. In 2004 Pan </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">American
revised the geological model of the deposit and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">initiated
an alternative development plan for the property, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">based
upon a fully revised feasibility study. In February, 2005 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Pan
American announced a positive production decision on the </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">project
based on its strong economics at current silver prices </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">and
the positive outlook for long-term prices. In the second </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">quarter
of 2005, Pan American expects to begin construction of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">a
primary crushing circuit, SAG ball mill, conventional cyanide </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">leach
recovery circuit and a dry, stackable tailings system. The </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">mine
will also employ a tailings treatment process called AVR </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">which
neutralizes mine waste, thus reducing the mine's </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">environmental
impact and future reclamation costs. Capital </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">costs
for the project are estimated at $76.6 million. Pan </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">American
has sufficient cash on hand to fund the project </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">completely.
With proven and probable reserves of 11.6 million </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">tonnes
of ore grading 118 g/tonne silver and 0.33 g/tonne gold, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">plus
measured and indicated resources of 3.1 million tonnes </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">grading
74 g/tonne silver and 0.28 g/tonne gold, the mine is </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">expected
to have a life of 8 years. Starting in 2007, Alamo </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Dorado
is expected to produce on average approximately 5 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">million
ounces of silver and 20,000 ounces of gold annually at </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">an
average cash cost of $3.25/oz of silver, net of gold by-product </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">revenues.</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><IMG src="temp36.jpg"></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Manantial
Espejo (50%)</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
Manantial Espejo silver project, a 50/50 joint venture with </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Silver
Standard Resources, is located in the Santa Cruz </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">province
of southern Argentina, in the mineral-rich Patagonia </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">region.
Pan American is managing the project development </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">and
a feasibility study is well underway with completion </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">scheduled
for the third quarter of 2005. In 2004, nearly 20,000 </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">meters
of infill and exploration drilling were completed to </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">advance
mine planning and to expand the mineral resources. </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Current
mine plans are based on a combined surface and </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">underground
operation to exploit the Maria, Karina Union, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Melissa
and Concepcion deposits. Preliminary estimates </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">suggest
annual production of at least 3.6 million ounces of </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">silver
and 57,000 ounces of gold. Metallurgical, geotechnical, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">hydrological
and environmental baseline studies have been </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">completed
and permitting work initiated. Work in 2005 will </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">concentrate
on completing the feasibility study and advancing </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">the
project into detailed engineering.</FONT></DIV>
<DIV></DIV><FONT face="Baskerville Old Face" color=#000000></FONT>
<DIV align=center>
<TABLE cellSpacing=5 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp37.jpg"></DIV></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;<IMG src="temp38.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>silver
      outstrips demand</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Today, demand
      for silver outstrips supply, and in 2003 silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">mines
      produced 19,000 tonnes of silver, but 7,349 tonnes were </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">derived from
      recycling and above ground stockpiles to meet the </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">26,439 tonnes
      (850 million ounces) demand.</FONT></DIV>
      <DIV></DIV></TD>
    <TD width="50%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 14pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>silver
      today</STRONG></FONT></DIV>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Silver is
      still used in bearings today. In jet engines, silver </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">electroplated
      steel bearings are used so that in the event of </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">lubrication
      pump failure, the bearings will provide adequate </FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">lubrication
      to give enough time to shut the engine down safely.</FONT></DIV>
      <DIV></DIV></TD></TR></TABLE></DIV></DIV>
<DIV>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">8</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Reserves
&amp; Resources
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></FONT></DIV>
<DIV><BR>
<DIV><BR>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=right
    width="55%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>MINERAL
      RESERVES - PROVEN AND PROBABLE</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=top align=middle
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="13%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=middle width="12%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=middle width="12%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="13%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Location</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Classification</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Tonnes
      (000s)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag(g/mt)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag
      Cont. (000s ozs)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Au
      (g/mt)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pb
      (%)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Cu
      (%)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Zn
      (%)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Huaron</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Proven</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,854</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">219</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">34,177</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.14</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.43</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.03</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,902</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">225</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">13,759</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.15</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.41</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.01</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Morococha
      (86%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Proven</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,455</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">223</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">10,433</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.51</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.44</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.16</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">543</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">242</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,222</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.18</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.91</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.27</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">La
      Colorada<SUP>(a)</SUP></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Proven</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">567</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">502</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">9,151</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,289</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">499</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">20,680</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Quiruvilca</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Proven</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">677</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">202</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,397</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.15</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.41</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.47</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.61</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">388</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">197</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,457</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.19</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.51</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.46</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.38</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Silver
      Stockpiles<SUP>(a)</SUP></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">443</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">302</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,301</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Alamo
      Dorado</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Proven</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,019</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">136</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,456</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.43</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="13%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Probable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">10,591</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">116</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">39,499</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.32</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=right
    width="13%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>TOTALS</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Proven
      + Probable</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>23,728</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>193</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>147,532</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV><BR>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="55%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>MINERAL
      RESERVES - MEASURED AND INDICATED</STRONG></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="13%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Location</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Classification</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Tonnes
      (000s)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag(g/mt)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag
      Cont. (000s ozs)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Au
      (g/mt)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pb
      (%)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Cu
      (%)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Zn
      (%)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Huaron</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">738</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">210</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,983</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.66</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.15</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3.43</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">524</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">205</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3,454</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.58</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.16</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3.53</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Morococha
      (86%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">701</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">144</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3,245</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.3</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.32</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3.2</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">188</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">163</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">987</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.09</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.36</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.93</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">La
      Colorada<SUP>(a)</SUP></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">562</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">438</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">7,914</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,189</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">418</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">29,418</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Quiruvilca</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,198</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">178</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">12,579</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.57</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.37</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.78</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3.66</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">761</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">181</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,428</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.57</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.52</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.79</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.33</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Alamo
      Dorado</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">263</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">84</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">710</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.31</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3,610</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">71</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">8,241</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.23</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Manantial
      Espejo (50%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Argentina</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,360</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">174</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">13,202</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.46</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,969</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">160</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">10,126</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.2</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">San
      Vicente (50%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Bolivia</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">607</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">363</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">7,078</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.74</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">677</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">519</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">11,288</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.81</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Hog
      Heaven</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Montana,
      USA</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Measured
      + Indicated</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,741</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">170</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">15,015</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.69</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Waterloo</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">California,
      USA</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Indicated</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">33,758</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">93</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">100,937</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=right
    width="13%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>TOTALS</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="12%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Measured
      + Indicated</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>53,844</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>135</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=middle
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>233,605</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=center align=left
    width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD></TR></TABLE></DIV>
<DIV><BR>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=bottom align=right width="46%" colSpan=4>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>MINERAL
      RESOURCES - INFERRED</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD>
    <TD vAlign=bottom align=left width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="13%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD vAlign=bottom align=left width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Location</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Classification</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Tonnes
      (000s)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag(g/mt)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ag
      Cont. (000s ozs)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Au
      (g/mt)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pb
      (%)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Cu
      (%)</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Zn
      (%)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Huaron</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,842</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">233</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">13,799</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2.63</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.32</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.06</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Morococha
      (86%)<SUP>(b)</SUP></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">6,566</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">250</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">52,776</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.4</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.4</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">La
      Colorada<SUP>(a)</SUP></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">452</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">597</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">8,676</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">&nbsp;</TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">6,715</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">112</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">24,180</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Quiruvilca</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2,181</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">174</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">12,201</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.26</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.51</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.47</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4.23</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Alamo
      Dorado</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Mexico</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">518</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">79</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1,316</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">0.3</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Silver
      Stockpiles</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Peru</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">21,337</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">162</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">111,132</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Manatial
      Espejo (50%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Argentina</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">821</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">158</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,171</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1.88</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">San
      Vicente (50%)</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Bolivia</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">236</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">563</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">4,263</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">3.47</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=left width="13%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Hog
      Heaven</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Montana,
      USA</FONT></DIV></TD>
    <TD vAlign=center align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Inferred</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">7,439</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">141</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">33,721</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">N/A</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=center align=right width="13%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>TOTALS</STRONG></FONT></DIV></TD>
    <TD vAlign=center align=left width="12%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>&nbsp;</DIV></FONT></TD>
    <TD vAlign=center align=middle width="12%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Inferred</STRONG></FONT></DIV></TD>
    <TD vAlign=center align=middle width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>48,106</STRONG></FONT></DIV></TD>
    <TD vAlign=center align=middle width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>172</STRONG></FONT></DIV></TD>
    <TD vAlign=center align=middle width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>266,234</STRONG></FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD>
    <TD vAlign=center align=left width="9%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">-</FONT></DIV></TD></TR></TABLE></DIV>
<DIV><BR>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 45pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>NOTES:</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>Mineral
      Reserves and Resources are as defined by Canadian Institute of Mining
      Guidelines.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>Mineral
resources do not have demonstrated economic viability.</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>This
table illustrates Pan American Silver Corp's share of mineral reserves and
resources.</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>Properties
in which Pan American Silver has less than 100% interest are noted next to the
property name.</STRONG></FONT></DIV>
<DIV style="MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Mineral
resource and reserve estimates for Huaron, Quiruvilca, La Colorada and Morococha
were prepared under the supervision of or were reviewed by Michael Steinmann,
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">P.Geo.,
Vice President Geology - Operations and Martin G. Wafforn, P.Eng., Director of
Mine Engineering as Qualified Persons as that term is defined in NI 43-101.
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Reserve/resource
estimates for La Colorada and Silver Stockpiles were prepared in previous years
by other Qualified Persons, and are adjusted for 2004 production
where</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><SUP>(a)</SUP>
applicable . Mineral resource estimates for Hog Heaven and Waterloo are based on
historical third party estimates.</FONT></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 45pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">(a)</FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2003
      mineral reserve and resource estimates less 2004
  production</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 45pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">(b)</FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Inferred
      resources assigned in feasibility study
2004</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><STRONG>Metal
Prices Used for all Mines: Ag: $5.50/oz, Au: $375/0z, Pb: $600/Tonne, Cu:
$2,200/Tonne, Zn: $1,020/Tonne</STRONG></FONT></DIV>
<DIV align=left><STRONG><FONT face="Baskerville Old Face"
color=#000000></FONT></STRONG>&nbsp;</DIV>
<DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">2004
Annual Report</FONT></DIV>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">9</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV></DIV></DIV></DIV></DIV></DIV>
<DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Silver
Fundamentals
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></FONT></DIV>
<DIV></DIV></DIV>
<DIV><IMG src="graph.jpg"></DIV>
<DIV><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">After
rising by 24 percent in 2003, the silver price had a strong year again in 2004,
rising by 13.6 percent and ranging from a low of $5.63 per ounce to a high of
$8.29 per ounce. In 2004, silver outperformed gold by 9.6 percent and showed
high volatility. This strong trend has continued to date in 2005, buoyed by
excellent demand and supply fundamentals and by favourable macroeconomic
conditions prevailing in the world.</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
most significant factors influencing silver on the positive side in 2004 were:
pronounced weakness in the US dollar, which increased investment demand for
silver; strongly higher industrial demand, particularly in the electrical and
electronics industries; lower Chinese stockpile sales of silver; flat supply
growth from silver mines; and lower silver scrap supply due mainly to less
silver being used in photography. On the negative side, silver demand in
photography decreased due to growth in digital cameras (though the decrease was
only modest as most photographic sectors remain silver-based), and Indian
jewellery and silverware demand decreased sharply due to the higher silver
price.</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">For
the fourteenth year in a row, fabrication demand outstripped silver supply from
mines and scrap sources, by about 60 million ounces. The accumulated silver
supply deficit since 1992 is now more than 1.4 billion ounces, which has been
satisfied through the disposal of above-ground inventories. In recent years the
major source of such inventories has been government stockpiles. In 2004 the US
government sold the last of its silver stockpile that had been as large as 2
billion ounces in the 1950s, and the Chinese government sold about 40 million
ounces from its stockpile, a sharp reduction from earlier years. With US
stockpiles gone and Chinese stockpiles drastically reduced, the only other known
government stockpile is in India, which announced in early 2005 that it would
sell off its entire 65 million ounce inventory over the next three years at a
rate of about 20 million ounces a year.</FONT></DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: BaskervilleWin95BT, serif">
<DIV align=left>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">The
outlook for 2005 and beyond remains very bullish for silver prices. Prices for
all primary metals are being driven by strong economic conditions globally,
particularly in China and southeast Asia. Silver and gold prices are likely to
move higher with any continuing weakness in the US dollar. The depletion of
above-ground stockpiles continues and at some point will be insufficient to feed
the silver deficit, requiring higher prices to establish an equilibrium in
supply and demand. On the mining side, although Pan American and a few other
companies are increasing their production of silver, mining is inherently a
depleting business and many existing silver mines are slated for closure in the
next five years, to offset the production growth. New industrial applications
for silver continue to make their way to market, particularly in the biocide and
electronic industries, thus bolstering industrial demand. Finally, a silverbased
Exchange Traded Fund (&#8220;ETF&#8221;) will probably be listed on a US exchange in 2005,
which would increase investment demand for silver, possibly
dramatically.</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Silver
is a beautiful metal and is used broadly in all aspects of life. Pan American is
now a world leader in the production of silver, and is immensely proud to be so
closely aligned to and associated with this wonderful metal.</FONT></DIV>
<DIV align=left><FONT face="Baskerville Old Face" color=#000000
size=2></FONT>&nbsp;</DIV>
<DIV></DIV></FONT></DIV>
<DIV></DIV></DIV></DIV></DIV></FONT></DIV></FONT></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always"><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Baskerville Old Face">10</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></FONT></DIV>
<DIV id=HDR><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></FONT></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><IMG src="fs49.jpg"></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>Consolidated Financial Statements</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>for the Year Ended December 31, 2004</DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>CAUTIONARY NOTE</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Some of the statements in the 2004 annual report and accompanying
financial statements are forward-looking statements and as such are based on an
assumed set of economic conditions and courses of action. These include
estimates of future production levels, expectations regarding mine production
costs, expected trends in mineral prices and statements that describe Pan
American's future plans, objectives or goals. There is a significant risk that
actual results will vary, perhaps materially, from results projected depending
on such factors as changes in general economic conditions and financial markets,
changes in prices for silver and other metals, technological and operational
hazards in Pan American's mining and mine development activities, uncertainties
inherent in the calculation of mineral reserves, mineral resources and metal
recoveries, the timing and availability of financing, governmental and other
approvals, political unrest or instability in countries where Pan American is
active, labor relations and other risk factors listed from time to time in Pan
American&#8217;s Form 40-F.<STRONG>&nbsp;</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG>Management&#8217;s Discussion and Analysis</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG>Financial Condition and Results of
Operations</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG>February 24, 2005</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Introduction</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Management&#8217;s discussion and analysis (&#8220;MD&amp;A&#8221;) focuses on
significant factors that have affected Pan American Silver Corp.&#8217;s and its
subsidiaries (&#8220;Pan American&#8221; or the &#8220;Company&#8221;) performance and such factors that
may affect its future performance. In order to better understand the MD&amp;A,
it should be read in conjunction with the audited consolidated financial
statements and the related notes contained herein. Pan American&#8217;s reporting
currency is the United States dollar and all amounts in this discussion and in
the consolidated financial statements are expressed in United States dollars,
unless identified otherwise. The Company reports its financial position, results
of operations and cash flows in accordance with Canadian generally accepted
accounting principles (&#8220;Canadian GAAP&#8221;). Pan American&#8217;s significant accounting
policies are set out in Note 2 of the audited consolidated financial statements.
Differences between Canadian and United States generally accepted accounting
principles that would have affected the Company&#8217;s reported financial results are
set out in Note 18. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>This MD&amp;A is comprised of the following sections: The
<STRONG>&#8220;Overview of 2004&#8221;</STRONG> provides an analysis of Pan American&#8217;s
<EM>financial results</EM> and <EM>operating performance</EM>, after discussing
the <EM>significant events and transactions</EM> that had a material bearing on
the results and performance in 2004. A detailed analysis of each mine&#8217;s
operating performance in 2004 and our forecasts for 2005 are provided. Also
provided in this section is a reconciliation of our <EM>consolidated cash and
total costs per ounce of silver produced </EM>to the operating expenses reported
in our consolidated statement of operations. The <STRONG>&#8220;Liquidity and Capital
Resources&#8221;</STRONG> section describes our current financial condition and
discusses our expected capital and liquidity requirements for 2005 and beyond.
The &#8220;<STRONG>Critical Accounting Policies and Estimates&#8221; </STRONG>section
identifies those accounting estimates that have the largest impact on the
financial presentation. The <STRONG>&#8220;Risks and Uncertainty&#8221;</STRONG> section
discusses the risks associated with Pan American&#8217;s business and our risk
management programs to mitigate such risks. Finally, in the
<STRONG>&#8220;Outlook&#8221;</STRONG> section we provide Pan American&#8217;s expectations
regarding the Company&#8217;s development projects and the metal markets.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Except for historical information contained in this MD&amp;A, the
following disclosures are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 or are future oriented
financial information and as such are based on an assumed set of economic
conditions and courses of action. These include estimates of future production
levels, expectations regarding mine production and development programs and
capital costs, expected trends in mineral prices and statements that describe
Pan American's future plans, objectives or goals. There is significant risk that
actual results will vary, perhaps materially, from results projected depending
on such factors as discussed under Risks and Uncertainties in this MD&amp;A and
other risk factors listed from time-to-time in the Company's Annual Information
Form or Form 40-F. Additional information about Pan American and its business
activities is available on SEDAR at www.sedar.com.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Overview of 2004</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>To gain an appreciation for Pan American&#8217;s financial results and
operating performance in 2004, it is important to understand the <EM>significant
events and transactions</EM> that occurred during the year. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Significant Events and Transactions</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Morococha Acquisition</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>On February 9, 2004 Pan American announced the signing of a
binding agreement with a number of individuals to purchase a direct 81 per cent
interest in Compania Minera Argentum S.A. (&#8220;Argentum&#8221;), which owns the Morococha
mine in central Peru. The Company acquired this interest in Argentum for $33.8
million by way of a public offering for Argentum common shares through the Lima
Stock Exchange. Subsequent to this offer, the Company purchased an additional 5
per cent interest in Argentum by acquiring investment shares for $1.5 million.
