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<SEC-DOCUMENT>0001137171-06-000524.txt : 20060307
<SEC-HEADER>0001137171-06-000524.hdr.sgml : 20060307
<ACCEPTANCE-DATETIME>20060307093640
ACCESSION NUMBER:		0001137171-06-000524
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20060307
DATE AS OF CHANGE:		20060307

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:		06668834

	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>panamerican6k030606j.htm
<DESCRIPTION>6-K FILING FOR PAN AMERICAN SILVER
<TEXT>
<html>

<head>
<meta name="GENERATOR" content="Microsoft FrontPage 4.0">
<meta name="ProgId" content="FrontPage.Editor.Document">
<title> CC Filed by Filing Services Canada Inc. 403-717-3898</title>
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<body>

<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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>FORM
  6-K</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>SECURITIES
  AND EXCHANGE COMMISSION</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Washington,
  D.C. 20549</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Report
  of Foreign Private Issuer</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Pursuant
  to Rule 13a-16 or 15d-16</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>of
  the Securities Exchange Act of 1934</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="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">For
  the month of June</font><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">,
  2005</font>
  <p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Commission
  File Number: 000-13727</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>Pan
  American Silver Corp.</u></font>
</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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Translation
  of registrant's name into English)</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">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>1500-625
  HOWE STREET</u></font>
</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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>VANCOUVER
  BC CANADA V6C 2T6</u></font>
</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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Address
  of principal executive offices)</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: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Indicate
  by check mark whether the registrant files or will file annual reports under
  cover Form 20-F or Form 40-F.</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Form
  20-F___ &nbsp;&nbsp;Form 40-F &nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;<p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Indicate
  by check mark if the registrant is submitting the Form 6-K in paper as
  permitted by Regulation S-T Rule 101(b)(1):&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Indicate
  by check mark if the registrant is submitting the Form 6-K in paper as
  permitted by Regulation S-T Rule 101(b)(7):&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><p>&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: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">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>
</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Yes
  ..... &nbsp;No ..X...</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: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">If
  &quot;Yes&quot; is marked, indicate below the file number assigned to the
  registrant in connection with Rule 12g3-2(b): &nbsp;82-________</font>
</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="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Signatures</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="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">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>
</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="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>Pan
  American Silver Corp.</u></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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Registrant)</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="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">By:<u>/s/
  Ross Beaty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></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; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Signature)</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="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Ross
  Beaty, </font><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Chairman</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: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Date:
  </font><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">March
  6, 2006</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; text-indent: 0pt; line-height: 1.25; width: 928; height: 19; margin-left: 0pt; margin-right: 0pt" align="left">
  <font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Ross
  Beaty, Chairman </font>
</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">
  <font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Exhibit:
  </font>
  <p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="q22005financials.htm">Financial
  Statements for June 30th, 2005 (Restated March 2, 2006)</a>

</div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    </div>
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    <div style="WIDTH: 100%; TEXT-ALIGN: center">
    </div>
  </div>
</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>q22005financials.htm
<DESCRIPTION>FINANCIAL STATEMENTS FROM SECOND QUARTER 2005
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Pan American Silver">
<META NAME="date" CONTENT="03/02/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=299.55></TD><TD width=18.2></TD><TD width=22.05></TD><TD width=54.25></TD><TD width=22></TD><TD width=66.75></TD></TR>
<TR><TD valign=top width=643.733 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>PAN AMERICAN SILVER CORP</B>.</P>
</TD></TR>
<TR><TD valign=top width=643.733 colspan=6><P style="margin:0pt; font-family:Arial" align=center>Consolidated Balance Sheets</P>
</TD></TR>
<TR><TD valign=top width=643.733 colspan=6><P style="margin:0pt; font-family:Arial" align=center>(In thousands of US dollars)</P>
</TD></TR>
<TR><TD valign=top width=399.4>&nbsp;</TD><TD valign=top width=53.667 colspan=2>&nbsp;</TD><TD valign=top width=72.333>&nbsp;</TD><TD valign=top width=29.333>&nbsp;</TD><TD valign=top width=89>&nbsp;</TD></TR>
<TR><TD valign=top width=399.4>&nbsp;</TD><TD valign=top width=126 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>June 30, 2005</B></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>(Restated &#150; note 3)</B></P>
</TD><TD width=118.333 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Dec. 31, 2004</B></P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>(Restated &#150; note 3)</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=399.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=126 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>(Unaudited)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=118.333 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>(Audited)</B></P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial"><B>Assets</B></P>
</TD><TD width=24.267>&nbsp;</TD><TD width=101.733 colspan=2>&nbsp;</TD><TD width=118.333 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Current</P>
</TD><TD width=24.267>&nbsp;</TD><TD width=101.733 colspan=2>&nbsp;</TD><TD width=118.333 colspan=2>&nbsp;</TD></TR>
<TR><TD width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD width=24.267 style="background-color: #E6E9FF"><P style="margin:0pt; padding-left:3.25pt; font-family:Arial" align=right>$</P>
</TD></center><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">23,448</P>
</TD><center><TD width=29.333 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>$</P>
</TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">28,345</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Short-term investments</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">55,493</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">69,791</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9pt; font-family:Arial">Accounts receivable, net of $Nil provision for doubtful accounts</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">20,070</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">25,757</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Inventories</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">12,818</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">10,674</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9pt; font-family:Arial">Unrealized gain on commodity and foreign currency contracts</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">547</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">480</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Prepaid expenses</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">2,222</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">1,211</P>