In addition, Pan American acquired 100 per cent of Compania Minera Natividad
(&#8220;Natividad&#8221;) for $1.5 million, which holds numerous adjacent mineral
concessions and owns the primary processing facility. The Company intends to
combine Natividad and Argentum in the near future. The statements of operations
and balance sheets of Argentum and Natividad were incorporated into Pan
American&#8217;s consolidated financial statements from July 1, 2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">1</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Argentum and Natividad (collectively &#8220;Morococha&#8221;) contributed 1.26
million ounces of silver to Pan American&#8217;s production in the second half of 2004
at a cash cost of $4.41 per ounce. Over the longer term Morococha is expected to
produce 3.0 to 3.5 million ounces of silver annually at a cash cost of
approximately $3.50 per ounce.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The fair value of assets and liabilities acquired through the
acquisition of Morococha are summarized as follows:</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="85%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="11%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>($000)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Current assets (including cash of $657)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">7,555</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Mineral property, plant and equipment</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">16,745</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Non-producing properties</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">40,472</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="85%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">64,772</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Less:</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Accounts payable and accrued liabilities</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(3,937</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Non-controlling interest</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,200</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Provision for asset retirement obligation and
    reclamation</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(8,618</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="85%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Future income tax liability</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(14,146</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="85%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total purchase price</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">36,871</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The future income tax liability arises due to the fact that the
purchase consideration exceeded the carrying value of the mining assets for tax
purposes, resulting in a temporary difference between the accounting and tax
value. The estimated future income tax liability associated with this temporary
difference was $14.1 million and had been recognized as a future income tax
liability and also applied to increase the carrying value of the mineral
properties.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The provision for asset retirement obligation and reclamation of
$8.6 million arises pursuant to CICA Handbook Section 3110 - &#8220;Accounting for
Asset Retirement Obligations&#8221;, which required the Company to recognize the
expected fair value of future site restoration costs at Morococha as a liability
and to increase the carrying value of mineral properties by the same amount. The
liability is accreted over time to its anticipated future value with a
corresponding charge to the statement of operations while the increase in the
carrying value of mineral properties is amortized on a unit of production
basis.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>To finance the acquisition of the Morococha mine, Pan American
closed a common share financing with an institutional investor on March 12,
2004. A total of 3,333,333 Pan American common shares were issued at a price of
$16.50 per share for gross proceeds of $55 million. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Debenture Conversion</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>In July 2003 the Company issued $86.25 million of 5.25 per cent
convertible unsecured senior subordinated debentures (the &#8220;Debentures&#8221;) due July
31, 2009. The Company made an offer to induce conversion of the Debentures by
the holders between April 7, 2004 and May 21, 2004. Approximately $85.4 million
or 99 per cent of the Debenture holders elected to accept the Company&#8217;s offer
and received $131.25 in cash plus 106.929 common shares of the Company per
$1,000 principal amount of the Debentures. The cash component of the offer
represented the interest that the Company would have paid on the Debentures up
until July 31, 2006, when the Company would, under certain circumstances, have
the right to force conversion. In addition, the offer incorporated an additional
2.436 common shares per $1,000 principal amount of Debentures converted, which
was equal to a 4 per cent premium. The Company issued 9,135,043 common shares
and paid cash of $11.2 million pursuant to this offer. Pan American recorded
debt settlement expenses of $1.3 million associated with the induced conversion
of the Debentures.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Asset Sales</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>In November 2004, Pan American announced that it had sold its 20
per cent interest in the Dukat mine in Magadan State, Russia for up to $43
million, of which $20.5 million was received in cash and the remaining $22.5
million is to be received in contingent future payments. No amount has been
booked for this additional receivable. The future payments are to be made
annually based on the yearly average silver price, and range from no payment if
the average silver price is below $5.50 per ounce, to $8 million if the average
silver price exceeds $10 per ounce. Under certain circumstances, the Company
will be entitled to early settlement of the remaining future payments, such as a
public share offering by the buyer, OAO MNPO Polimetall. The Company recorded a
gain of $20.2 million on the sale, net of transaction costs. In an unrelated
transaction, Pan American also recorded a $3.6 million gain on the sale of
surplus land at the Quiruvilca mine during 2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">2</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Debt Prepayments</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company prepaid the $9.5 million La Colorada construction loan
from the International Finance Corporation (&#8220;IFC&#8221;) on May 17, 2004. Pan American
also prepaid the Huaron project loan by making a $3.1 million payment of
principal and accrued interest on April 16, 2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>La Colorada </STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The La Colorada mine in Mexico reached commercial production on
January 1, 2004 after a $20 million expansion, which started in late 2002. As
such, all revenue and expense items were recognized in the statement of
operations in 2004, after having been capitalized throughout 2003. This change
in accounting treatment gives rise to several significant differences when
comparing the consolidated statement of operations for 2004 with 2003. During
2004, La Colorada recorded $12.1 million in revenue, $11.2 million in operating
costs and $3.6 million in depreciation.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Financial Results </STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The table opposite sets out the quarterly results, expressed in
thousands of US dollars, for the past 12 quarters, together with select balance
sheet information for the prior three years.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">3</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid"
align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%" colSpan=11>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>Quarters Ended <EM>(unaudited)</EM></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>Years Ended</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%" bgColor=#ff80ff>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" bgColor=#ff80ff colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>March 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" bgColor=#ff80ff colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>June 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" bgColor=#ff80ff colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>Sept. 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" bgColor=#ff80ff colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" bgColor=#ff80ff colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Revenue</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">15,151</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">20,950</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">27,409</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">29,386</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">92,896</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Mine operating earnings*</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">1,838</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">2,411</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">5,850</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">2,766</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">12,865</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>General &amp; Administrative</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(803</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,202</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(934</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(3,302</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(6,241</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Exploration</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(528</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,137</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,213</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(960</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(3,838</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net income/(loss) for the period</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(366</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">1,287</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">3,289</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">15,692</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">19,902</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net profit/(loss) per share</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.05</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.12</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.05</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.23</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.13</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><EM>Other financial information:</EM></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Assets</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">370,079</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total long-term financial liabilities</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">68,279</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Shareholders Equity</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">280,204</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ff80ff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><STRONG>2003</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;March 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;June 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Sept. 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Revenue</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">7,822</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">12,553</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">11,890</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">12,857</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">45,122</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Mine operating earnings/(loss)*</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(78</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">758</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">1,258</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">81</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">2,019</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>General &amp; Administrative</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(401</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(582</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(565</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(4,077</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(5,625</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Exploration</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(496</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(492</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(600</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(955</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(2,543</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net loss for the period</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,104</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(442</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(390</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(4,858</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(6,794</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net loss per share</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.02</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.01</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.01</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.15</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.20</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><EM>Other financial information:</EM></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Assets</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">279,883</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total long-term financial liabilities</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">73,137</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Shareholders Equity</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">184,098</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR bgColor=#ff80ff>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><STRONG>2002</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;March 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;June 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Sept. 30</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;Dec. 31</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Revenue</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">10,199</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">11,615</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">11,195</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">12,084</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">45,093</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Mine operating loss*</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(432</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(627</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,568</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(313</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(2,940</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>General &amp; Administrative</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(359</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(498</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(379</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(781</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(2,017</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Exploration</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(83</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(260</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(234</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(629</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,206</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net loss before Write-down of Properties</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,303</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,247</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(2,258</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,951</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(6,759</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Write-down of properties</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(15,129</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(12,089</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(27,218</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net loss for the period</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,303</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(1,247</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(17,387</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(14,040</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(33,977</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Net loss per share</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.03</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.03</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.40</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.35</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">(0.81</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><EM>Other financial information:</EM></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Assets</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">102,945</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total long-term financial liabilities</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">27,222</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="43%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Shareholders Equity</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">55,492</DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Note: *Mine operating earnings/(loss) is equal to revenue less
operating expenses less depreciation and amortization. The Company did not
declare or pay any dividends during the periods under review.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The net income after tax for 2004 was $19.9 million, compared to
the net loss for 2003 of $6.8 million. Included in the net income for 2004 were
several unusual items including the gain on the sale of the Company&#8217;s interest
in Dukat for $20.1 million, the gain on the sale of surplus land at Quiruvilca
for $3.6 million, the write-off of $2.5 million of obsolete assets and debt
settlement expenses of $1.4 million. In addition to these unusual items that
occurred during the year, 2004 also marked the first year in which the Company
became taxable in Peru and was subject to the 1% royalty imposed by the Peruvian
congress in June 2004. Income tax expenses, together with the mandatory workers
participation expense totaled $3.3 million for the year, while an additional
$0.6 million was accrued with respect to the royalty in Peru.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Mine operating earnings, defined as revenue less operating
expenses and depreciation and amortization increased by 637 per cent in 2004
from $2.0 million to $12.9 million as a result of the improving price
environment for the metals that the Company produces together with the addition
of the Morococha mine. This improvement in mine operating earnings can be seen
in stronger gross revenue margins (operating profit/revenue), which increased
from 11.8 per cent in 2003 to 27.4 per cent in 2004 and more than offset the
impact of higher depreciation and amortization charges in 2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">4</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Relative to 2003, revenue more than doubled in 2004. The average
price for all of the metals that the Company produces increased in 2004 compared
to 2003. The average silver price increased 36 per cent, average zinc price
increased 26 per cent, average lead price increased 74 per cent and average
copper prices increased 60 per cent. Magnifying this improved price environment,
the Company achieved a 29 per cent increase in silver production, together with
7 per cent and 9 per cent increases in the production of zinc and coppers
respectively, partially offset by a 12 per cent decrease in lead production. The
Company also sold more concentrate than it produced in 2004 by reducing its 2003
year-end inventories. At the end of 2004, the Company had slightly over ten
thousand tonnes of concentrate in inventory, which represents approximately one
month&#8217;s production. Revenue was negatively impacted by the effect of the
Company&#8217;s base metals hedge program, which generated a reduction in revenue of
$3.5 million in 2004, compared to a reduction in revenue of $0.1 million in
2003. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Revenue recognition from quarter to quarter can vary
significantly, depending on the timing of shipments of concentrates. Shipping
delays were the main reason behind the uneven revenue between the first and
second quarters in both 2003 and 2004. The acquisition of Morococha, which took
effect on July 1, 2004, is the primary reason why revenue increased in the
second half of 2004. The variation in quarterly revenue that occurred in Q2 of
2002 was due to the Huaron mine starting commercial production.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>General and administrative costs increased by $0.6 million from
2003 reflecting increased staffing costs, a stronger Canadian dollar against the
US dollar, increased legal expenses relating to the early conversion offer to
the Debentures holders and increased travel costs. The Company completed the
staffing of its senior management team during 2004 with the recruitment of
several key technical personnel in the areas of geology, health, environment and
safety and underground mining. Included in General and administrative expenses
was stock-based compensation of $2.2 million (2003 - $2.9 million), which until
the fourth quarter of 2004 had been reported as a separate item on the Company&#8217;s
consolidated statement of operations.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Depreciation and amortization expense was $7.5 million higher in
2004 than 2003. The acquisition of Morococha and La Colorada achieving
commercial production accounted for $5.7 million of this increase. Depreciation
and amortization expense also increased as a direct result of the Company&#8217;s
adoption of CICA Handbook Section 3110 - &#8220;Accounting for Asset Retirement
Obligations&#8221;, which required the Company to write up its asset values by $8.2
million as at December 31, 2003. The amortization of these higher asset values
on a unit of production basis has resulted in an increased depreciation charge.
</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Exploration expense increased by $1.5 million because of increased
activity levels associated with the preparation of a feasibility study at the
Company&#8217;s Manantial Espejo joint venture project and due diligence expense
related to the Company&#8217;s business development activities.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Total interest expense during 2004 amounted to $0.9 million, which
was lower than the $1.2 million incurred in 2003 as a result of the Debenture
conversion and debt prepayments described earlier in this MD&amp;A.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>For the fourth quarter of 2004, the Company recorded net income
after tax of $15.7 million, primarily as a result of the $20.1 million gain on
sale of Dukat, partially offset by the $2.5 million non-cash write-off of
obsolete assets. The financial results for the fourth quarter of 2004 were
influenced by the fact that the Company became taxable in Peru. Also recorded in
the fourth quarter&#8217;s costs were mandatory workers participation expenses and
bonuses totaling $1.2 million to the employees and workers at Huaron, Morococha
and Quiruvilca mines in recognition for the record operating performance
achieved at each mine during 2004. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The net loss for 2003 was $6.8 million, compared to the net loss
for 2002 of $34.0 million, which included the write down at Quiruvilca of $27.2
million. Included in the net loss for 2003 was $2.9 million related to
recognition of stock option compensation expenses, of which $2.1 million was for
stock options granted in 2003, relating to 2002 performance. The operating
results improved greatly in 2003 as compared to 2002 as a result of the
improving price environment for metals that the Company produces and continued
cost reductions, particularly at the Quiruvilca mine. In addition, the Company&#8217;s
Pyrite stockpiles, acquired in November 2002, generated approximately $1.7
million in operating profit in 2003.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">5</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>In 2003, revenue was almost identical to that in 2002. Lower
production of zinc and lead in 2003 due to the closure of the high-cost North
Zone at the Quiruvilca mine was offset by higher realized metal prices in 2003.
General and administrative costs were $ 1.0 million higher in 2003 compared to
2002 due to the costs associated with recruitment of several new senior staff,
increases in insurance premiums and the strengthening of the Canadian dollar
against the US dollar. Depreciation and amortization expense was $1.5 million
less in 2003 than 2002 primarily due to the write off in 2002 of the carrying
value of Quiruvilca, and all of La Colorada&#8217;s 2003 expenses being
capitalized.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Operating Performance</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The following table sets out select historic and 2005 forecast
consolidated operating information. For purposes of budgeting for 2005 and the
forecast numbers contained in this MD&amp;A, the Company has used the following
price assumptions: silver: $6.00 per oz, zinc: $1,000 per tonne ($0.45 per lb),
lead: $850 per tonne ($0.39 per lb), copper: $2,600 per tonne ($1.18 per lb).
For our concentrate producing mines, we refer to the net smelter return (&#8220;NSR&#8221;),
which is revenue received from buyers of our concentrate, net of smelting and
refining charges. The numbers below are based on the assumption that the Company
will commence mining activities at its San Vicente mine in Bolivia in March
2005. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#eeeeee>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" bgColor=#eeeeee colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2003</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2002</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2001</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Production</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>13,637,990</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>11,182,030</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>8,641,914</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>7,765,154</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>6,940,171</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>43,873</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>34,086</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>31,797</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>39,081</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>30,894</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Lead tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>17,912</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>16,694</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>18,990</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>20,790</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>17,187</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Copper tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>4,407</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>3,426</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>3,143</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>2,847</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right>2,163</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Costs</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.11</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.25</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.09</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.03</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.35</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">1.15</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">1.08</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.53</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.76</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">0.68</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">5.26</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">5.33</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.62</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">4.79</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">5.03</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>In 2004, the Company achieved a 29 per cent increase in silver
production, together with 7 per cent and 9 per cent increases in the production
of zinc and copper, respectively, offset by a 12 per cent decrease in lead
production. Increases in silver, zinc and copper production were primarily
achieved through the acquisition of the Morococha mine and the expansion at La
Colorada. The decrease in lead production was mainly due to the lower lead
grades and recoveries experienced at the Huaron mine. The silver production
figures for 2003 above include 992,142 ounces of silver (2002 - 252,262 ounces)
produced at La Colorada while the mine was in pre-production for accounting
purposes.</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Consolidated cash costs per ounce exceeded Management&#8217;s
expectations in 2004 by approximately $0.91 per ounce. The primary reason for
this was the higher than expected costs at La Colorada due to increased ground
control and ventilation expenditures, coupled with lower than expected
production, particularly in the first half of the year. Actual cash costs per
ounce at Morococha in the fourth quarter were also significantly above
expectations due to lower silver grades and recoveries. The silver grades and
recoveries are expected to improve in 2005. There have also been significant
costs associated with integrating the Morococha mine into Pan American&#8217;s
operations including organizational changes and the implementation of safety
systems. The strengthening of both the Peruvian sol and the Mexican peso,
relative to the US dollar, also negatively impacted operating costs.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Consolidated production in 2005 is forecast at 13.6 million ounces
of silver, a 22 per cent increase as compared to 2004. Base metal production is
also expected to increase, particularly in the case of zinc production, which we
forecast will increase by 28 per cent. The increases in expected production are
primarily due to a full year of ownership of Morococha, improvements at La
Colorada and production from San Vicente. Consolidated cash costs per ounce of
silver produced, net of by-product credits, are forecast to decline by 3.3 per
cent to $4.11 per ounce as cost reductions at La Colorada and Morococha are
likely to outweigh increases in costs associated with Peruvian taxes and
royalties and the one-third participation by Volcan Minera S.A. de C.V.
(&#8220;Volcan&#8221;) in the operating cash flow generated by the Pyrite stockpile
operation.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">6</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>An analysis of each mine&#8217;s operating performance in 2004 measured
against historical performance follows, together with Management&#8217;s forecasts for
each operation&#8217;s performance in 2005.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Huaron mine</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company&#8217;s largest silver producing mine, Huaron produced 6 per
cent less ounces of silver in 2004 as compared to 2003 as a result of a
reduction in ore grades and lower recoveries, yet still generated mine operating
earnings of $5.1 million. Aided by higher metal prices, this performance was
achieved by increasing tonnage milled by 5 per cent to take advantage of excess
capacity in the milling facility. As can be seen in the table that follows, the
Company plans to continue to increase the annual tonnes milled at Huaron in
2005: </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><STRONG>
      <DIV align=right><STRONG>2005</STRONG></DIV>Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" bgColor=#eeeeee colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2003</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2002</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2001</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Tonnes Milled</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>683,200</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>635,845</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>605,790</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>606,300</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>367,274</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4,197,897</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>4,080,737</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4,365,061</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4,527,971</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>2,897,946</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>17,033</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>15,041</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>18,855</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>20,896</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>9,574</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Lead tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>9,392</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>10,569</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>14,246</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>14,006</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>8,445</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Copper tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>2,051</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>1,754</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>1,332</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>1,740</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>959</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Tonnes Shipped</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Zinc concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>33,860</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>34,314</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>34,819</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>43,988</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>14,237</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Lead concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>19,444</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>20,253</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>27,602</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>26,219</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>14,723</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Copper concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>9,213</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>7,030</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5,687</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>6,249</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3,915</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Cost per tonne</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>40.74</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>40.32</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>41.87</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>38.71</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>39.73</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.10</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>3.90</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3.92</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3.66</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3.55</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>1.09</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>1.16</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.70</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.46</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.36</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5.19</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>5.06</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.62</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.12</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3.91</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV>&nbsp;</DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>For 2004, the mine&#8217;s NSR per tonne exceeded expectations by 14 per
cent at $58.98 compared to $51.60, and its cost per tonne was 6% lower than
expected at $40.32 compared to $42.67.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Huaron&#8217;s average NSR per tonne for 2005 is expected to be
approximately $51.25 and its average cost per tonne is forecast at $40.74, which
should generate approximately $2.1 million in mine operating earnings. The
re-engineering program at Huaron, together with sustaining capital is expected
to require about $3.7 million of spending in 2005.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Quiruvilca mine</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>2003 saw a significant transformation at Quiruvilca. Production
levels at the mine were reduced in August of 2003 from approximately 45,000
tonnes per month to approximately 30,000 tonnes per month with the closure of
the high-cost North Zone. At this reduced rate, the mine has been able to
process higher-grade ore and decrease its operating costs to the point where it
became Pan American&#8217;s most profitable mine in 2004, generating $9.5 million in
mine operating earnings. Quiruvilca produced more silver in 2004 compared to
2003, despite that fact that it milled 14% less tonnage. Last year, Management
expected that Quiruvilca would possibly close in the third quarter of 2004,
however, exploration success during 2004 has enabled management to prepare a
mine plan that will see mining activities continuing at the Quiruvilca mine for
at least the next three years and likely beyond. The following table sets out
Management&#8217;s forecasts for Quiruvilca in 2005 and historical production and cost
data going back to 2000.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">7</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" bgColor=#eeeeee colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2003</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2002</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2001</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2000</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Tonnes Milled</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>389,776</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>381,237</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>442,093</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>508,352</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>568,451</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>615,382</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>2,327,631</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>2,530,869</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>2,493,908</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>2,509,689</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>3,259,372</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>3,611,589</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>10,915</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>11,709</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>12,509</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>17,852</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>21,009</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>24,462</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Lead tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>3,050</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>3,803</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>4,361</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>6,468</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>8,358</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>8,740</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Copper tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>1,243</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>1,081</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>1,811</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>1,107</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>1,204</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>1,215</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Tonnes Shipped</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Zinc concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>19,139</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>19,657</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>27,481</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>27,511</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>39,475</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>42,039</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Lead concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>5,641</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>11,048</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>6,425</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>9,901</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>12,975</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>14,899</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Copper concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>7,202</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="10%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>6,268</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>7,938</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>4,706</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>5,602</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right>5,970</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="10%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Cost per tonne</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>41.86</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>45.00</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>39.20</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>40.01</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>43.23</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>44.14</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.03</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>3.63</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5.01</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5.15</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.71</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>3.20</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.40</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>0.25</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.17</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>1.37</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.95</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>0.82</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.43</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="9%"
    bgColor=#eeeeee>
      <DIV>3.88</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5.18</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>6.52</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>5.66</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>4.02</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV></DIV></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>Last year, Management expected Quiruvilca&#8217;s average NSR per tonne
to be $45.07 and its budgeted average cost per tonne to be $36.41. However the
mine realized an average NSR per tonne of $64.02 and its operating costs were
about $45.00 per tonne milled. The average NSR per tonne realized for the year
was 42 per cent higher than expected due to higher prices and better actual
grades and recoveries while higher costs were associated with the decision to
extend the mine&#8217;s life.</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>For 2005, Pan American expects Quiruvilca&#8217;s average NSR per tonne
to be $53.01 and its budgeted average cost per tonne to be $41.86, which should
result in a mine operating earnings of approximately $3.4 million. A total of
$1.9 million has been budgeted for capital expenditures at Quiruvilca in 2005,
including $1.2 million on concurrent reclamation and $0.5 million to extend the
conveyer belt system.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Morococha mine</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American acquired an 81 per cent interest in the Morococha
mine with effect from July 1, 2004 and has subsequently purchased an additional
5 per cent interest. Morococha was immediately accretive to production, cash
flow and earnings. Morococha generated $2.2 million of mine operating earnings
and $5.2 million in operating cash flow before non-cash working capital items in
the second half of 2004. The following table sets out the production and cost
data for the second half of 2004 together with Management&#8217;s expectations for
2005:</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="11%" bgColor=#eeeeee colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2H 2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Tonnes Milled</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>439,371</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>212,172</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff" vAlign=top align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="11%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>2,557,172</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>1,259,451</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>12,924</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>5,902</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Lead tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>5,470</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>2,186</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Copper tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>975</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>538</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Tonnes Shipped</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="11%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Zinc concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>25,417</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>13,613</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Lead concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>10,954</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>4,416</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Copper concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>4,129</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>2,399</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="11%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Cost per tonne</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>39.47</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>42.03</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>3.42</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>4.41</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1.54</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>1.53</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>4.97</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>5.94</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Morococha&#8217;s average NSR per tonne in 2005 is expected to be about
$53.34 against a forecast cost per tonne of $39.47, which should generate mine
operating earnings of $2.1 million. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">8</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company plans to invest heavily in Morococha in 2005 with the
primary objectives of establishing a long term, proven and probable reserve
based mine plan and reducing cash costs per ounce. Approximately $5.1 million is
budgeted to be spent on extensive mine development with a further $2.2 million
on upgrades to the milling facility and other equipment. An additional $1.0
million is budgeted for exploration, including 20 kilometers of diamond
drilling. Pan American also plans on spending $0.7 million on health and safety
matters, primarily upgrading safety equipment.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Pyrite Stockpiles</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American acquired the right to mine and sell certain
stockpiled ore from Volcan in November 2002. In 2004, demand for the stockpiled
ore from the only buyer of this material, Doe Run Peru, increased by 22 per cent
over the tonnage requested in 2003. Cash costs per ounce were higher in 2004 due
to the fact that the major cost of this operation for accounting purposes is the
contained silver that is withheld as a processing fee under the terms of our
smelting agreement. Higher silver prices result in a higher expense being
recorded on account of these lost ounces. Following is a table showing
production from November 2002 onwards and the expected 2005 production. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" bgColor=#eeeeee colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2003</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="11%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2002</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Tonnes Sold</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>80,352</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="12%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>79,451</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>65,255</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>9,018</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>961,192</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="12%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>961,869</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>790,803</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>101,459</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="12%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Cost per tonne</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.48</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>1.32</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.47</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>-</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>3.41</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>2.95</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2.15</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1.50</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.68</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>0.63</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.66</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.63</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>4.09</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>3.58</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2.81</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2.13</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>For 2004, Pan American expected to sell 57,600 tonnes of this ore
containing 706,000 ounces of silver, but actual performance exceeded budget. The
Company was able to ship over 79,000 tonnes of ore containing 961,869 ounces of
silver, which generated mine operating earnings of approximately $3.0 million
during the year. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>In 2005, our agreement with Volcan entitles them to a one-third
interest in net operating cash flow from the Pyrite operation. This is the
reason for the anticipated increase in the cash cost per ounce in 2005.
Management expects that 80,300 tonnes of ore will generate mine operating profit
for Pan American of about $1.8 million.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>San Vicente mine</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American has been developing the San Vicente mine in Bolivia
under an agreement<STRONG>&nbsp;</STRONG>with COMIBOL, Bolivia&#8217;s state mining
company and EMUSA, a Bolivian mining company since December 2001. In terms of
that agreement and based on the expenditures made by EMUSA during the small
scale mining operations and feasibility work, EMUSA are entitled to a 50 per
cent interest in the mine, with Pan American retaining the other 50 per cent. As
at December 31, 2004, EMUSA had incurred $2.1 million in costs associated with
the development of San Vicente as part of their earn-in rights. San Vicente
contributed 313,029 ounces of silver to Pan American&#8217;s account during 2004.
</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>At the time of this MD&amp;A the Company was in negotiations with
both EMUSA and COMIBOL regarding the further development of the San Vicente
mine. Pan American has proposed a 400-tonne per day operation, which will
initially utilize a mill owned by EMUSA while the Company completes an
evaluation of the potential to upgrade and restart the 600 tonne per day
Vetillas plant located on the San Vicente mine site. The following table shows
Management&#8217;s expectations of our 50 per cent interest in San Vicente for 2005,
assuming that agreements are reached with EMUSA and COMIBOL to allow the
operation to commence in March 2005:</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">9</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="85%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" colSpan=2>
      <DIV align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Tonnes Milled</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>60,000</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>735,441</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>3,000</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Copper tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>138</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Tonnes Shipped</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Zinc concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>5,357</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Copper concentrate</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%"
    colSpan=2>
      <DIV align=right>861</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="85%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Cost per tonne</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>37.86</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2.23</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>0.18</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="85%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2.41</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Management expects the average NSR per tonne in 2005 to be about
$82.98 against a forecast cost per tonne of $37.86, which should generate mine
operating earnings for Pan American of $1.3 million. Our share of capital
expenditures is expected to be $0.8 million, including $0.4 million to evaluate
the potential upgrade to the Vetillas plant.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>La Colorada mine</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>During 2002 the Company started a $20 million expansion of the La
Colorada mine. The expansion was completed in late 2003, and the mine commenced
commercial production for accounting purposes on January 1, 2004. Prior to that
date, all revenue and expense items were capitalized and added to the carrying
value, which is being amortized on a unit of production basis. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2005 Forecast</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="11%" bgColor=#eeeeee colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><STRONG>2004</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Tonnes Milled</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>216,000</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>171,155</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="11%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Silver ounces</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>2,858,657</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>2,036,075</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Zinc tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>0</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>122</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Lead tonnes</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>
      <DIV align=right>0</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee colSpan=2>
      <DIV align=right>136</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="11%"
    bgColor=#eeeeee colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>5.53</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>6.23</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Non-cash cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1.92</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>1.88</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left>Total Cost per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>7.45</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=left width="1%"
    bgColor=#eeeeee>
      <DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: #eeeeee" vAlign=bottom align=right width="11%"
    bgColor=#eeeeee>
      <DIV>8.12</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>La Colorada&#8217;s performance in 2004 was below expectations due to a
combination of events: difficult ground conditions which have slowed both
development and mining, increased dewatering requirements and areas of high clay
refractory ore which have negatively impacted recoveries and mill throughput. A
revised mining and processing plan was developed and implemented to address all
of these issues. The primary component of the new plan, which was implemented in
the second half of the year, was to switch to a more selective narrow vein
mining method, which decreased tonnes of ore mined but substantially increased
ore grades. As a result, in the fourth quarter of 2004 silver grades reporting
to the mill averaged 579 grams per tonne compared to 409 grams per tonne for the
same period in 2003, and 439 grams per tonne for the first half of 2004. La
Colorada was expected to generate a small mine operating loss of $0.6 million in
2004, but due to the challenges described above, ended up with a mine operating
loss of $2.5 million.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>La Colorada&#8217;s average cash cost per ounce in 2005 is expected to
decline to approximately $5.53. However these costs are higher than is expected
over the longer term as a result of increased mine development costs associated
with completing the transition to a more selective mining method. At forecast
silver prices of $6 per ounce, the mine should generate a mine operating loss of
$3.0 million but positive operating cash flow of $1.3 million. Capital
investments at La Colorada in 2005 are expected to be $2.2 million, comprised
mostly of capitalized mine development and equipment expenditures. A drill
program to further expand and upgrade the resource base at the mine will be
initiated in the first quarter of 2005. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">10</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Cash and Total Costs per Ounce of Silver
Produced</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American reports two performance measures - cash cost per
ounce and total production cost per ounce of silver produced. These non-GAAP
measures are used by the Company to manage and evaluate operating performance at
each of the Company&#8217;s mines and are widely reported in the silver mining
industry as benchmarks for performance measurement but do not have any
standardized meaning. To facilitate a better understanding of these measures as
calculated by Pan American, we have provided a detailed reconciliation of these
measures to our operating, depreciation and amortization and reclamation
expenses as shown in our audited Consolidated Statement of Operations for 2004,
2003 and 2002. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>($'000's)</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" bgColor=#ff80ff colSpan=2>
      <DIV align=right><STRONG>2,004 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" bgColor=#ff80ff colSpan=2>
      <DIV align=right><STRONG>2,003 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff colSpan=2>
      <DIV align=right><STRONG>2,002 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left><STRONG>Cost of sales</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>69,162</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>39,778</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>43,161</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Add / (Subtract)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Cost of metals lost in smelting &amp;
      refining</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>7,191 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>4,293 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>2,854 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>By product credits for zinc, lead, copper and
      gold</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(29,610</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(15,281</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(17,984</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Change in inventory</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(379</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1,467 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1,042 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Mining royalties &amp; worker's
      participation</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(514</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Shipping and selling adjustment</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(174</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>49 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>852 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Financing costs</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>487 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>563 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>924 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Miscellaneous income / (costs)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1,117 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>456 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(292</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>La Colorada costs excluded from
      calculation</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(1,818</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">
      <DIV align=left>Minority interest adjustment</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV>(1,091</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left><STRONG>Cash Costs</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>A</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>46,188 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>31,325 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>28,739 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Add / (Subtract)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Depreciation and amortization</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>10,869 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>3,325 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>4,872 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Reclamation</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>1,315 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>303 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>806 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left>Miscellaneous income / (costs)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(57</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>373 </DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV>(234</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>)</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">
      <DIV align=left>Minority interest adjustment</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV>(386</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV>)</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left><STRONG>Total Costs</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>B</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>57,930 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>35,326 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><STRONG>34,183 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">
      <DIV align=left><STRONG>Silver Production (oz.)</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>C</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><STRONG>10,869,001 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><STRONG>7,649,772 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><STRONG>7,139,119 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Cash Costs per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="11%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>(A*$1000)/C</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>4.25</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>4.09</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>4.03</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=middle
    width="43%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>Total Costs per ounce</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="11%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><STRONG>(B*$1000)/C</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>5.33</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>4.62</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%" bgColor=#ff80ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>
      <DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%" bgColor=#ff80ff>
      <DIV><STRONG>4.79</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%" bgColor=#ff80ff>&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Liquidity and Capital Resources</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>At December 31, 2004, cash and cash equivalents plus short-term
investments were $98.1 million, which is a $9.0 million increase from December
31, 2003. This increase was achieved through cash generated from financing and
operating activities of $35.4 million and $3.1 million, respectively, plus the
proceeds from the sale of our interest in Dukat and surplus land at Quiruvilca
of $23.7 million, less investments in mineral property, plant and equipment of
$53.3 million. Financing activities included the issuance of 4.7 million shares
during the year for net proceeds of $62.4 million, the prepayment of bank loans
of $13.0 million, prepaid interest on the Debentures of $11.2 million pursuant
to the terms of the early conversion offer, and Debenture interest payments of
$2.4 million. Investments in mineral property, plant and equipment consisted
primarily of the acquisition of the Morococha mine of $37.4 million, $6.6
million at Huaron as part of the re-engineering program at the mine, $6.2
million at La Colorada for work on the tailing dam, mill upgrades and mine
development and $1.5 million in project development expenditures at Alamo
Dorado. Cash provided by operations of $3.1 million was net of $9.1 million
consumed by changes in the Company&#8217;s operating working capital items. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Working capital at December 31, 2004 was $114.7 million, an
improvement of $32.7 million from the prior year-end. The improvement is due
largely to the $18.2 million increase in accounts receivable, the $9.0 million
increase in cash plus short-term investments, a $4.1 million increase in
inventories and a net $1.1 million reduction in current liabilities.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Capital resources at December 31, 2004 amounted to shareholders&#8217;
equity of $280.2 million. At the date of this MD&amp;A, the Company had issued
66,867,570 shares.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">11</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Cash and cash equivalents plus short-term investments at December
31, 2003 amounted to $89.1 million, which was an increase of $78.9 million from
December 31, 2002. This increase, together with cash used in operating
activities of $3.8 million and investments in mineral property, plant and
equipment of $16.5 million were financed by the financing activities of $99.1
million. Financing activities included the issuance of the Debentures for net
proceeds of $83.0 million, shares issued for cash of $8.3 million and a net draw
down of bank loans of $7.7 million. Investing activities consisted of
construction related expenditures at La Colorada of $11.4 million, $4.2 million
at Huaron and $1.3 million for feasibility study work at Alamo Dorado.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Working capital at December 31, 2003 was $81.9 million, an
improvement of $79.5 million from the prior year-end. The improvement was due
largely to the $78.9 million increase in cash and cash equivalents plus
short-term investments, a reduction in accounts payable of $4.2 million and
increased concentrate inventories of $1.3 million.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American plans capital expenditures in 2005 of up to $71.6
million, including initial development and construction expenditures at Alamo
Dorado and Manantial Espejo of $43.1 million and $10.2 million, respectively.
Feasibility work at Alamo Dorado required in order to make a production decision
is forecasted at approximately $1.2 million, with an additional $41.9 million
budgeted for construction in 2005, which includes a 15 per cent contingency. At
Manantial Espejo, Management plan to spend $2.1 million to complete a
feasibility study, which will be expensed, followed by anticipated construction
expenditures in 2005 of $10.2 million assuming a positive production decision in
the third quarter of 2005. The Company plans to spend $9.6 million on
development and upgrades to infrastructure at the Morococha mine while
rehabilitation work and sustaining capital at Huaron is expected to amount to
$3.7 million. Capital requirements at La Colorada, Quiruvilca and San Vicente
are anticipated to be approximately $2.2 million, $1.9 million and $0.8 million,
respectively. In addition to these capital expenditures, the Company anticipates
reducing reclamation liabilities through concurrent reclamation spending at
Quiruvilca of $1.2 million and at Huaron of $0.3 million. Working capital
balances are not expected to increase from the levels as of the end of
2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company does not expect the impact of inflation to have a
material effect on the Company&#8217;s financial position, operational performance or
cash flows over the next twelve months.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American is required to make royalty payments to the IFC by
May 15th of each year if the average price of silver for the preceding calendar
year exceeds $4.75 per ounce. This obligation lasts until the end of the
scheduled loan life in 2009 and is capped at a maximum accumulated total of
approximately $2.8 million. During 2004, $0.7 million was accrued with respect
to this obligation, and the Company expects a similar amount will be payable on
2005 production, based on our forecast silver price.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Based on the Company&#8217;s financial position at December 31, 2004 and
the $15.1 million of operating cash flows that are expected in 2005, Management
believes that the Company&#8217;s liquid assets are more than sufficient to fund
planned project development and sustaining capital expenditures and discharge
liabilities as they come due. The Company&#8217;s only contractual obligations at the
end of 2004 was $0.7 million remaining for the Debentures, which are due in 2009
and capital leases of $0.1 million due in the next twelve months. The Company
does not anticipate annual interest payments related to these contractual
obligations to be material over the next five years. The Company does not have
any off-balance sheet arrangements or commitments other than those disclosed in
this MD&amp;A and the audited consolidated financial statements and the related
notes.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Critical Accounting Policies and Estimates</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>For its 2003 fiscal year, Pan American adopted CICA Handbook
Section 3870 - Stock-Based Compensation and Other Stock-Based Payments, which
requires the fair value method of accounting for stock options. Under this
method, Pan American is required to recognize a charge to the income statement
based on an option-pricing model for all stock options that were granted and
vested in each period, with a corresponding credit to Contributed Surplus under
the Shareholders&#8217; Equity section of the balance sheet. In 2004, the fair value
of the stock options granted was calculated using an option-pricing model based
on the following assumptions - no dividends were paid, a weighted average
volatility of the Company&#8217;s share price of 58 per cent, a weighted average
annual risk free rate of 3.78 per cent and an expected life of 2.7 years. The
resulting weighted average option valuation was $4.27 per share for a total
expense related to stock options in 2004 of $2.2 million (2003 - $2.9 million,
2002 - $0.3 million). The charge to the Company&#8217;s income statement is
incorporated as part of the general and administrative expenses.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">12</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company also adopted CICA Handbook Section 3110 in 2003, the
equivalent of FASB Statement No. 143, &#8220;Accounting for Asset Retirement
Obligations&#8221;, which addresses financial accounting and reporting for obligations
associated with the retirement of long-lived assets. Accordingly, at December
31, 2004 the expected fair value of future site restoration costs for the La
Colorada, Huaron and Quiruvilca mines was estimated using a discount rate of 5
per cent at $ 23.9 million (2003 - $21.2 million). This estimate was increased
by $2.6 million in 2004 as a result of revisions to the expected site
restoration costs at the La Colorada and Quiruvilca mines. The fair value at
December 31, 2004 of future site restoration costs for the Morococha mine was
estimated using a discount rate of 5 per cent at $ 8.6 million. Thus, the
Company&#8217;s assets and liabilities as stated on the balance sheet have been
increased to reflect the fair value of the anticipated future liability. The
Company reviews these estimates on an annual basis. In future periods, assuming
no change in estimates, operations will be charged with annual amortization of
future site restoration costs of about $2.0 million and the annual accretion of
the liability for future site restoration costs of about $1.4 million. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Canadian GAAP requires that certain financial&nbsp;instruments
with characteristics of both liabilities and equity be recorded as part debt and
part equity. The Company&#8217;s Debentures fall into this category of financial
instruments. A reader might expect the interest cost associated with the
Debentures to be reflected in the statement of operations. However, Canadian
GAAP requires that the interest payment be accounted for in a manner parallel to
the initial recognition of the Debentures as part debt, recognizing the
accretion of the liability component of the Debentures as a charge to earnings,
with the accretion of the Debenture equity component charged directly to the
Deficit. Similarly, a reader might expect that the Debentures issue costs would
be amortized over the minimum life of the Debentures and reflected as a charge
in the statement of operations. Since all of the issue costs were charged to
Shareholders&#8217; Equity when the Debentures were issued, no amortization of those
costs is recorded. Consistent with the Canadian GAAP treatment, the costs
incurred to induce the early conversion of the Debentures were split between a
liability component of $1.3 million, which was charged to earnings and an equity
component of $8.5 million, which was charged directly to the Deficit.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Annually, or more frequently as circumstances require, Pan
American assesses the recoverability of its mining properties and investments by
performing impairment evaluations. These evaluations consist of comparing each
asset&#8217;s carrying value with the estimated undiscounted future net cash flows.