</TD></TR>
<TR><TD width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Total Current Assets</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">114,598</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">136,258</P>
</TD></TR>
<TR><TD valign=top width=399.4>&nbsp;</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Mineral property, plant and equipment, net (note 4)</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">116,231</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">104,647</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Investment and non-producing properties (note 5)</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">133,546</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">125,863</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Direct smelting ore</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">2,449</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">2,671</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; font-family:Arial">Other assets</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">532</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">647</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=399.4><P style="margin:0pt; font-family:Arial"><B>Total Assets</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=24.267><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>367,356</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=29.333><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>370,086</b></P>
</TD></TR>
<TR><TD valign=top width=399.4>&nbsp;</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><BR></P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial"><B>Liabilities</B></P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><BR></P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Current</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><BR></P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD></TR>
<TR><TD width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9pt; font-family:Arial">Accounts payable and accrued liabilities</P>
</TD><TD width=24.267 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>$</P>
</TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">17,017</P>
</TD><TD width=29.333 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>$</P>
</TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">20,331</P>
</TD></TR>
<TR><TD width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Unrealized loss on commodity contracts</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">1,424</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">4,695</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9pt; font-family:Arial">Advances for metal shipments</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>367</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">652</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Current portion of bank loans and capital lease </P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>-</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">134</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Current portion of non-current liabilities</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>374</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">479</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Total Current Liabilities</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>19,182</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">26,291</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF">&nbsp;</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><BR></P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Liability component of convertible debentures</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>105</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">134</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Provision for asset retirement obligation and reclamation </P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>32,455</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">32,012</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Provision for future income taxes</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>32,907</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">33,212</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Other liabilities and provisions</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>1,648</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">1,144</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Severance indemnities and commitments</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>1,153</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">398</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; font-family:Arial">Non-controlling interest</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>1,612</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">1,379</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=399.4><P style="margin:0pt; font-family:Arial"><B>Total Liabilities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>89,062</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>94,570</b></P>
</TD></TR>
<TR><TD valign=top width=399.4>&nbsp;</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial"><B>Shareholders&#146; Equity</B></P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; font-family:Arial">Share capital (note 6)</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Authorized:</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:18pt; font-family:Arial">100,000,000 common shares of no par value</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:9pt; font-family:Arial">Issued:</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:18pt; font-family:Arial">December 31, 2004 &nbsp;- 66,835,378 common shares</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:18pt; font-family:Arial">June 30, 2005 &#150; &nbsp;66,987,124 common shares</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>382,199</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">380,571</P>
</TD></TR>
<TR><TD valign=top width=399.4><P style="margin:0pt; text-indent:18pt; font-family:Arial">Equity component of convertible debentures</P>
</TD><TD width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>636</P>
</TD><TD width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">633</P>
</TD></TR>
<TR><TD valign=top width=399.4 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:18pt; font-family:Arial">Additional paid in capital</P>
</TD><TD width=24.267 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=101.733 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>11,378</P>
</TD><TD width=29.333 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD width=89 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">10,976</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; text-indent:18pt; font-family:Arial">Deficit</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right>(115,919)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right">(116,664)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=399.4><P style="margin:0pt; font-family:Arial"><B>Total Shareholders&#146; Equity</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=24.267>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>278,294</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=29.333>
    <p style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>275,516</b></P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" width=399.4><P style="margin:0pt; font-family:Arial"><B>Total Liabilities and Shareholders&#146; Equity</B></P>
</TD><TD style="border-bottom:2pt double #000000" width=24.267><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" width=101.733 colspan=2><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>367,356</b></P>
</TD><TD style="border-bottom:2pt double #000000" width=29.333><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align=right><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" width=89><P style="font-family: Arial; margin: 0pt; padding-left: 3.25pt" align="right"><b>370,086</b></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>See accompanying notes to consolidated financial statements</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Pan American Silver Corp.</B></P>
<P style="margin:0pt; font-family:Arial" align=center>Consolidated Statements of Operations</P>
<P style="margin:0pt; font-family:Arial" align=center>(Unaudited - in thousands of US Dollars, except for shares and per share amounts)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=227.4></TD><TD width=8.8></TD><TD width=60.4></TD><TD width=8.85></TD><TD width=60.45></TD><TD width=8.85></TD><TD width=60.45></TD><TD width=8.85></TD><TD width=60.45></TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=184.667 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD valign=bottom width=184.8 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Six months ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=184.667 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>June 30</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(Restated &#150; note 3)</B></P>