Where those cash flows are less than the carrying value, the Company records a
write-down of the asset to the estimated fair value. In 2002, the Company wrote
down the carrying value of the Quiruvilca mine by $27.2 million to $nil. In
2004, asset impairment analyses were performed using the closing silver price on
December 31, 2004 of $6.80 per ounce as the long-term silver price assumption.
Other estimates incorporated in the impairment evaluations include processing
and mining costs, mining tonnage, ore grades and recoveries, which are all
subject to uncertainty. If silver prices fall below $6.80 per ounce or some of
the other assumptions prove inaccurate, additional material asset impairment
charges may be required.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Risks and Uncertainties</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>Metal Price Risk</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American derives its revenue from the sale of silver, zinc,
lead, copper and gold. The Company&#8217;s revenues are directly dependent on metal
prices that may fluctuate widely and are beyond the Company&#8217;s control. Since the
Company&#8217;s revenue is derived approximately 53 per cent from silver, 29 per cent
from zinc, 10 per cent from lead and the balance from copper and gold, changes
in silver and zinc prices have the greatest impact on the Company&#8217;s earnings
potential. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The following table illustrates the effect of changes in silver
and zinc prices on anticipated net revenue for 2005, taking into account the
Company&#8217;s forward sales commitments for zinc:</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">13</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV
style="BORDER-RIGHT: black 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 1px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 1px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 1px solid">
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="43%" colSpan=11>
      <DIV align=center><STRONG>Zinc prices</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="43%">
      <DIV align=left><STRONG>Silver prices</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>US$'000</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><STRONG>$ 900 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><STRONG>$ 1,000 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><STRONG>$ 1,100 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><STRONG>$ 1,200 </STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="43%"><DIV align=left><STRONG></STRONG>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><STRONG>5.00</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>92,172</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>93,188</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>93,948</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>94,620</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><STRONG>5.50</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>98,314</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>99,328</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>100,084</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>100,753</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><STRONG>6.00</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>104,447</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>105,457</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>106,210</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>106,876</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><STRONG>6.50</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>110,570</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>111,577</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>112,326</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>112,989</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="43%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><STRONG>$</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><STRONG>7.00</STRONG></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>116,684</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>117,687</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>118,433</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV>$</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV>119,093</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Consistent with the Company&#8217;s mission to provide equity investors
with exposure to changes in silver prices, our policy is to not hedge the price
of silver. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American mitigates the price risk associated with its base
metal production by selling some of its forecasted base metal production under
forward sales contracts, all of which are designated as hedges for accounting
purposes. At December 31, 2004, the Company had sold forward 22,200 tonnes of
zinc at a weighted average price of $1,092 per tonne ($0.495 per pound) and
4,000 tonnes of lead at a weighted average price of $726 per tonne ($0.329 per
pound). The forward sales commitments for zinc represent approximately 42 per
cent of the Company&#8217;s forecast 2005 zinc production and 17 per cent of the
Company&#8217;s forecast 2006 zinc production. The lead forward sales commitments
represent approximately 22 per cent of the expected 2005 lead production. At
December 31, 2004 the cash offered prices for zinc and lead were $1,270 and
$1,056 per tonne, respectively, and the mark to market value of the Company&#8217;s
zinc and lead forward contracts at that date was a negative $4.7 million and at
the date of this MD&amp;A was a negative $5.3 million.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company maintains trading facilities with several banks for
the purposes of transacting the Company&#8217;s hedging activities. None of these
facilities are subject to margin arrangements.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>The Company has long-term contracts to sell the zinc, lead and
copper concentrates produced by the Quiruvilca, Huaron and Morococha mines and
plans to enter into similar contracts for the San Vicente concentrate
production. These contracts include provisions for pricing the contained metals,
including silver, based on average spot prices over defined 30-day periods that
may differ from the month in which the concentrate was produced. Under these
circumstances, the Company locks in the spot price of silver during the month
that the silver-bearing concentrates are produced. At December 31, 2004 the
Company had fixed the price of 800,000 ounces of its fourth quarter&#8217;s silver
production contained in concentrates, which is due to be priced in January and
February of 2005 under the Company&#8217;s concentrate contracts. The price fixed for
these ounces averaged $7.41 per ounce while the spot price of silver was $6.80
per ounce on December 31, 2004.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Silver dore production from La Colorada is refined under a long
term agreement with fixed refining terms. The refined silver is sold in the spot
market to various bullion trading banks. The Company has never had any delivery
or payment disputes with its customers and management believes that there are no
appreciable delivery or credit risks resulting from its sales contracts.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Political and Country Risk</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American conducts operations in Peru, Mexico, Argentina and
Bolivia, which are potentially subject to a number of political and economic
risks. The Company is not able to determine the impact of these risks on its
future financial position or results of operations and the Company&#8217;s
exploration, development and production activities may be substantially affected
by factors outside of Pan American&#8217;s control. These potential factors include,
but are not limited to: royalty and tax increases or claims by governmental
bodies, expropriation or nationalization, foreign exchange controls, import and
export regulations, cancellation or renegotiation of contracts and environmental
and permitting regulations. The Company currently has no political risk
insurance coverage against these risks.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>As an example of this risk, on June 23, 2004 the Peruvian congress
approved a royalty on mining companies of between 1 and 3 per cent based on the
value of annual concentrate sales. The Company&#8217;s operations in Peru are now
subject to the royalty calculated at 1 per cent, which was a $0.6 million
unexpected increase to costs in 2004 and is expected to total between $0.5
million to $1.0 million per year for all our Peruvian mines combined. </DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">14</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Environmental Risks</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American&#8217;s activities are subject to extensive laws and
regulations governing environmental protection and employee health and safety.
Environmental laws and regulations are complex and have tended to become more
stringent over time. Pan American is required to obtain governmental permits and
in some instances provide bonding requirements under federal, state or
provincial air, water quality and mine reclamation rules and permits. Although
Pan American makes provisions for reclamation costs, it cannot be assured that
these provisions will be adequate to discharge its future obligations for these
costs.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Failure to comply with applicable environmental health and safety
laws can result in injunctions, damages, suspension or revocation of permits and
imposition of penalties. There can be no assurance that Pan American has been or
will be at all times in complete compliance with such laws, regulations and
permits, or that the costs of complying with current and future environmental
and health and safety laws and permits will not materially adversely affect Pan
American&#8217;s business, results of operations or financial condition.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Specifically related to environmental risks, in mid-October 2003 a
new mine closure law was enacted in Peru. No enabling regulations have been
published, and therefore, determining how this law will affect the Company&#8217;s
Peruvian operations is difficult; however, the law provides that each operating
mine in Peru must complete and submit for certification a mine closure plan
setting out the technical, economical, financial and social aspects of its
closure plan. Furthermore, the law provides that each operating mine must
provide a guarantee for payment of the eventual closure and post-closure phases
of its operation. The form of guarantee has not been specified, but it seems
that a guarantee may take the form of cash, a third-party guarantee or a company
guarantee. Until the enabling regulations are passed and the closure
certification process is complete the possible effects of this law on the
Company&#8217;s financial condition and results of operation are unknown.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Employee Relations</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American&#8217;s business depends on good relations with its
employees. Certain of the Company&#8217;s employees and the employees of Peruvian
mining contractors indirectly employed by the Company, are represented by
unions. At December 31, 2004, there were 239 employees represented by the
Sindicato de Trebajadores de Pan American Silver S.A.C. - Mina Quiruvilca (the
&#8220;Quiruvilca Union&#8221;) and 65 employees represented by the Sindicato de
Trebajadores de Shorey y Anexos (the &#8220;Shorey Union&#8221;). There are also 15
employees at the Huaron mine who are members of a union committee who have
rights pursuant to an agreement dated January 1, 2003. The Company has
experienced short-duration labour strikes and work stoppages in the past and may
experience future work stoppages.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Pan American is subject to various claims and legal proceedings
covering a wide range of matters that arise in the ordinary course of business
activities, many of them relating to ex-employees. Each of these matters is
subject to various uncertainties and it is possible that some of these matters
may be resolved unfavorably to Pan American. The Company has established
provisions for matters that are probable and can be reasonably estimated. The
liabilities that ultimately may result from these matters do not exceed $5
million in aggregate.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><STRONG>Outlook</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>During 2005, the Company expects to be making construction
decisions for Alamo Dorado and Manantial Espejo, and expanding operations at San
Vicente. In addition to these properties, Management believes there is
significant exploration potential at our existing Peruvian operations,
especially at the recently acquired Morococha mine. In 2004, Pan American
improved its financial position through the early conversion of nearly all of
its Debentures, prepayment of all its debt and by generating operating cash flow
before non-cash working capital items of $12.2 million. With a full year of
production at the Morococha mine and considering the Company&#8217;s forecasted metal
prices, we anticipate generating consolidated operating cash flow of
approximately $15 million and with current cash balances are well funded to
undertake the ambitious capital growth programs planned for 2005.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">15</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Project Development</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>Work on the feasibility study for the Alamo Dorado silver project is
reaching its final stage. All the major permitting and metallurgical testing is
substantially complete. The Company plans on making a construction decision in
the first quarter of 2005.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Feasibility work is progressing steadily on the 50 per cent owned
Manantial Espejo silver-gold project in Argentina. Hatch Engineers is developing
the plant and infrastructure capital and operating cost estimates while Snowden
Engineers are completing the open pit mining operating and capital cost
estimates. The archeological field program has been completed by Vector
Engineers with no significant findings and the environmental baseline field
programs are underway. The Company expects to complete the feasibility in the
third quarter of 2005 and to make a construction decision shortly
thereafter.</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG>Metal markets</STRONG></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>Prices for the metals that the Company produces were robust in
2004, after several years of prolonged weakness. Factors contributing to the
recovery in metal prices during 2004 include demand resulting from the strong
industrial growth in China, weakness in the US dollar and supply concerns due to
under-investment in new production capacity. The Company anticipates that these
factors will continue to support prices during 2005 and that the long-term
fundamentals for metal prices are positive.</DIV>
<DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">16</DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
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align=right></DIV></DIV></DIV></FONT></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><IMG src="fs62.jpg"></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">Deloitte
&amp; Touche LLP</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">2800
- - 1055 Dunsmuir Street</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">4Bentall
Centre </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.7pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">P.O.
Box 49279</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.7pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">Vancouver
BC</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.7pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">V7X
1P4 Canada </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">Tel:
(604) 669-4466</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 369pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">Fax:
(604) 685-0395</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 378pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36.7pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">www.deloitte.ca
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Report
of Independent Registered Chartered Accountants</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 396.7pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholders of</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 396.5pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Pan
American Silver Corp. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.5pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">We
have audited the consolidated balance sheets of Pan American Silver Corp. (the
&#8220;Company&#8221;) as at December 31, 2004 and 2003 and the consolidated statements of
operations, shareholders&#8217; equity and cash flows for each of the years in the
three-year period ended December 31, 2004. These financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an
opinion on these financial statements based on our audits. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.5pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audits in accordance with Canadian generally accepted auditing
standards and auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform an audit to obtain
reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.5pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the Company as at December 31, 2004
and 2003 and the results of its operations and its cash flows for each of the
years in the three-year period ended December 31, 2004 in accordance with
Canadian generally accepted accounting principles. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.5pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
Company is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purposes
of expressing an opinion on the effectiveness of the Company&#8217;s internal control
over financial reporting. Accordingly we express no such opinion. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><IMG src="fs63.jpg"></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">Independent
Registered Chartered Accountants</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">Vancouver,
British Columbia</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">February
11, 2005 </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>Comments
by Independent Registered Chartered Accountants for </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>U.S.
Readers on Canada-U.S. Reporting Conflict </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">In
the United States, reporting standards for auditors require the addition of an
explanatory paragraph (following the opinion paragraph) where there are changes
in accounting principles that have a material effect on the comparability of the
Company&#8217;s financial statements, such as the changes described in Note 2 (j) to
the consolidated financial statements. Our report to the shareholders dated
February 11, 2005 is expressed in accordance with Canadian reporting standards
which do not require a reference to such a change in accounting principles in
the report of the independent registered chartered accountants when the change
is properly accounted for and adequately disclosed in the financial statements.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><IMG src="fs63.jpg"></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">Independent
Registered Chartered Accountants</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">Vancouver,
British Columbia</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">February
11, 2005 </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 423pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: LEMAGD+Verdana, Verdana, sans-serif">Member
of </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 423pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 6pt; FONT-FAMILY: MEMAGD+Verdana, Verdana, sans-serif">Deloitte
Touche Tohmatsu </FONT></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Times New Roman">17</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Pan
American Silver Corp.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consolidated
Balance Sheets</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As at
December 31, 2004 and 2003</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(in
thousands of US dollars)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Assets</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>28,345</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">14,191</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Short-term
      investments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>69,791
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">74,938
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accounts
      receivable, net of $nil provision for doubtful accounts</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>25,757
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">7,545
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Inventories
      (Note 4)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>10,674
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,612
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prepaid
      expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,684
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,289
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Current
      Assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>136,251
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">104,575
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mineral
      property, plant and equipment (Notes 3 and 5)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>104,647
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">83,574
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-producing
      properties (Notes 3 and 6)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>125,863
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">83,873
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Direct
      smelting ore (Note 4)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,671
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,901
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other assets
      (Note 7)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>647
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,960
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>370,079</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">279,883</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Liabilities</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accounts
      payable and accrued liabilities (Note 8)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>20,331</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,525</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Advances for
      metal shipments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>652
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,536
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current
      portion of bank loans and capital lease</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>134
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,639
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current
      portion of non-current liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>479
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,948
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total Current
      Liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>21,596
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">22,648
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deferred
      revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">865
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bank loans
      and capital lease (Note 9)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,803
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Liability
      component of convertible debentures (Note 10)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>134
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">19,116
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provision for
      asset retirement obligation and reclamation (Notes 3 and
    11)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>32,012
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">21,192
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provision for
      future income taxes (Note 17)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>33,212
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">19,035
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Severance
      indemnities and commitments (Note 16)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,542
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,126
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-controlling
      interest </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,379
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>89,875
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">95,785
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Shareholders'
      Equity</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Share capital
      (Note 12)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Authorized:
      100,000,000 common shares of no par value</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Issued:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">December 31,
      2003 - 53,009,851 common shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">December 31,
      2004 - 66,835,378 common shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>380,571
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">225,154
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Equity
      component of convertible debentures (Note 10)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>633
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">66,735
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Additional
      paid in capital</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>10,976
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">12,752
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="71%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deficit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(111,976</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(120,543</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Shareholders' Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>280,204
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">184,098
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="71%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="71%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Liabilities and Shareholders' Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>370,079</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">279,883</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">APPROVED
BY THE BOARD</FONT>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;<IMG src="fs66.jpg"></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left>&nbsp;<IMG src="fs67.jpg"></DIV></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%">&nbsp;<FONT face=Arial size=2>Ross J. Beaty,
      Director</FONT></TD>
    <TD width="50%">&nbsp;<FONT face=Arial size=2>Geoff A. Burns,
      Director</FONT></TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><BR><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">See
accompanying notes to consolidated financial statements</FONT></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Times New Roman">18</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Pan
American Silver Corp.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consolidated
Statements of Operations</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">For the
years ended December 31, 2004, 2003 and 2002</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(in
thousands of US dollars, except for shares and per share amounts)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sales</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>92,896</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,093</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cost of
      sales</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>69,162
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">39,778
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">43,161
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>10,869
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,325
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,872
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mine
      operating earnings (loss)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>12,865
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,019
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,940</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">General and
      administrative, including stock-based compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>6,241
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,625
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,017
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>3,838
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,543
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,206
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,315
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">303
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">860
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest and
      financing expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>898
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,156
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">988
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Write-down of
      non-producing property (Note 6)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,460
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">27,218
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Operating
      loss</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,887</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(7,608</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(35,229</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest and
      other income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,338
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">496
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,252
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Debt
      settlement expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,364</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gain on sale
      of assets (Note 6)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>23,747
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">318
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income (loss)
      before income taxes and non-controlling interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>22,834
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provision for
      income taxes (Note 17)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,753</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-controlling
      interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(179</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>19,902</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attributable
      to common shareholders:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>19,902</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Early
      conversion premium on convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,871</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3,534</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accretion of
      convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(8,464</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year attributable to common shareholders</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>8,567</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(10,328</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Earnings
      (loss) per share </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Basic</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>0.14</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.20</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.81</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fully
      Diluted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>0.13</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.20</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.81</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Weighted
      average number of common shares outstanding</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Basic</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>63,168,995
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">51,058,212
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">41,849,413
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fully
      Diluted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>65,268,137
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">51,058,212
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">41,849,413
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">See
accompanying notes to consolidated financial statements</FONT></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Times New Roman">19</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Pan
American Silver Corp.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consolidated
Statements of Shareholders&#8217; Equity</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">For the
years ended December 31, 2004, 2003 and 2002</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(in
thousands of US dollars, except for shares)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additional</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="21%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Common
      shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Convertible</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Paid
      In</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amount</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Capital</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deficit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Total</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="32%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Balance,
      December 31, 2001</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">37,628,234
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">130,723</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,120</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(72,966</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">58,877</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of stock options</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,445,400
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6,186
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(84</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6,102
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of share purchase warrants</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">32,250
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">97
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">97
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Stock-based
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">319
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">319
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      cash, net of issue costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,450,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">15,599
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">15,599
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      purchase of mining property</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">231,511
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,250
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,250
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      purchase of royalty</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">390,117
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued as
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">69,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">253
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">253
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      purchase of silver stockpiles</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">636,942
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,000
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(28</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(28</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="32%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net loss for
      the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Balance,
      December 31, 2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">43,883,454
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">161,108
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,327
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(106,943</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">55,492
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of stock options</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,385,502
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">9,312
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,471</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">7,841
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of share purchase warrants</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">100,943
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">509
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">509
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Stock-based
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,871
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,871
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      acquisition of subsidiary (Note 3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">7,636,659
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">54,203
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">54,203
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fair value of
      stock options granted (Note 3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,136
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,136
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fair value of
      share purchase warrants (Note 3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">8,889
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">8,889
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issue of
      convertible debentures (Note 10)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">63,201
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">63,201
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Convertible
      debentures issue costs (Note 10)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,272</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,272</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued as
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,293
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">22
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">22
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Accretion of
      convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,534
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,534</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="32%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net loss for
      the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Balance,
      December 31, 2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">53,009,851
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">225,154
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">66,735
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">12,752
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(120,543</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">184,098
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of stock options</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">785,095
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">9,437
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,965</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">5,472
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      exercise of share purchase warrants</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">544,775
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,965
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,965
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Stock-based
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,189
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,189
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued for
      cash, net of issue costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,333,333
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">54,820
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">54,820
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Accretion of
      convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,871
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(2,871</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued on
      conversion of convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">9,145,700
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">88,950
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(68,973</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(8,464</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">11,513
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="32%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Issued as
      compensation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">16,624
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">245
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">245
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="32%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net income for
      the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19,902
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19,902
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="32%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Balance,
      December 31, 2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">66,835,378
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">380,571</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">633</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10,976</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(111,976</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">280,204</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">See
accompanying notes to consolidated financial statements</FONT></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Times New Roman">20</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consolidated
Statements of Cash Flows</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">For the
years ended December 31, 2004, 2003 and 2002</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(in
thousands of US dollars)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="11%" colSpan=2>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Operating
      activities</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>19,902</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(6,794</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation
      expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,347</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(61</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Items not
      involving cash</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gain on sale
      of assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(23,747</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(318</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>10,869
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,325
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,872
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Write-down of
      non-producing property and property, plant and equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,460
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">27,218
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-controlling
      interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>179
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Debt
      settlement expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,208
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Future income
      taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>31
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest
      accretion on convertible debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>366
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">595
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Stock-based
      compensation </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,189
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,871
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">319
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,315
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">303
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">860
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Operating
      cost provisions</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,209</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">941
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4,463</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in
      non-cash working capital items (Note 14(a))</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(9,083</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(5,380</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,361
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash
      generated by (used in) operating activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>3,133
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4,518</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(810</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Financing
      activities</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      for cash</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>62,437
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8,350
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">22,759
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Share issue
      costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(180</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(961</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Convertible
      debentures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">86,250
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Convertible
      debentures issue costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3,272</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Convertible
      debentures payments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(13,565</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Repayment of
      credit line </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,265</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Repayment of
      bank loans</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,060</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(Repayment)
      proceeds of bank loans and capital lease</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(13,308</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">7,737
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash
      generated by financing activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>35,384
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">99,065
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">18,473
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Investing
      activities</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mineral
      property, plant and equipment expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(15,367</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(16,944</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(9,651</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-producing
      property expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,676</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,383</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,158</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Acquisition
      of net assets of subsidiary, net of cash acquired</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(36,214</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,393
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Proceeds from
      sale of assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>23,747
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">318
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sale
      (purchase) of short-term investments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>5,147
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(74,925</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash used in
      investing activities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(24,363</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(90,541</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(10,809</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="57%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increase in
      cash during the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>14,154
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,006
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,854
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="57%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash,
      beginning of year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>14,191
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,185
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,331
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="57%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cash, end of
      year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>28,345</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">14,191</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,185</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Supplemental
Cash Flow Information (Note 14(b))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">See
accompanying notes to consolidated financial statements</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt"
face="Times New Roman">21</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%" align=left></DIV></DIV></DIV><BR><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif"><STRONG>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">December
31, 2004, 2003 and 2002</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;
<DIV>
<HR align=center width="100%" color=#000000 noShade SIZE=1>
</DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>1.</STRONG></FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>NATURE
      OF OPERATIONS</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Pan
      American Silver Corp., its subsidiaries and joint ventures (the &#8220;Company&#8221;)
      are engaged in silver mining and related activities, including
      exploration, extraction, processing and reclamation. Silver, the primary
      product, is produced in Mexico and Peru, with exploration and project
      development activities in Argentina, Peru, Mexico and Bolivia.
      </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>2.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SIGNIFICANT
      ACCOUNTING POLICIES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company&#8217;s consolidated financial statements are prepared in accordance
      with accounting principles generally accepted in Canada. The preparation
      of financial statements in accordance with Canadian generally accepted
      accounting principles requires management to make estimates and
      assumptions that affect the reported amounts of assets and liabilities and
      disclosures of contingent assets and liabilities at the date of the
      financial statements and the reported amounts of revenues and expenses
      during the reporting period. Actual results could differ from those
      estimates. Significant differences from United States generally accepted
      accounting principles are disclosed in Note
18.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">a)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Basis
      of presentation</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">These
consolidated financial statements include the accounts of the Company and its
subsidiaries. Principal subsidiaries and investments at December 31, 2004 are
listed below. All intercompany transactions and balances have been
eliminated.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT id=TAB1
style="MARGIN-LEFT: 36pt"><BR>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="78%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Subsidiary</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Location</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Ownership
      interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Status</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Operations
      and Development Projects Owned</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">&nbsp;</TD>
    <TD vAlign=top align=left width="11%">&nbsp;</TD>
    <TD vAlign=top align=left width="9%">&nbsp;</TD>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="18%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pan American
      Silver S.A.C.</FONT></DIV></TD>
    <TD vAlign=top align=left width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD vAlign=top align=left width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">100%</FONT></DIV></TD>
    <TD vAlign=top align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated</FONT></DIV></TD>
    <TD vAlign=top align=left width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Quiruvilca
      mine</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Compania
      Minera Huaron S.A.</FONT></DIV></TD>
    <TD vAlign=top align=left width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD vAlign=top align=left width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">100%</FONT></DIV></TD>
    <TD vAlign=top align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated</FONT></DIV></TD>
    <TD vAlign=top align=left width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Huaron
      mine</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Compania
      Minera Argentum S.A.</FONT></DIV></TD>
    <TD vAlign=top align=left width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD vAlign=top align=left width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">86.5%</FONT></DIV></TD>
    <TD vAlign=top align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated</FONT></DIV></TD>
    <TD vAlign=top align=left width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">70% Morococha
      mine</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Compania
      Minera Natividad S.A.</FONT></DIV></TD>
    <TD vAlign=top align=left width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD vAlign=top align=left width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">100%</FONT></DIV></TD>
    <TD vAlign=top align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated</FONT></DIV></TD>
    <TD vAlign=top align=left width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">30% Morococha
      mine</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="28%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Plata
      Panamericana S.A. de C.V.</FONT></DIV></TD>
    <TD vAlign=top align=left width="11%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mexico</FONT></DIV></TD>
    <TD vAlign=top align=left width="9%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">100%</FONT></DIV></TD>
    <TD vAlign=top align=left width="12%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated</FONT></DIV></TD>
    <TD vAlign=top align=left width="18%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">La Colorada
      mine</FONT></DIV></TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Certain
comparative figures have been reclassified to conform to the current year&#8217;s
presentation.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">b)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Revenue
      recognition</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Revenue
is recognized when title and risk of ownership of metals or metal bearing
concentrate have passed and collection is reasonably assured. Revenue from the
sale of metals may be subject to adjustment upon final settlement of estimated
metal prices, weights and assays, and are recorded as adjustments to revenue in
the period of final settlement of prices, weights and assays; such adjustments
have not historically been material in relation to the initial invoice
amounts.</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif">&nbsp;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">c)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Inventories</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Dore
and concentrate inventories are stated at the lower of cost and net realizable
value determined by using the first-in, first-out method. Direct smelting ore
inventories are carried at the lower of average cost and net realizable value.
Acquisition cost of direct smelting ore is charged to operations on a per tonne
of ore sold basis (Note 4). Supplies inventory are valued at the lower of
average cost and replacement cost, net of obsolescence. Inventories at December
31, 2004 included an obsolescence provision of $2,294,000 (2003 - $1,996,000),
of which $1,807,000 was written down as part of the write-off of the Quiruvilca
mine in 2002.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>22</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">d)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
      property, plant and equipment</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">i)</FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
      property, plant and equipment</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Costs
      associated with operating mineral properties, plant and equipment are
      carried at cost less depreciation and depletion. Maintenance, repairs and
      renewals are charged to operations. Betterments are capitalized. Any gains
      or losses on disposition of property, plant and equipment are reflected in
      the statement of operations. Mineral property costs are amortized on a
      units-of-production basis over a property&#8217;s ore reserves. Depreciation of
      plant and equipment is calculated on a straight-line basis over the lesser
      of an asset&#8217;s estimated useful life ranging from five to twenty years and
      the life of the mineral property to which it
relates.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      carrying value of mineral properties and any related plant and equipment
      are reviewed periodically for impairment in value, utilizing discounted
      estimates of future cash flows. Any resulting write downs to fair value
      are charged to operations. Deferred costs relating to abandoned properties
      are written off.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">ii)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Non-producing
      properties</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Acquisition
      costs of investment and mineral development properties together with costs
      directly related to mine development expenditures and any interest costs
      thereon are deferred. Exploration and development costs are expensed until
      the Company has a reasonable expectation that the property is capable of
      commercial production, supported by a positive economic analysis and
      approved by the Board of Directors. Capitalized costs are written down to
      their estimated recoverable amount if the property is subsequently
      determined to be uneconomic.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 72pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company&#8217;s policy is to commence commercial production for accounting
      purposes at the earlier of the operation achieving 60 per cent of design
      capacity or one year after substantial completion of construction
      activities.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">e)&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Reclamation
      costs</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      the fourth quarter of 2003, the Company changed its accounting policy on a
      retroactive basis with respect to accounting and reporting for obligations
      associated with the retirement of long-lived assets that result from the
      acquisition, construction, development and the normal operation of
      long-lived assets. The Company adopted CICA 3110 &#8220;Asset Retirement
      Obligations&#8221; whereby the fair value of the liability is initially recorded
      and the carrying value of the related asset is increased by the
      corresponding amount. The liability is accreted to its present value and
      the capitalized cost is amortized over the useful life of the related
      asset. The effect of the change was to increase the provision for assets
      retirement obligation and reclamation by $7,978,000 and increase the
      carrying value of the related assets by the corresponding
      amount.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
present value of the reclamation liabilities may be subject to change based on
management&#8217;s current estimates, changes in remediation technology or changes to
the applicable laws and regulations by regulatory authorities, which affects the
ultimate cost of remediation and reclamation. Such changes will be reflected in
the accounts of the Company as they arise.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">f)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Foreign
      currency translation</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company&#8217;s functional currency is the US dollar. The accounts of subsidiaries,
not reporting in U.S. dollars, and which are integrated operations, are
translated into U.S. dollars using the temporal method. Under this method,
monetary assets and liabilities are translated at the year-end exchange rate.
Non-monetary assets and liabilities are translated using historical rates of
exchange. Revenue and expenses are translated at the rates of exchange
prevailing on the dates such items are recognized in earnings except for
depletion and amortization of mineral property, plant and equipment which are
translated at the same rates as the assets to which they relate. Exchange gains
and losses are included in operating results.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT face=Arial size=2></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>23</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">g)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Derivative
      financial instruments</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company, from time to time, uses forward sales agreements for the purpose of
managing the price of anticipated metal sales. These instruments are accounted
for as a hedge of anticipated transactions and are not recorded on the balance
sheet of the Company. Gains and losses from these contracts are recorded as
an</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">adjustment
of revenue in the period that related</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">production
is sold. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">If the
Company enters into contracts that do not meet the requirement for hedge
accounting, the contracts are marked-to-market and any gains or losses are
included in operations.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">h)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Cash</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Cash
includes cash and bank deposits with an average current yield of 1.35 per cent
(2003 - 1.10 per cent).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">i)&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Short-term
      investments</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Short-term
investments consist of debt securities with maturities of less than two years.
These debt securities include corporate bonds with S&amp;P rating of A- to AAA
with an overall average of single A high and are classified as available for
sale, which are marked-to-market at each period end.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">j)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Stock
      option plan</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company provides options to buy common shares of the Company to directors,
officers, employees and service providers. The board of directors grants such
options for periods of up to ten years, vesting period of up to four years and
at prices equal to or greater than the weighted average market price of the five
trading days prior to the date the options were granted.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      the fourth quarter 2003 the Company changed its accounting policy,
      retroactive to January 1, 2002, in accordance with recommendation of CICA
      Handbook Section (&#8220;CICA 3870&#8221;), &#8220;Stock-based Compensation and Other
      Stock-based Payments&#8221;. As permitted by CICA 3870, the Company has applied
      this change retroactively for new awards granted on or after January 1,
      2002. Stock-based compensation expense is calculated using the
      Black-Scholes option pricing model. Previously, the Company used the
      intrinsic value method for valuing stock-based compensation awards granted
      to employees and directors where compensation expense was recognized for
      the excess, if any, of the quoted market price of the Company&#8217;s common
      shares over the common share exercise price on the day that options were
      granted.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Using
the fair value method for stock-based compensation, the Company recorded an
additional charge to earnings of $2,189,000, $2,871,000 and $319,000 for the
years ended December 31, 2004, 2003 and 2002, respectively, for stock options
granted to employees and directors. These amounts were determined using an
option pricing model assuming no dividends were paid, a weighted average
volatility of the Company&#8217;s share price of 58.5 per cent (2003 - 58.0 per cent;
2002 - 67.5 per cent), weighted average expected life of 2.8 years (2003 and
2002 - 3.5 years), weighted average annual risk free rate of 3.80 per cent (2003
- - 4.03 per cent; 2002 - 4.16 per cent). The option valuation determined by the
model was $4.04 (2003 - $2.74; 2002 - $4.75) per option.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">k)</FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Earnings
      (loss) per share</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Basic
      earnings (loss) per share calculations are based on the net income (loss)
      attributable to common shareholders for the period divided by the weighted
      average number of common shares issued and outstanding during the
      year.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
diluted loss per share is calculated based on the weighted average number of
common shares outstanding during the year, plus the effects of dilutive common
share equivalents. This method requires that the dilutive effect of outstanding
options and warrants issued should be calculated using the treasury stock
method. This method assumes that all common share equivalents have been
exercised at the beginning of the period (or at the time of issuance, if later),
and that the funds obtained thereby were used to purchase common shares of the
Company at the average trading price of common shares during the
period.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>24</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">For
securities that may be settled in cash or shares at the holder's option the more
dilutive of cash settlement and share settlement is used in computing diluted
earnings per share. For settlements in common shares, the if-converted method is
used, which requires that returns on convertible senior equity instruments and
income charges applicable to convertible financial liabilities be added back to
net loss, net loss be adjusted for any non-discretionary changes that would
arise from the assumed conversion, and that the convertible securities are
assumed to be converted at the beginning of the period (or at the time of
issuance, if later).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Potentially
      dilutive securities totaling 2,099,142 shares for 2004 (666,746 and
      1,432,396 shares arising from outstanding stock options and share purchase
      warrants, respectively) were included in the diluted earnings per share
      calculation while dilutive securities totaling 11,798,928 and 952,879
      shares for 2003 and 2002, respectively, have been excluded from the
      calculation, as their effect would be
anti-dilutive.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">l)&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Convertible
      debt instruments</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
equity and liability components of convertible debt instruments are presented
separately in accordance with their substance. The liability component is
accreted by way of charge to earnings with a corresponding credit to the
liability and interest payments are applied against the accrued liability.
Accretion of the equity component is recorded as a direct charge to the deficit.
Financing costs related to the placement of the convertible debt are charged to
the deficit. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">m)&nbsp;&nbsp;</FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Income
      taxes</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
provision for income taxes is based on the liability method. Future taxes arise
from the recognition of the tax consequences of temporary differences by
applying enacted or substantially enacted tax rates applicable for future years
to differences between the financial statement carrying amounts and the tax
bases of certain assets and liabilities. The Company records a valuation
allowance against any portion of those future income tax assets that it believes
will, more likely than not, fail to be realized.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>3.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>BUSINESS
      ACQUISITIONS </STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Morococha
mining assets</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
      August 26, 2004, the Company acquired a 80.7 per cent interest in Compania
      Minera Argentum S.A. (&#8220;Argentum&#8221;), which owns 70.0 per cent of the
      Morococha mine in central Peru, for $34,620,000 by way of a public
      offering for Argentum&#8217;s common shares through the Lima Stock Exchange. The
      Company also acquired Compania Minera Natividad S.A. (&#8220;Natividad&#8221;) for
      $1,500,000, which owns 30.0 per cent of the Morococha mine and holds
      numerous adjacent mineral concessions and a primary processing facility.
      Subsequent to the acquisition, the Company purchased an additional 2.0
      percent interest by acquiring investment shares for $625,000.