</TD><TD valign=bottom width=184.8 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>June 30</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(Restated &#150; note 3)</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=303.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.267 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=92.4 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2004</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.4 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=92.4 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2004</B></P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=11.733>&nbsp;</TD><TD valign=top width=80.533>&nbsp;</TD><TD valign=top width=11.8>&nbsp;</TD><TD valign=top width=80.6>&nbsp;</TD><TD valign=bottom width=11.8>&nbsp;</TD><TD valign=bottom width=80.6><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=11.8>&nbsp;</TD><TD valign=bottom width=80.6><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF"><P style="line-height:18pt; margin:0pt; font-family:Arial">Revenue</P>
</TD><TD valign=bottom width=11.733 style="background-color: #E6E9FF"><P style="margin-top:5pt; margin-bottom:0pt; font-family:Arial" align="right">$</P>
</TD></center><TD valign=bottom width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">25,358</P>
</TD><center><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="margin-top:5pt; margin-bottom:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">21,179</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="margin-top:5pt; margin-bottom:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>54,444</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="margin-top:5pt; margin-bottom:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">36,887</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Operating costs</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(18,417)</P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(16,531)</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>(40,797)</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(27,699)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Depreciation and amortization</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(2,415)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(2,008)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>(5,633)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(4,153)</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial"><B>Mine operating earnings</B></P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">4,526</P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">2,640</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>8,014</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">5,035</P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=11.733 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right><BR></P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">General and administrative, including stock-based compensation</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,751</P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,886</P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>3,313</P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">3,129</P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Exploration</P>
</TD><TD valign=top width=11.733 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">882</P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,137</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>2,309</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,665</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Asset retirement and reclamation</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">412</P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">301</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>939</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">603</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Interest and financing expenses</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">93</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">289</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>186</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">757</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Operating earnings/(loss)</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,388</P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(973)</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>1,267</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(1,119)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Gain (Loss) on commodity and foreign currency contract</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">3,491</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,836</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>154</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(378)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Investment and other income</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">990</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">2,489</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>1,248</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">2,826</P>
</TD></TR>
<TR><TD width=303.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Income before taxes and non-controlling interest</P>
</TD><TD width=11.733 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">5,869</P>
</TD><TD width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">3,352</P>
</TD><TD width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>2,669</P>
</TD><TD width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,329</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Income tax provision</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(746)</P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">-</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>(1,688)</P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">-</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Non-controlling interest</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(152)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(233)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">-</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial"><B>Net income for the period</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=11.733><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>4,971</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>3,352</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>748</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right><b>$</b></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><b>1,329</b></P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Attributable to common shareholders:</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Net income for the period</P>
</TD><TD valign=top width=11.733 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">4,971</P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">3,352</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">748</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">1,329</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Charges relating to conversion of convertible debentures </P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(8,464)</P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(8,464)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Accretion of convertible debentures</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(718)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(3)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(2,838)</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=303.2><P style="font-family: Arial; margin: 0pt">Adjusted net income (loss) for the period attributable to common shareholders</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=11.733><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">4,971</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(5,830)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">745</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(9,973)</P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=11.733 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Basic income/(loss) per share </P>
</TD><TD valign=top width=11.733><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>0.07</P>
</TD><TD valign=top width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(0.09)</P>
</TD><TD valign=bottom width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</P>
</TD><TD valign=bottom width=11.8><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Diluted income/ (loss) per share</P>
</TD><TD valign=top width=11.733 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>0.07</P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">$</P>
</TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">(0.09)</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>$</P>
</TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)</P>
</TD></TR>
<TR><TD valign=bottom width=303.2>&nbsp;</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">Weighted average shares outstanding</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=92.4 colspan=2><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=303.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Basic</P>
</TD><TD valign=top width=11.733 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">66,926,686</P>
</TD><TD valign=top width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">65,073,833</P>
</TD><TD valign=bottom width=92.4 colspan=2 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">66,905,637</P>
</TD><TD valign=bottom width=11.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6 style="background-color: #E6E9FF"><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">59,564,028</P>
</TD></TR>
<TR><TD valign=bottom width=303.2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Diluted</P>
</TD><TD valign=top width=11.733>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.533><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=top width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=11.8>
    <p style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=80.6><P style="font-family: Arial; margin-top: 5pt; margin-bottom: 0pt" align="right"><BR></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt">&nbsp;</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial" align=right>See accompanying notes to consolidated financial statements</P>
<A NAME="OLE_LINK1"></A><P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; page-break-before:always" align=center><B>Pan American Silver Corp.</B></P>
<P style="margin:0pt; font-family:Arial" align=center>Consolidated Statement of Cash Flows</P>
<P style="margin:0pt; font-family:Arial" align=center>(Unaudited &#150; in thousands of US dollars)</P>
<P style="margin:0pt"><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=1.5></TD><TD width=243></TD><TD width=9></TD><TD width=54></TD><TD width=9></TD><TD width=54></TD><TD width=9></TD><TD width=54></TD><TD width=9></TD><TD width=54></TD></TR>
<TR><TD valign=top width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=156 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD width=168 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Six months ended</B></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=156 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>June 30</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(Restated &#150; note 3)</B></P>
</TD><TD width=168 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>June 30</B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>(Restated &#150; note 3)</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=326 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2004</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2004</B></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2><P style="margin-top:5pt; margin-bottom:0pt; font-family:Arial"><B>Operating activities</B></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Net loss income for the period</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align="right">$</P>
</TD></center><TD valign=bottom width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">4,971</P>
</TD><center><TD valign=bottom width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">3,352</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">748</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align="right">$</P>
</TD><TD valign=bottom width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">1,329</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Reclamation expenditures</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(225)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(230)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(500)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(592)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Items not involving cash</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Depreciation and amortization</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">2,418</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">2,008</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">5,633</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">4,153</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Gain on sale of marketable securities</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Non-controlling interest</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">152</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">233</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Unrealized gain (loss) on commodity and foreign currency contracts</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin: 0pt" align="right">(5,251)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin: 0pt" align="right">(2,065)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin: 0pt" align="right">(3,339)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
<P style="font-family: Arial; margin: 0pt" align="right">(408)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Interest accretion on the convertible debentures</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">97</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">366</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Debt settlement expense</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">1,208</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">1,208</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Gain on sale of concessions</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(3,583)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(3,583)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Compensation expense</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">421</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">245</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">421</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">245</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Stock-based compensation</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">284</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">684</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">581</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">1,124</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Arial">Asset retirement and reclamation</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">412</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">301</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">939</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">603</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=326 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Arial">Changes in non-cash operating working capital items (note 7)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right">(1,804)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right">(1,522)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right">(480)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right">(4,343)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Cash generated by operations</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>1,378</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>495</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>4,236</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>102</b></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial"><B>Financing activities</B></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Shares issued for cash</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">282</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">943</P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">1,201</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">61,005</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Share issue costs</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(96)</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(180)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Convertible debentures payments</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(11,213)</P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(13,520)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Repayment of short-term loans and capital lease</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(285)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(12,689)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(285)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(13,096)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Cash (used in) generated by financing activities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>(3)</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>(23,055)</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>916</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>34,209</b></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Investing activities</B></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Mineral property, plant and equipment expenditures</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(8,787)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(2,665)</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(15,543)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(6,008)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Investment and non-producing property expenditures</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(5,459)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(318)</P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(8,706)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(554)</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Maturity of short-term investments</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">18,466</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">10,434</P>