    </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      acquisition was accounted for by the purchase method of accounting and the
      accounts of Argentum and Natividad have been consolidated from July 1,
      2004, which was the date the Company acquired effective control and
      ownership of the assets and liabilities of the Morococha
    mine.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV
    style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      fair value of assets and liabilities acquired and the consideration paid
      are summarized as follows:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>25</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">June
      30,</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Fair
      value of net assets acquired</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Current
      assets (including cash of $657,000)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">7,555</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
      property, plant and equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">16,745</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Non-producing
      properties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">40,472</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">64,772</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Less:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Accounts
      payable and accrued liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(3,937</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Provision
      for asset retirement obligation and reclamation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(8,618</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Future
      income tax liability</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(14,146</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Non-controlling
      interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(1,200</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Total
      purchase price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">36,871</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consideration
      paid is as follows:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Cash</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">36,120</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Acquisition
      costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">751</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">36,871</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      purchase consideration for the mining assets of Argentum and Natividad
      exceeded the carrying value of the underlying assets for tax purposes by
      $54,945,000. In addition, the Company recorded a provision for future
      reclamation and restoration costs in amount of $8,618,000. These amounts
      have been applied to increase the carrying value of the mineral properties
      for accounting purposes. However, this did not increase the carrying value
      of the underlying assets for tax purposes and resulted in a temporary
      difference between accounting and tax values. The resulting estimated
      future income tax liability associated with this temporary difference of
      $14,146,000 was also applied to increase the carrying value of the
      non-producing properties.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Corner
Bay Silver Inc.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
February 20, 2003, the Company acquired a 100 per cent interest in Corner Bay
Silver Inc. (&#8220;Corner Bay&#8221;). The consideration paid to the shareholders of Corner
Bay was 7,636,659 common shares of the Company ( &#8220;Pan American shares&#8221;),
representing 0.3846 of a share of the Company for each share of Corner Bay and
3,818,329 warrants (the &#8220;Pan American warrants&#8221;) to purchase common shares of
the Company, representing 0.1923 of a warrant for each share of Corner Bay. The
Pan American shares issued were valued at $54,203,000, which was derived from an
issue price of Cdn$11.30. The Pan American warrants were valued at $8,889,000,
which was equal to $2.328 per warrant. The Pan American warrants were valued
using an option pricing model assuming a weighted average volatility of the
Company&#8217;s share price of 35.0 per cent and a weighted average annual risk free
rate of 4.16 per cent.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Each
whole Pan American warrant allows the holder to purchase a Pan American share
for a price of Cdn$12.00 for a five-year period ending February 20,
2008.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
addition, the Company agreed to grant 553,847 stock options to purchase common
shares of the Company. These options replaced 960,000 fully vested stock options
held by employees and shareholders of Corner Bay. The value of the stock options
granted was determined to be $1,136,000.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
acquisition was accounted for using the purchase method, which resulted in the
allocation of the consideration paid to the fair value of the assets acquired
and the liabilities assumed, as follows:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>26</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">February
      20,</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Fair
      value of net assets acquired</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Current
      assets (including cash of $2,393,000)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2,512</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
      property, plant and equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2,500</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Non-producing
      properties </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">79,008</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Other
      assets </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">29</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">84,049</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Less:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Current
      liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(104</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Provision
      for future income tax liability</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(19,035</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Total
      Purchase Price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">64,910</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Consideration
      paid is as follows:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Common
      shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">64,228</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Acquisition
      costs</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">682</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="75%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">64,910</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      purchase consideration of $64,228,000 for 100 per cent of Corner Bay
      exceeds the carrying value of the net assets acquired by $54,108,000,
      which was applied to increase the carrying value of the mineral
      properties. The excess amount did not increase the carrying value of the
      underlying assets for tax purposes resulting in a temporary difference
      between accounting and tax values. The resulting estimated future income
      tax liability associated with this temporary difference of $19,035,000 was
      also applied to increase the carrying value of the non-producing
      properties.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>4.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>INVENTORIES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Inventories
consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG><U><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Concentrate
      inventory</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>3,827</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">4,474</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Direct
      smelting ore</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>3,121</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">4,350</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Dore
      inventory</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>2,168</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">217</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Materials
      and supplies</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>4,229</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">1,472</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>13,345</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">10,513</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Less:
      non-current direct smelting ore</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>(2,671</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(3,901</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>10,674</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">6,612</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></U></STRONG></FONT><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
      an agreement relating to direct smelting ore entered into in 2002 the
      Company acquired the right to mine and sell 600,000 tonnes of
      silver-bearing ore stockpiles. The consideration paid was $4,500,000 and a
      one-third operating cash flow interest after the Company recovers
      $4,500,000 of operating costs, deemed taxes and interest on the
      acquisition cost. In December 2004, the Company recorded a charge against
      income of $61,000 relating to the operating cash flow
      interest.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
      a second agreement with Volcan, the Company has an option to acquire a 60
      per cent interest in certain silver-bearing stockpiles by spending
      $2,000,000 over a three-year period ending November 8, 2005. In the
      twelve-months following this three-year period, the Company may increase
      its interest to 100 per cent by paying Volcan $3,000,000 and granting
      Volcan a 7.0 per cent royalty on commercial production from the
      stockpiles. In December 2004, the Company extended this agreement to
      December 31, 2006 at a cost of $304,000. </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at December 31, 2004, the Company has not made any expenditures pursuant
      to this agreement.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>27</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>5.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>MINERAL
      PROPERTY, PLANT AND EQUIPMENT</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
property, plant and equipment consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=middle
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="32%" colSpan=8>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>December
      31, 2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="32%" colSpan=8>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">December 31,
      2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Accumulated</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Accumulated</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle
    width="10%" colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="10%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Cost</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="10%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>amortization</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle
    width="10%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Net</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Cost</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mineral
      properties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Morococha
      mine, Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>9,693</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(169</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>9,524</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">La Colorada
      mine, Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>4,153
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(421</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>3,732
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,153
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(44</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,109
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Huaron mine,
      Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>1
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>1
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>13,847
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(590</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>13,257
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,154
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(44</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,110
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Plant and
      equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Morococha
      mine, Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>8,515
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,930</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>6,585
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">La Colorada
      mine, Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>23,514
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(2,420</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>21,094
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">21,743
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(703</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">21,040
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Huaron mine,
      Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>19,389
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(7,659</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>11,730
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19,852
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(6,355</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">13,497
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Quiruvilca
      mine, Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>6,523
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(6,523</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6,212
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,769</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,443
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>706
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(503</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>203
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,567
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2,567
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>58,647
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(19,035</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>39,612
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">50,374
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(10,827</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">39,547
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mine
      development and other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Morococha
      mine, Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>9
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>9
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">La Colorada
      mine, Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>27,181
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(2,420</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>24,761
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">20,482
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(725</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19,757
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Huaron mine,
      Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>34,238
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(8,380</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>25,858
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">27,294
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(4,871</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">22,423
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Quiruvilca
      mine, Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>19,078
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(18,093</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>985
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19,264
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(21,707</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(2,443</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>198
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(33</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>165
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">664
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(484</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">180
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>80,704
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(28,926</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>51,778
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">67,704
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(27,787</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">39,917
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>153,198</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(48,551</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>104,647</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">122,232</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(38,658</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">83,574</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mineral
property, plant and equipment is amortized using the straight-line method over
the lesser of estimated useful lives ranging </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">from
five to twenty years or estimated ore reserves. Mine development is amortized
over the estimated ore reserves.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
      October 23, 2003, the Company purchased an existing 3.0 per cent net
      smelter royalty on its Huaron silver mine for cash consideration of
      $2,500,000.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      2004 the Company spent $6,306,000 to expand the oxide mine and various
      other mine upgrades after completing a $20,693,000 in expansion at the La
      Colorada mine in 2003. Commercial production for accounting purposes
      commenced on January 1, 2004. </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
the fourth quarter 2004, the Company wrote-off the $2,460,000 carrying value of
certain assets acquired as part of the acquisition of Corner Bay Silver Inc.,
which were considered unnecessary for the development of the
property.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>28</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>6.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>NON-PRODUCING
      PROPERTIES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Non-producing
properties consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"><BR>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-producing
      properties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morococha,
      Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>40,472</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Alamo Dorado,
      Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>81,692
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">80,076
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Manantial
      Espejo, Argentina</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,012
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,012
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,687
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,785
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>125,863</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">83,873</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Morococha,
Peru</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company holds a number of mining concessions as part of the acquisition of
      the Morococha mine (Note 3).</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Alamo
Dorado, Mexico</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
February 20, 2003, the Company acquired a 100 per cent interest in the Alamo
Dorado silver-gold deposit located in the State of Sonora, Mexico.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Manantial
      Espejo, Argentina</EM></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
      March 4, 2002, the Company acquired a 50.0 per cent interest in the
      Manantial Espejo property, located in Argentina, from Silver Standard
      Resources Ltd., which holds the other 50.0 per cent. The purchase price
      was 231,511 common shares of the Company valued at $1,250,000, cash of
      $662,433 and a further cash payment of $100,000 to eliminate a 1.2 per
      cent NSR royalty on the property. All acquisition costs have been
      capitalized while exploration costs have been charged to
      operations.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">At
December 31, 2004, the Company&#8217;s share of the net liabilities of the joint
venture was $58,000 (2003 - $260,000). During the year the joint venture
expended approximately $5,274,000 on exploration activities which was funded by
the joint venture partners (approximately $2,637,000 each). </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Other
properties consist of:</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company holds a 100% interest in the Waterloo and Hog Heaven properties located
in the United Sates.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>San
Vicente, Bolivia</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
December 1, 2001, the Company and Comibol entered into a two-year contract to
allow EMUSA, a Bolivian company, to extract from the mine, at its cost, up to
200,000 tonnes of ore during the life of the contract. The Company received the
greater of $13,000 per month, a 4 per cent net smelter return royalty or
depending on metal prices, 20 per cent - 30 per cent of net cash flow. The
Company extended the contract with EMUSA to continue with small scale operation
for an additional year, which concluded at the end of 2004 </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
November 10, 2003, the Company entered into a separate agreement with EMUSA
giving EMUSA the right to earn a 49 per cent interest in the Company&#8217;s Bolivian
subsidiary, Pan American Silver (Bolivia) S.A. EMUSA can earn its share by
financing the next $2,500,000 in project expenses, including a feasibility
study. As at year ended December 31, 2004 EMUSA has spent $2,054,000 towards the
earn-in interest, including $1,105,000 owing to the Company.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Dukat,
Russia</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
November 21, 2004, the Company completed the sale of its 20 per cent interest in
the Dukat silver mine in Russia to a maximum amount of $43,000,000. The Company
received $20,500,000 in cash and may receive up to $22,500,000 in contingent
future payments. The future payments are to be made annually based on the yearly
average silver price, and the range is from no payment, if the yearly silver
price for the preceding year is less than $5.50 per ounce to $8,000,000, if the
average silver price for the preceding year exceeds $10.00 per ounce. The
agreement also includes provisions for early payment of remaining future
payments on the occurrence of certain events. The Company had previously
written-off the property in 2000 and as a result, recognized a $20,165,000 gain,
net of $335,000 in transaction related costs, from this sale. The contingent
future payments will be recognized into income as they are
received.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>29</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Quiruvilca,
Peru</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On June
28, 2004, the Company completed the sale of a package of surplus lands and
mineral rights in the vicinity of the Quiruvilca mine for $3,650,000 and has
recognized a gain of $3,582,000 as a result of this sale.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Collectively,
the Company recognized a gain of $23,747,000 from the sale of the Dukat property
and the sale of surplus lands and mineral rights.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>7.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>OTHER
      ASSETS</STRONG></FONT></DIV></TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Other
assets consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt">
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prepaid
      taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,441</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Long-term
      receivable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>138
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,414
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation
      bonds</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>105
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">105
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>404
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>647</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,960</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD></TR></TABLE></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Prepaid
      taxes consisted of non-current IGV and various other taxes, including tax
      on assets. During 2003 and 2004, the Company prepaid $1,186,000 of tax on
      assets to the Peruvian tax authorities which can be applied against future
      income taxes. The tax on assets was repealed and the taxes paid in 2003
      may be refunded. As at December 31, 2004, the prepaid taxes have been
      reclassified as current.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
      December 2004, an agreement was reached whereby the balance of future
      power credits included in long-term receivable of $539,000 was forgiven in
      exchange for an extension to December 31, 2006 for the right to earn a 60
      per cent interest in certain silver-bearing stockpiles (Note 4). The value
      for the extension was $304,000 and a charge of $539,000 was recognized for
      power credits forgiven. The remaining $843,000 of deferred income relating
      to future power credits was recognized into income. At December 31, 2003,
      the balance of the future power credits was $959,000 of which $94,000 was
      current and reflected in current
liabilities.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
      March 15, 2004, the Company sold its interest in the Tres Cruces property
      in Peru in exchange for 3,500,000 common shares (December 31, 2004 market
      value - $1,225,000) of New Oroperu Resources Inc. valued at the same
      carrying value of the Tres Cruces property.
</FONT></DIV></TD></TR></TABLE></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>30</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>8.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>CURRENT
      LIABILTIES</STRONG></FONT></DIV></TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Accounts
payable and accrued liabilities consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT id=TAB1 style="MARGIN-LEFT: 36pt"><BR>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Trades
      accounts payable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>12,153</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8,781</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Payroll and
      related benefits</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>4,196
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,203
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income taxes
      and other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,377
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">422
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Royalties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,259
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">29
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provisions
      and other liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>346
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">90
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>20,331</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,525</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
      June 2004, the Peruvian congress passed a new 1.0 per cent mining royalty
      tax on all revenue from mining operations in Peru. During 2004 certain
      mining operations in Peru became taxable and are subject to both workers
      participation tax and Peruvian income tax. For the year ended December 31,
      2004, the Company has accrued $997,000 for mandatory workers participation
      tax.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company is obligated to make an annual payment (the &#8220;Royalty Fee&#8221;) until May 15,
2009. The Royalty Fee is equal to 20 per cent multiplied by the average silver
price for the previous calendar year less $4.75, multiplied by the annual
production from the La Colorada mine and multiplied by the scheduled IFC loan
balance at the end of the year divided by $9,500,000. The Royalty Fee is capped
such that the maximum payable is $2,800,000. As at December 31, 2004 the Company
accrued $695,000 (2003 - $29,000) for the Royalty Fee.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>9.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>BANK
      LOANS AND CAPITAL LEASE</STRONG></FONT></DIV></TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><BR>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bank loans
      and capital lease consist of:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%"
    colSpan=2>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Huaron
      pre-production loan facility</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,521</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">La Colorada
      IFC project loan</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9,500
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV style="MARGIN-LEFT: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">-</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">13,021
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current
      portion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,625</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV style="MARGIN-LEFT: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,396
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Capital lease
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>134
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">421
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current
      portion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(134</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV style="MARGIN-LEFT: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">407
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="61%">
      <DIV style="MARGIN-LEFT: 27pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$ -
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10,803</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      2004 the Company repaid the balance of the Huaron pre-production loan. The
      loan bore interest at 6-month LIBOR plus 3.0 per cent and was repayable in
      monthly installments of $135,000 until February 2006. In 2004, $114,000 of
      interest was paid on this loan.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      2004 the Company repaid the $9,500,000 IFC project loan. The loan bore
      interest at 6-month LIBOR plus 3.50 per cent until certain technical and
      financial tests were achieved, and 6-month LIBOR plus 3.25 per cent
      thereafter and was repayable in semi-annual installments of $1,000,000,
      commencing November 15, 2004 until May 15,
2009.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>31</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      2004 the Company paid $229,000 (2003 - $334,500) to the IFC for interest
      and financing costs of which $Nil (2003 - $89,500) was reflected in
      accounts payable and accrued liabilities as at December 31, 2003. The
      costs incurred in 2003 were capitalized as part of pre-operating costs.
      </FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company entered into a capital lease for the purchase of mining equipment
      for the La Colorada project. The capital lease bears interest at 6.0 per
      cent per annum, payable in semi-annual payments over 5 years. The balance
      of the capital lease will be repaid in
2005.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>10.</STRONG></FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>CONVERTIBLE
      DEBENTURES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">On
      July 30, 2003, the Company completed an offering of $86,250,000
      convertible, unsecured senior subordinated debentures (the &#8220;Debentures&#8221;),
      which mature on July 31, 2009. The Debentures bear interest at a rate of
      5.25 per cent per annum, payable semi-annually on January 31 and July 31
      of each year, beginning on January 31, 2004. The Company has the option to
      discharge interest payments from the proceeds of the sale of common shares
      issued to a trustee for the purpose of converting such shares into cash.
      The Company incurred $3,272,000 of debt issue expenses, which were charged
      to the deficit.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Debentures are convertible, at the option of the holder, at any time prior
      to maturity or redemption into common shares of the Company at a price of
      $9.57 per common share (the &#8220;Conversion Price&#8221;). The Company may not
      redeem the Debentures prior to July 31, 2006. After July 31, 2006, the
      Company may redeem the Debentures provided that the Company&#8217;s common
      shares trade at 125 per cent or more of the Conversion Price. The
      Debentures are classified as a compound financial instrument for
      accounting purposes as they contain a right to convert into equity of the
      Company.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Debentures were being accounted for in accordance with their substance and
      were presented in the financial statements in their component parts,
      measured at their respective fair values at the time of issue. The value
      of the Debentures was 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&#8217;s option to convert the
      principal balance into common shares. These components have been measured
      at their respective fair values on the date the Debentures were issued.
      The $23,049,000 fair value of the future interest payments was classified
      as a liability and the $63,201,000 fair value of the Debentures and the
      conversion option have been classified in shareholders&#8217; equity. Over the
      six-year term of the Debentures, the fair value of the Debentures and the
      fair value of the future interest payments are accreted to their future
      value. The periodic accretion of the Debentures is charged to deficit and
      the periodic accretion of the future interest payments is charged to
      operations. For the year ended December 31, 2004, the Company recorded
      accretion of $2,871,000 (2003 - $3,534,000) related to the Debentures and
      $366,000 (2003 - $595,000) accretion expense was charged to operations
      with a credit to the liability component of the
  Debentures.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      the period between April 7, 2004 and May 21, 2004 the Company offered an
      inducement (the &#8220;Offer&#8221;) to the holders of the Debentures to convert their
      holdings into 106.929 common shares of the Company plus cash of $131.25
      for every $1,000 principal amount of the Debentures. Pursuant to this
      Offer the Company issued 9,135,043 common shares and made cash payments
      totaling $11,213,000 to the holders of $85,431,000 principal amount of the
      Debentures. The cost of this Offer was allocated based on the respective
      fair values of the debt and equity components at the date of redemption.
      The redemption of the Debentures resulted in a loss on redemption of the
      debt component of the Debentures of $1,364,000, while the redemption of
      the equity component of the Debentures resulted in a $8,464,000 charge to
      the deficit.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at December 31, 2004, the fair value of the outstanding Debentures was
      $767,000 (principal balance -$717,000), which includes the fair value
      ascribed to the holder&#8217;s option to convert the principal balance into
      common shares.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>11.</STRONG></FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>PROVISION
      FOR ASSET RETIREMENT OBLIGATION AND
RECLAMATION</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Although
      the ultimate amount of the asset retirement obligation and reclamation is
      uncertain, the fair value of these obligations is based on information
      currently available including closure plans and applicable
      regulations.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>32</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      total undiscounted amount of estimated cash flows required to settle the
      Company&#8217;s asset retirement obligations is $40,960,000 (2003 - $27,531,000)
      which has been discounted using a discount rate of 7.6 per cent.
      Reclamation obligations at the Quiruvilca mine of $15,320,000 are expected
      to be paid over the next six years. The remainder of the obligations is
      expected to be paid within the next fifteen years. Reclamation obligations
      will be funded from operating cash flows, reclamation deposits and cash on
      hand. Future changes to these estimates due to changes in closure plans or
      applicable regulation will be made prospectively, with a corresponding
      charge to the asset&#8217;s carrying value.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">A
      summary of the Company&#8217;s provision for asset retirement obligation and
      reclamation is presented below:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt"
align=left>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Balance at
      December 31, 2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">20,950</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation
      expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(61</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="75%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accretion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">303
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Balance at
      December 31, 2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">21,192
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation
      expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,347</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accretion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,315
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in
      estimates</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,234
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="75%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amounts
      arising from business acquisition</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8,618
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="75%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Balance at
      December 31, 2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">32,012</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>12.</STRONG></FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SHARE
      CAPITAL</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">a)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Transactions
      concerning stock options and share purchase warrants are summarized as
      follows:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 243pt"></FONT><FONT id=TAB1
style="MARGIN-LEFT: 135pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><BR>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="91%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="22%"
    colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Incentive
      Stock Option Plan</FONT></DIV></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="21%"
    colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Share
      Purchase Warrants</FONT></DIV></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="11%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Outstanding,
      December 31, 2001</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,045,300</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.27</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">669,360</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,714,660</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Year ended
      December 31, 2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="10%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Granted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">103,360</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.39-$6.12</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">103,360</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exercised</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,445,400</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.17-$7.70</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(32,250</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.00</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,477,650</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Expired</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(522,900</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.86</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(522,900</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cancelled</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(15,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.17</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(15,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Outstanding,
      December 31, 2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,165,360</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.89</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">637,110</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,802,470</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Year ended
      December 31, 2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="10%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Granted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,214,847</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.51-$9.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,818,329</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,033,176</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exercised</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,385,502</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.51-$9.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(100,943</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5.00-$9.26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,486,445</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cancelled</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(15,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">7.79</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(15,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Outstanding,
      December 31, 2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,979,705</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6.69</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,354,496</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8.56</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,334,201</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Year ended
      December 31, 2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="10%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Granted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">570,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">12.00-$18.73</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">570,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exercised</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(785,095</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4.16-$13.73</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(544,679</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3.89-9.98</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,329,774</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Expired</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,036</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">7.70-$9.98</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,036</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Cancelled</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(80,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8.14</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(80,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Outstanding,
      December 31, 2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,683,574</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="10%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9.90</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,809,817</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9.98</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,493,391</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV></FONT></DIV>
<DIV></DIV></FONT><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 54pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company has reserved 3,920,260 common shares available for the future grant of
stock options.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>33</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 27pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
following table summarizes information concerning stock options outstanding as
at December 31, 2004:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV><BR>
<DIV style="MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="22%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="32%"
    colSpan=8>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Options
      Outstanding</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="21%"
    colSpan=5>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Options
      Exercisable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Weighted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Number</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Average</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Number</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Outstanding</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Remaining</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Weighted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Exercisable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Weighted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">as
      at</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Contractual</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Average</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">as
      at</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Average</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Range
      of</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">of</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">December</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Life</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Exercise</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">December</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="10%"
      colSpan=2><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Exercise</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Exercise
      Prices</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Expiry</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">31,
      2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">(months)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">31,
      2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="10%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Price</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$4.16-$8.11</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2006</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">124,666</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">16.36</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">5.32</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">88,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">4.16</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$8.04-$8.40</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2007</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">370,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">34.71</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">8.34</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">370,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">8.34</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$6.83-$12.00</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2008</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">491,908</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">41.88</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">8.48</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">101,908</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">9.61</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="22%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$13.73-$18.73</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2009</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">480,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">51.69</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">16.35</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">170,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">16.56</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$4.16</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2010</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">217,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">71.47</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">4.16</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">217,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">4.16</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="22%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">1,683,574</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">45.03</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">9.90</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">946,908</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">8.07</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV></DIV><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">b)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      the year ended December 31, 2004, the
Company:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">i)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">issued
      3,333,333 common shares for gross proceeds of $55,000,000 less share issue
      expenses of $180,000;</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">ii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">issued
      9,145,700 common shares at a deemed value of $88,950,000 on the induced
      conversion of $85,431,000 principal amount of the convertible debentures;
      and</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">iii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">issued
      16,624 common shares at a value of $245,000 for compensation
      expense.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">c)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
      the year ended December 31, 2003, the
Company:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">i)</FONT></TD>
    <TD align=left>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">issued
      7,636,659 common shares to acquire a 100 per cent interest in Corner Bay
      Silver Inc. The common shares issued were valued at $54,203,000;
      and</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">ii)</FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">issued
      3,293 common shares at a value of $22,000 recorded as compensation
      expense.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>13.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>FINANCIAL
      INSTRUMENTS</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Fair
value</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company&#8217;s financial instruments, excluding the debentures disclosed in Note 9,
include cash, short-term investments, accounts</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">receivable,
accounts payable and accrued liabilities, a capital lease and advances for metal
shipments. The carrying value of these instruments approximates their fair value
due to their immediate or short-term maturity</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Concentration
of Credit Risk</EM></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
2004, the Company&#8217;s six customers (2003 and 2002 - six and five customers,
respectively) accounted for 100per cent of concentrate and Dore sales revenue.
The loss of any of these customers or curtailment of purchases by such customers
could have a material adverse affect on the Company&#8217;s results of operations and
financial condition.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Derivatives</EM></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company sells metal under long-term contracts. Generally, the price
      received for such sales is the average metal price for a month that is one
      month before shipment or two months after the month in which the metal
      arrives at its destination. In order to establish the price received for
      portions of its production, the Company occasionally sells metal forward
      at a fixed price.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
2004, the Company settled on 16,260 tonnes of zinc sold at an average price of
$943 per tonne and 10,290 tonnes of lead sold at an average price of $728 per
tonne. The Company realized a net loss of $3,312,000 from the settlement of
these forward sales.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>34</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As at
December 31, 2004 the Company had sold forward 22,200 tonnes of zinc at an
average price of $1,092 per tonne and 4,000 tonnes of lead at an average price
of $726 per tonne. These forward sales represent approximately 62 per cent and
22 per cent of anticipated 2005 production of zinc and lead, respectively, and
will be realized between January 2005 and December 2005. At December 31, 2004
these contracts have a negative market value of a $4,707,000.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As at
December 31, 2004, the Company had fixed the price of 800,000 ounces of silver
from the fourth quarter&#8217;s silver production which is due to be priced in January
and February 2005 under the Company&#8217;s concentrate contracts. The price fixed for
these ounces averaged $7.40 per ounce while the spot price of silver was $6.81
on December 31, 2004. As a result, the Company has recorded additional revenue
on these silver sales at the hedged price which was $473,000 higher than the
spot price.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>14.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SUPPLEMENTAL
      CASH FLOW INFORMATION</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=list style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>a)&nbsp;&nbsp;</STRONG></FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>CHANGES
      IN NON-CASH WORKING CAPITAL ITEMS</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%"></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Changes in
      non-cash working capital items</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accounts
      receivable</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(13,970</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,348</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,439</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Inventories</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,652
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,975</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,592</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Prepaid
      expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(349</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,908
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,337
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Accounts
      payable and accrued liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>6,416
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4,702</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,197
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Advances for
      metal shipments</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(3,884</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,378
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,913</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Current
      portion of non-current liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>52
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(641</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(107</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(9,083</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(5,380</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,361</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>b)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SUPPLEMENTAL
      DISCLOSURE OF NON-CASH INVESTING AND FINANCING
      ACTIVITIES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT></DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt"
align=left>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV style="MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      on conversion of convertible debentures (Note 10)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>88,950</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exchange of
      mineral property for marketable securities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>404</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      for purchase of direct smelting ore stockpile</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,500</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      for purchase of royalty</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      for acquisition of subsidiary (Note 3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">54,203</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares issued
      for purchase of mineral property</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,250</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares
      received in exchange for Tres Cruces option agreement</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares
      purchase warrants issued on acquisition of subsidiary (Note
    3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8,889</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Stock options
      granted on acquisition of subsidiary (Note 3)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,136</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Operating
      activities included the following cash payments</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest
      paid</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,663</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">561</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">988</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income taxes
      paid</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,249</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">510</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>15.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SEGMENTED
      INFORMATION</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Substantially
      all of the Company&#8217;s operations are within the mining sector and the
      Company has activities in six countries. Due to differences between mining
      and exploration activities, the Company has a separate budgeting process
      and measures the results of operations and activities independently. The
      Corporate office provides support infrastructure to the mining and
      exploration activities with respect to financial, human resource and
      technical support.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>35</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Segmented
      disclosures and enterprise-wide information are as
  follows:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt"
align=left>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="21%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mining and
      development</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investment
      and</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Corporate</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Total</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenue from
      external customers</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">11,938</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">84,401</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,443</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>92,896</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Gain on sale
      of assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,583
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">20,164
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>23,747
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      other income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">213
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">822
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,293
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>2,338
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      financing expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(229</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(304</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(365</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(898</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(84</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(172</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,582</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(3,838</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,788</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(7,055</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(26</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(10,869</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net income
      (loss)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(5,245</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">18,271
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">17,358
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(10,482</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>19,902
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property,
      plant and equipment expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6,378
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">8,943
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">36
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>15,367
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Segment
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">55,702</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">136,432</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">87,611</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">90,334</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>370,079</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="21%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mining and
      development</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investment
      and</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>2003
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Corporate</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Total</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenue from
      external customers</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>45,122</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Gain on sale
      of assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">318
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>318
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      other income</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(402</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">581
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">318
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>497
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      financing expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(561</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(595</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,156</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(172</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(202</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(2,063</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(106</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(2,543</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(3,306</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(19</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(3,325</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net income
      (loss) </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(172</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">638
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,483</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(5,777</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(6,794</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property,
      plant and equipment expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">11,436
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">5,467
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">41
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>16,944
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Segment
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">47,501</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">57,254</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">86,656</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">88,472</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>279,883</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="21%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mining and
      development</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investment
      and</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>2002
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Corporate</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Total</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenue from
      external customers</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,545</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">42,588</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">960</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>45,093</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      other income </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">813
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">174
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">264
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>1,252
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Interest and
      financing expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(988</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(988</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(152</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(11</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,043</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,206</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Depreciation
      and amortization</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(235</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(4,617</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(20</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(4,872</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net
      loss</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(669</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(29,662</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(758</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(2,888</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(33,977</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Property,
      plant and equipment expenditures</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">7,654
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,976
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">21
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>9,651
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Segment
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">34,964</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">51,676</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4,548</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">11,757</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>102,945</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV></DIV></DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt"
align=left>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>36</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="32%" colSpan=8>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="21%" colSpan=5>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mineral
      property, plant and equipment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>84,401</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">42,588</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>93,659</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">36,436</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Canada
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(3,443</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">960
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>57
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">62
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>11,938
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,545
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>133,581
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">127,734
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">United
      States</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,194
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,194
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Argentina</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,012
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,012
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Bolivia</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>7
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>92,896</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,093</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>230,510</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">167,447</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Interest
and other income consists of:</FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue from
      third parties</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>813</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">563</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">170</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investment
      income, net</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,334
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">403
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">269
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Power
      credits</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>109
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">36
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">326
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other revenue
      and expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>82
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(506</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">187
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Sale of
      royalty</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">300
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,338</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">496</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,252</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>16.</STRONG></FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>SEVERANCE
      INDEMNITIES AND COMMITMENTS</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Severance
      indemnities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">569</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">803</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Employee
      benefits liability</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">927
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">562
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other
      provision and non-current liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">788
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,181
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,284
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,546
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Less: current
      portion</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(742</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(420</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,542</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,126</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Company has an obligation to its Peruvian employees for severance indemnities.
At December 31, 2004 the obligation amounted to $569,000 (2003 - $803,000) and
the current portion of this obligation amounted to $171,000 (2003 -
$242,000).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt"
align=left>
<DIV style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As at
December 31, 2004, the Company had accrued a $927,000 (2003 - $562,000)
liability for unpaid 1997 to 2000 hospital and social security taxes. The
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">mount
outstanding accrues interest at 6 per cent per annum and is to be repaid over a
ten-year period ending in 2012. A portion of this liability amounting to
$126,000 (2003 - $84,000) is reflected in current
liabilities.</FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at December 31, 2004, the Company has provisions and other non-current
      liabilities totaling $788,000 (2003 - $1,181,000) of which $445,000 (2003
      - $Nil) is current.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"></FONT>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">As
      at December 31, 2004, the Company has outstanding commitments of
      $3,515,000 for capital expenditures at the Alamo Dorado and Manantial
      Espejo development projects.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      Company is subject to various claims and legal proceedings covering a wide
      range of matters that arise in the ordinary course of business activities,
      many of them relating to ex-employees. Each of these matters is subject to
      various uncertainties and it is possible that some of these matters may be
      resolved unfavorably to the Company. The Company has established
      provisions for matters that are probable and can be reasonably estimated,
      which are included within current liabilities. The total value of claims
      against the Company does not exceed $5
million.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>37</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>17.</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>INCOME
      TAXES </STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      provision for income taxes reported differs from the amounts computed by
      applying the aggregate Canadian federal and provincial income tax rates to
      the income before tax provision due to the
following:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Statutory tax
      rate</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>35.6</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>%</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">37.6</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">%</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">39.6</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">%</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(Provision)
      recovery of income taxes computed at statutory rates</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(8,532</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,653</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">13,454</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-deductible
      expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(779</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,088</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(126</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Effect of tax
      benefits not previously recognized</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>7,179
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Effect of
      write-down of non-producing property not recognized in the
      period</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,957</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Effect of
      lower tax rates in foreign jurisdictions</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>6,648
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(98</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4,818</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Tax benefit
      not recognized in the period that the loss arose</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(7,269</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,467</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(5,553</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provision for
      income taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,753</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The tax
effect of each type of temporary difference that gives rise to the Company&#8217;s
future tax assets and liabilities have been determined and are set out in the
following table.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Excess of tax
      value of mineral property, plant and equipment over book
    value</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>7,626</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,481</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Excess book
      value of liability over tax value</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>9,541
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">6,357
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Capital
      losses and other</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>5,130
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Canadian
      resource pools</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,689
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,689
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Operating
      loss carryforwards</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>25,022
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">23,336
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total future
      income tax asset</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>50,008
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">38,863
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Less:
      valuation allowance</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(34,005</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(24,353</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net future
      income tax asset</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>16,003
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">14,510
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Excess book
      value of mineral property, plant and equipment over tax
    value</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(49,215</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,545</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="61%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net future
      income tax liability</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(33,212</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(19,035</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Changes
in the valuation allowance relate primarily to net operating losses which are
not currently recognized. The Company has reviewed its future income tax assets
and has not recognized potential tax benefits arising therefrom because at this
time management believes it is more likely than not that benefits will not be
realized in future years.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Income
taxes consist of:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income taxes
      - current</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,723</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income taxes
      - future</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(30</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Provision for
      income taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,753</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>-</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>38</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">At
      December 31, 2004 the Company had the following operating loss carry
      forwards available for tax purposes:</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="61%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Amount</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom width="12%"
    colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Expiry</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Canada</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">26,834,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2006-2011</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Peru</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">12,496,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2005-2007</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Cyprus</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">17,043,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Indefinite</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Mexico</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">32,803,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2005-2014</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Argentina</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">841,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">2005-2009</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="61%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Bolivia</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">1,789,000</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Indefinite</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></FONT></DIV>
<DIV>
<TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt" align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>18.&nbsp;&nbsp;</STRONG></FONT></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>DIFFERENCES
      BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING
      PRINCIPLES</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">These
      financial statements are prepared in accordance with accounting principles
      generally accepted in Canada (&#8220;Canadian GAAP&#8221;) which differ in certain
      material respects from accounting principles generally accepted in the
      United States (&#8220;US GAAP&#8221;). Material differences between Canadian and US
      GAAP and their effect on the Company&#8217;s consolidated financial statements
      are summarized in the tables below.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="40%" colSpan=8>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">December 31,
      2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shareholders'</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated
      Balance Sheets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reported
      under Canadian GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">370,079</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">89,875</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">280,204</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amortization
      of mineral property (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,700</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(595</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,105</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deferred
      exploration (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,825</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,825</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increase in
      depletion expense (d)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,551</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(765</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,786</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclassify
      convertible debentures (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">633
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(633</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other
      comprehensive income (g)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">661
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,707
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(4,046</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net effect of
      other convertible debentures adjustments (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">15
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">13
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reported
      under US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">364,679</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">93,857</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">270,822</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="40%" colSpan=8>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">December 31,
      2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV
      style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%"
    colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shareholders'</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Consolidated
      Balance Sheets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Total
      Liabilities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reported
      under Canadian GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">279,883</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">95,785</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">184,098</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deferred
      exploration (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amortization
      of mineral property (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,700</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(595</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,105</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclassify
      convertible debentures (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">63,201
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(63,201</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Other
      comprehensive income (g)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,515
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,515</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Deferred debt
      issue costs (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,273
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3,273
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amortization
      of debt issue costs (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(454</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(454</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net affect on
      convertible debentures adjustments (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,292
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,292</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reported
      under US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">279,009</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">161,198</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">117,811</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>39</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="54%" colSpan=14>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">December 31,
      2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidated
      Statements of Shareholders' Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Common
      </FONT>Shares</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Convertible
      </FONT>Debentures</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additional
      </FONT>Paid in Capital</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deficit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>Total</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      Canadian GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">380,571</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">633</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10,976</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(111,976</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>280,204</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amortization
      of mineral property (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,105</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,105</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Increase in
      depletion expense (d)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,786</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,786</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deferred
      exploration (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,825</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(1,825</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net effect on
      convertible debentures adjustments (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">13
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>13
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other
      comprehensive income (g)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
    width="9%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(4,046</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(4,046</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reclassify
      convertible debentures (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(633</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>(633</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">380,571</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10,976</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(120,725</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><STRONG>270,822</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="54%" colSpan=14>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">December 31,
      2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidated
      Statements of Shareholders' Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Common
      </FONT>Shares</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Convertible
      </FONT>Debentures</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additional
      </FONT>Paid in Capital</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deficit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Total</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      Canadian GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">225,154</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">66,735</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">12,752</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(120,543</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">184,098</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amortization
      of mineral property (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,105</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,105</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deferred
      exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reclassify
      convertible debentures (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(66,735</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,534
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(63,201</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Debt issue
      costs (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,272
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3,272
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Net effect on
      convertible debentures adjustments (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,292</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,292</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other
      comprehensive income (g)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
    </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,515</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,515</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amortization
      of debt issue costs (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(453</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(453</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">225,154</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">12,752</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(120,095</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">117,811</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left
    width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="54%" colSpan=14>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">December 31,
      2002</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidated
      Statements of Shareholders' Equity</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Common
      </FONT>Shares</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Convertible
      </FONT>Debentures</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additional
      </FONT>Paid in Capital</FONT></DIV></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deficit</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="10%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Total</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      Canadian GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">161,108</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,327</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(106,943</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="9%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">55,492</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deferred
      exploration (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(1,993</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="33%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reported under
      US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">161,108</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">-</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1,327</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(108,936</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
width="9%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">53,499</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
following consolidated statements of operations are presented</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>&nbsp;</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">in
conformity with US GAAP:</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>40</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>Consolidated
      Statements of Operations</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2004
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="12%" colSpan=2>
      <DIV align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>92,896</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,093</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Expenses</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Operating</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>69,162
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">39,778
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">43,161
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">General and
      administrative</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>6,241
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,625
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,017
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Depreciation,
      depletion and amortization (a)(d)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>13,588
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5,025
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4,872
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Reclamation</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,315
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">303
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">860
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exploration</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>3,838
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2,543
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,206
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Debt
      settlement expenses (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>13,534
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Write-down of
      assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,460
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">27,218
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>110,138
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">53,274
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">79,334
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Loss before
      the undernoted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(17,242</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(8,152</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(34,241</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest and
      other income (g)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>2,338
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">894
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,252
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Interest
      expense</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,971</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(2,448</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(988</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Amortization
      of debt issue costs (b)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(2,804</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(454</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Gain on sale
      of assets</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>23,747
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right
    width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income (loss)
      before income taxes and non-controlling interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>4,068
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(10,160</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Income tax
      (provision) recovery</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(1,988</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">595
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Non-controlling
      interest</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>(179</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>)</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>1,901</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(9,565</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Basic and
      fully diluted earnings (loss) per share</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>$</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>0.03</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.19</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.81</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Weighted
      average number of common shares outstanding</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Basic</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>63,168,995
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">51,058,212
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">41,849,413
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV
      style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fully
      Diluted</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><STRONG>65,268,137
      </STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">51,058,212
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">41,849,413
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>a)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Mineral
      Property Expenditures</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">i)</FONT></TD>
    <TD align=left>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Canadian
      GAAP allows exploration costs and costs of acquiring mineral rights to be
      capitalized during the search for a commercially mineable body of ore. The
      Company has incurred exploration expenses that were added to the carrying
      value of mineral properties as it was anticipated that there was a
      continuing benefit of such expenditures. The Company expenses exploration
      costs unless such activities expand the reserve base at one of the
      Company&#8217;s operations or relates to a property on which the Company has
      completed a positive economic study. Under US GAAP, exploration
      expenditures can only be deferred subsequent to the establishment of
      reserves. This GAAP difference had no effect on any periods presented and
      has a cumulative effect of $1,993,000 (prior to depletion). During the
      year ended December 31, 2004 depletion under US GAAP would have been
      $168,000 lower (2003 and 2002-$Nil).</FONT></DIV></TD></TR></TABLE></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">&nbsp;</TD>
    <TD style="WIDTH: 18pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">ii)</FONT></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
      Canadian GAAP capitalized costs related to non-producing mineral
      properties are only amortized after the commencement of operations. Prior
      to 2004, under US GAAP, the Company accounted for mineral rights as
      intangible assets, and accordingly were amortized on a straightline basis
      over the life of the mineral rights. This resulted in the Company
      recording amortization of $1,700,000 during 2003 (2002-$Nil) with respect
      to mining rights acquired in 2003. The Emerging Issues Task Force (EITF)
      reached a consensus, Issue No 04-02, &#8220;Whether Mineral Rights are Tangible
      or Non-Tangible Assets&#8221;. The conclusion is that mineral rights are
      tangible assets and should be amortized over the productive life of the
      asset. The Company has adopted this new guidance with effect from 2004 on
      a prospective basis. The change has the affect of reducing amortization
      expense in the year ended December 31, 2004 by $1,700,000 ($1,190,000 net
      of income taxes). This change conforms US GAAP with Canadian
      GAAP.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>41</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>b)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Convertible
      debentures</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In May
2003, FASB Statement No. 150 (&#8220;SFAS 150&#8221;), &#8220;Accounting for Certain Financial
Instruments with Characteristics of Both Liabilities and Equity&#8221; was issued.
This Statement requires that three types of financial instruments be reported as
liabilities by their issuers. 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. SFAS 150 is effective for instruments entered into
or modified after May 31, 2003. Under Canadian GAAP the convertible debentures
have been accounted for in accordance with CICA Handbook Section 3860.
Application of this section results in the accounting as described in Note 9 in
the Company&#8217;s consolidated financial statements for the year ended December 31,
2003, with the principle component of the debenture being treated as equity.
Under US GAAP, liabilities at December 31, 2004 would increase by $633,000
(December 31, 2003 - $66,735,000) and shareholders&#8217; equity would decrease by a
corresponding amount. Debt issue expenses of $3,273,000 would be reclassified
from shareholders&#8217; equity to assets and would initially be amortized over a
three-year period based on the outstanding balance of the debentures. During
2004, most of the debentures were converted into equity, which gave rise to a
higher amortization of debt issue costs of $2,804,000.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">FASB
Statement No. 84 (&#8220;SFAS 84&#8221;), &#8220;Induced Conversion of Convertible Debt&#8221;, require
the recognition of inducement expense equal to the fair value of all securities
and other consideration transferred in the transaction in excess of the fair
value of securities issuable pursuant to the original conversion terms. The
Company recognized an additional expense of $12,170,000 related to the
inducement, which under Canadian GAAP was charged directly to
deficit.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>c)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Business
      combinations</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">FASB
      Statement No. 141 (&#8220;SFAS 141&#8221;), &#8220;Business Combinations&#8221; require
      supplemental information on a pro forma basis to disclose the results of
      operations for the years ended December 31, 2004 and 2003 as though the
      business combination had been completed as of the beginning of the years
      being reported on.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center
border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 54pt">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify></DIV></TD>
    <TD>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
      following table sets forth on a pro forma basis, the results of Pan
      American Silver Corp., had the acquisition of the Morococha mine occurred
      on January 1, 2003.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Year ended
      December 31, 2004</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pan American
      Silver Corp.</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morococha
      mine (a)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Combined</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">92,896</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">16,630</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">109,526</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) for the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,901
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(29</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,872
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Proforma
      basic and diluted earnings per share</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">0.03</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">n/a
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">0.03</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Year ended
      December 31, 2003</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>&nbsp;<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Pan American
      Silver Corp.</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>&nbsp;<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Morococha
      mine (b<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"></FONT>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>&nbsp;<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Combined</FONT></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Revenue</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">45,122</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">23,377</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">68,499</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net loss for
      the year</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(9,565</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3,005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(12,570</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Proforma
      basic and diluted loss per share</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.19</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">n/a
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(0.25</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="75%"
    colSpan=7>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(a)
      Morococha's operating results for the six months ended June 30, 2004, net
      of taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
      width="11%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="61%"
    colSpan=4>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(b) Includes
      $1,120,000 share of water treatment plant costs, net of
    taxes</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>42</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>d)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Depreciation
      and depletion</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
Canadian GAAP, depletion expense is calculated in reference to proven and
probable reserves and a portion of resources, whereas under US GAAP, depletion
is calculated based on proven and probable reserves only. This difference would
result in an $2,551,000 increase in depletion (2003 and 2002-$Nil), with a
corresponding increase to accumulated depletion. In addition, future income tax
liability would decrease by $765,000 (2003 and 2002-$Nil), with a corresponding
decrease to income tax expense.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>e)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Derivatives
      and hedging activities</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
Canadian GAAP, derivatives hedging transactions are off-balance sheet until the
hedge transaction is recorded. The hedged transactions are recorded at the hedge
amount..</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
US GAAP, derivative transactions are recorded at its fair value regardless of
the purpose or intent for holding them. Changes in the fair value of derivatives
are recorded each period in current earnings (loss) or other comprehensive
income (loss) (&#8220;OCI&#8221;). Appropriate accounting for changes in the fair value of
derivatives held is dependent on whether the derivative transaction qualifies as
an accounting hedge and on the classification of the hedge transaction. For
derivative instruments that are designated and qualify as cash flow hedges, the
effective portions of changes in fair value of the derivative are recorded in
OCI, and are recognized in the Consolidated Statement of Operations when the
hedged item affects earnings. Ineffective portions of changes in the fair value
of cash flow hedges are recognized currently in earnings.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">This
GAAP difference results in a decrease in accounts receivable of $473,000 (2003-
$Nil), a charge to OCI of $3,192,000 (2003-$1,515,000; 2002-$Nil) and an
increase in unrealized fair value of derivatives (liability) of $4,234,000
(2003-$1,515,000).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>f)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Income
      taxes</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">Under
Canadian GAAP, future income taxes are calculated based on enacted or
substantively enacted tax rates applicable to future years. Under US GAAP, only
enacted rates are used in the calculation of future income taxes. This GAAP
difference resulted in a no difference in the financial position, results of
operations or cash flows of the Company for the years presented.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>g)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Other
      comprehensive income</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
Financial Accounting Standards Board (&#8220;FASB&#8221;) issued SFAS No. 130, </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Reporting
Comprehensive Income</EM></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">, which
was required to be adopted beginning on January 1, 1998. SFAS 130 establishes
standards for the reporting and display of comprehensive income and its
components. In addition to the effect on OCI described in e) above, the impact
to OCI relating to foreign exchange translation is a charge of $Nil (2003 -
$Nil; 2002 - $28,000). Additionally, under SFAS 115, portfolio investments
classified as available-for-sale securities are recorded at market value. The
resulting gain and loss are included in determination of OCI.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>
<DIV align=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="90%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2004
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2003
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="2%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right>&nbsp;</DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="12%" colSpan=2>
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2002
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Net income
      (loss) under US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1,901</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(9,565</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(33,977</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Change in
      fair value of derivative hedging</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(3,192</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(1,515</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Unrealized
      gain (loss) on available for sale securities</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">741
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(80</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="47%"><DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Foreign
      exchange adjustment</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">-
      </FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right
width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(28</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
width="47%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Comprehensive
      net loss under US GAAP</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(550</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(11,160</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="2%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">$</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right
    width="11%">
      <DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">(34,005</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left
      width="1%"><DIV><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV></DIV><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>43</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE id=hangingindent
style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0
cellPadding=0 width="100%" align=center border=0>
  <TR style="LINE-HEIGHT: 1.25" vAlign=top>
    <TD style="WIDTH: 36pt"></TD>
    <TD style="WIDTH: 18pt" align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>h)</STRONG></FONT></TD>
    <TD align=left>
      <DIV align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><STRONG>Recent
      accounting pronouncements</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
December 2003, the FASB issued Interpretation No. 46-Revised (&#8220;FIN 46-R&#8221;),
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><EM>Consolidation
of Variable Interest Entities</EM></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">, an
interpretation of ARB 51 (revised December 2003), which replaces FIN 46. FIN
46-R incorporates certain modifications of FIN 46 adopted by the FASB subsequent
to the issuance of FIN 46, including modifications to the scope of FIN 46. For
all non-special purpose entities (&#8220;SPE&#8221;) created prior to February 1, 2003,
public entities will be required to adopt FIN 46-R at the end of the first
interim or annual reporting period ending after March 15, 2004. For all entities
(regardless of whether the entity is an SPE) that were created subsequent to
January 31, 2003, public entities are already required to apply the provisions
of FIN 46, and should continue doing so unless they elect to adopt the
provisions of FIN 46-R early as of the first interim or annual reporting period
ending after December 15, 2003. If they do not elect to adopt FIN 46-R early,
public entities would be required to apply FIN 46-R to those post-January 31,
2003 entities as of the end of the first interim or annual reporting period
ending after March 15, 2004. The adoption of this standard had no effect on the
financial position or results of operations of the Company.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">In
March 2004, the EITF reached a consensus, based upon the Committee's
deliberations and ratified by the FASB, that mineral interests conveyed by
leases should be considered tangible assets. On April 30, 2004, the FASB issued
a FASB Staff Position ("FSP") amending SFAS No. 141 and SFAS No. 142 to provide
that certain mineral use rights are considered tangible assets and that mineral
use rights should be accounted for based on their substance. The FSP is
effective for the first reporting period beginning after April 29, 2004, with
early adoption permitted. The Company does not expect that the adoption of this
statement will have a material impact on the Company's financial position or
results of operation.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">The
EITF published Issue No. 04-03, &#8220;Mining Assets: Impairment and Business
Combinations&#8221;. The consensus provided guidance with respect to commodity prices
and value attributable to mineral resources other than proven and probable
reserves to be used in the conduct of impairment tests and in the allocation of
purchase price arising from a business combination. The Company has applied EITF
Issue No. 04-03 when accounting for the Morococha business acquisition and in
the impairment tests conducted at December 31, 2004.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
2004, deliberations began on EITF Issue No. 04-06, Accounting for Stripping
Costs Incurred during Production in the Mining Industry. In the mining industry,
companies may be required to remove overburden and other mine waste materials to
access mineral deposits. The costs of removing overburden and waste materials
are often referred to as "stripping costs." During the development of a mine
(before production begins), it is generally accepted in practice that stripping
costs are capitalized as part of the depreciable cost of building, developing,
and constructing the mine. Those capitalized costs are typically amortized over
the productive life of the mine using the units-of-production method. A mining
company may continue to remove overburden and waste materials, and therefore
incur stripping costs, during the production phase of the mine. Questions have
been raised about the appropriate accounting for stripping costs incurred during
the production phase, and diversity in practice exists. In response to these
questions, the EITF has undertaken a project to develop an Abstract to address
the questions and clarify the appropriate accounting treatment for stripping
costs under US GAAP. The EITF issued EITF 04-06, &#8220;Accounting for Stripping Costs
in the Mining Industry&#8221;, which recommends that stripping costs are considered
development costs that should be recognized as investments in the mine. The
Company is currently evaluating the impact, if any, the adoption of EITF 04-06
will have on the Company's financial position or results of
operation.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif">During
2004, EITF Issue No. 03-01, The Meaning of Other-Than-Temporary Impairment and
Its Application to Certain Investments, was issued and establishes guidance to
be used in determining when an investment is considered impaired, whether that
impairment is other than temporary, and the measurement of an impairment loss.
The Company does not expect that the adoption of this statement will have a
material impact on the Company's financial position or results of
operation.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 9.75pt" face=Arial>44</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV></DIV><BR>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 58pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG><EM>Corporate
Information
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</DIV></EM></STRONG></FONT></DIV>
<DIV></DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Vancouver
Office Corporate Headquarters</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pan
American Silver Corp.</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold">
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1500
625 Howe Street</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Vancouver,
British Columbia, Canada V6C 2T6</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">www.panamericansilver.com</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Tel:
(604) 684-1175 Fax: (604) 684-0147</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Email:
info@panamericansilver.com</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
<DIV align=left><STRONG></STRONG>&nbsp;</DIV>
<DIV align=left><STRONG><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">Directors</FONT></STRONG></FONT></DIV></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ross
J. Beaty</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold">
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><EM>Chairman
of Pan American Silver</EM></FONT></DIV><STRONG><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face">Geoff
Burns</FONT> </STRONG>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><EM>President
&amp; Chief Executive Officer of Pan American
Silver</EM></FONT></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Michael
J.J. Maloney </STRONG>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><EM>Private
Investor</EM></FONT></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>William
A. Fleckenstein</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><EM>General
Partner of Fleckenstein Capital</EM></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Paul
B. Sweeney </STRONG>
<DIV align=left><EM><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Chief
Financial Officer, Canico Resources</FONT></EM></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Michael
Larson </STRONG>
<DIV align=left><EM><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Investment
Manager, Cascade Investments LLC</FONT></EM></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>John
Willson </STRONG>
<DIV align=left><EM><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">Retired,
former Chief Executive Officer of Placer Dome
Inc.</FONT></EM></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>John
H. Wright </STRONG>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face"><EM>Former
President and Chief Operating Officer of the
Company</EM></FONT></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Management
- - Vancouver</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold">
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Ross
      J. Beaty</STRONG></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><EM>Chairman
      of the Board</EM></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Geoff
      Burns</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>President &amp; Chief Executive
      Officer</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Steven
      Busby</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Senior Vice President, Project</EM></DIV>
      <DIV align=left><EM>Development &amp; Technical
    Services</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Robert
      Doyle</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Chief Financial Officer</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Edward
      Kirwan</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Director, Health, Safety &amp;
      Environment</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Wayne
      Vincent</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Controller</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Robert
      Pirooz</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left>G<EM>eneral Counsel</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Andrew
      Pooler</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Senior Vice President, Mining
      Operations</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Brenda
      Radies</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Vice President, Corporate
    Relations</EM></DIV></FONT></TD></TR>
  <TR bgColor=#ffffff>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Michael
      Steinmann</STRONG></FONT></DIV></FONT></TD>
    <TD width="50%"><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
      <DIV align=left><EM>Vice-President, Geology -
    Operations</EM></DIV></FONT></TD></TR></TABLE></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Authorized
Capital</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">100,000,000
common shares without par value</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Issued
Capital </STRONG>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Baskerville Old Face">December
31, 2004: 66,835,378</FONT></DIV></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Trading
Information</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">NASDAQ
National Market Board Shares: PAAS</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">TSX
Shares: PAA Warrants: PAA.wt Debentures: PAA.db.u</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Options:
CBOE, AMEX, PSX, MX</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">PAAS
is also included in the Gold and Silver Index (XAU).</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Peru
Office</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pan
American Silver (Peru) S.A.</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
<DIV align=left>Ave. La Floresta 497 Of. 301</DIV>
<DIV align=left>Chacarilla del Estanque</DIV>
<DIV align=left>San Borja, Lima, Peru</DIV>
<DIV align=left>Tel: 511-372-7200</DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Andres
Dasso,</STRONG></FONT> <EM>Executive Director &amp; General
Manager</EM></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Enrique
Ramirez, </STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Baskerville Old Face"><EM>Assistant
General manager</EM></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Mexico
Offices</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Plata
Panamericana S.A. de C.V.</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
<DIV align=left>Ave. Ferrocarril No. 99</DIV>
<DIV align=left>Col. Bellavista, Piso 1, Local 1</DIV>
<DIV align=left>Durango, Durango, Mexico, C.P. 34070</DIV>
<DIV align=left>Tel: 52-618-812-6300</DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>David
Drips,</STRONG></FONT> <EM>President</EM></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Minera
Corner Bay S.A. de C.V.</STRONG></FONT></DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial Rounded MT Bold">
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Fray
Toribio de Benavente #38</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Colonia
Los Arcos, Hermosillo, Sonora</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Tel:
52-662-260-9340</FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Joe
Phillips, </STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Baskerville Old Face"><EM>President</EM></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
<DIV align=left><EM></EM></FONT></DIV></DIV></FONT>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Bolivia
Office</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Pan
American Silver (Bolivia) S.A.</STRONG></FONT></DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">
<DIV align=left>Ed Fundacion Federico Demmer</DIV>
<DIV align=left>Ave. Arce #2314, Piso 4, Of. 8</DIV>
<DIV align=left>La Paz, Bolivia</DIV>
<DIV align=left>Tel: 591-2244-1989</DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Stu
Moller,</STRONG></FONT> <EM>Vice President, Exploration</EM></FONT></DIV>
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Argentina
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style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Minera
Triton Argentina S.A.</STRONG></FONT></DIV>
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<DIV align=left>San Martin 928</DIV>
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<DIV align=left>Argentina</DIV><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Bret
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style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #00386b; FONT-FAMILY: Baskerville Old Face"><STRONG>Deloitte
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">2800
- - 1055 Dunsmuir Street</FONT></DIV>
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Vancouver,
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">400
- - 510 Burrard Street</FONT></DIV>
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Vancouver,
British Columbia, Canada</FONT></DIV>
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3B9</FONT></DIV>
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">1200
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style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Baskerville Old Face">Vancouver,
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<DESCRIPTION>GEOFF BURNS AND ROSS BEATY OPEN THE NASDAQ ON NOVEMBER 8, 2004
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>temp22.jpg
<DESCRIPTION>RECHARGABLE BATTERIES
<TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>temp25.jpg
<DESCRIPTION>SILVER TO THE RESCUE
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>temp26.jpg
<DESCRIPTION>INDUSTRIAL APPLICATIONS GROW
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<DESCRIPTION>QUIRUVILCA
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>38
<FILENAME>temp34.jpg
<DESCRIPTION>ONE BILLION TROY OUNCES
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end
</TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>41
<FILENAME>temp37.jpg
<DESCRIPTION>SILVER OUTSTRIPS DEMAND
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