</TD><TD valign=bottom width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">13,798</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">10,456</P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Proceeds from sale of assets</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">3,583</P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">500</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">3,583</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Other</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(48)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(2,000)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(98)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">(2,000)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Cash generated by (used in) investing activities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>4,172</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>9,034</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>(10,049)</b></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right"><b>&nbsp;</b></p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>5,477</b></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD><TD valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><BR></P>
</TD></TR>
<TR><TD valign=top width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; padding-left:9.35pt; text-indent:-9.35pt; font-family:Arial">Increase/(decrease) in cash and cash equivalents during the period</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">5,547</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(13,526)</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">(4,897)</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; margin: 0pt" align="right">39,788</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=326 colspan=2><P style="margin:0pt; font-family:Arial">Cash and cash equivalents, beginning of period</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">17,901</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">67,505</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">28,345</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right">14,191</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents, end of period</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align="right"><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>23,448</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align="right"><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>53,979</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=bottom width=12><P style="margin:0pt; font-family:Arial" align="right"><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>23,448</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=bottom width=12><P style="margin:0pt; font-family:Arial" align="right"><b>$</b></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=bottom width=72><P style="font-family: Arial; margin: 0pt" align="right"><b>53,979</b></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=bottom width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD width=326 colspan=2><P style="margin:0pt; font-family:Arial"><B>Supplementary Disclosures</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Interest paid</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:40.15pt; font-family:Arial">-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:40.15pt; font-family:Arial">-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="margin:0pt; text-indent:35.8pt; font-family:Arial">18</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; padding-right:-9pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="margin:0pt; padding-right:-0.8pt; text-indent:28.5pt; font-family:Arial">391</P>
</TD></TR>
<TR><TD width=326 colspan=2>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD><TD valign=bottom width=12>&nbsp;</TD><TD valign=bottom width=72><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD width=326 colspan=2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Taxes paid</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">2,906</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:40.15pt; font-family:Arial">-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="margin:0pt; text-indent:23.3pt; font-family:Arial">3,111</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="margin:0pt; padding-right:-9pt; font-family:Arial">$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="margin:0pt; padding-right:-0.8pt; text-indent:45.25pt; font-family:Arial">-</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=right>&nbsp;</P>
<P style="margin:0pt; padding-right:-5.4pt; font-family:Arial" align=right>See accompanying notes to consolidated financial statements</P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; page-break-before:always" align=center><B>PAN AMERICAN SILVER CORP.</B></P>
<P style="margin:0pt; font-family:Arial" align=center>Consolidated Statements of Shareholders&#146; Equity<BR>
(in thousands of US dollars, except for amounts of shares)</P>
<P style="margin:0pt" align=center><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=175.7></TD><TD width=49.4></TD><TD width=9></TD><TD width=45></TD><TD width=9.15></TD><TD width=44.85></TD><TD width=9.6></TD><TD width=53.6></TD><TD width=9></TD><TD width=54></TD><TD width=9></TD><TD width=54></TD></TR>
<TR><TD width=234.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=137.867 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Common Shares</P>
</TD><TD width=72 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Convertible</P>
</TD><TD width=84.267 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Additional</P>
</TD><TD width=84 colspan=2>&nbsp;</TD><TD width=84 colspan=2>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=234.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=65.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Shares</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Amount</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=72 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Debentures</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84.267 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Paid in Capital</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Deficit</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:-8.8pt; font-family:Arial; font-size:9pt">Balance, December 31, 2003</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>53,009,851</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>225,154</P>
</TD><TD width=12.2 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">66,735</P>
</TD><TD width=12.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">12,752</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(120,543)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">184,098</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued on the exercise of stock options</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>785,095</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>9,437</P>
</TD><TD valign=top width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">(3,965)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">5,472</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued on the exercise of share purchase warrants</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>544,775</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>1,965</P>
</TD><TD valign=top width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">1,965</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Stock-based compensation</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">2,189</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">2,189</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued for cash, net of issue costs</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>3,333,333</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>54,820</P>
</TD><TD valign=top width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">54,820</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Accretion of convertible debentures</P>
</TD><TD valign=top width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">2,871</P>
</TD><TD valign=top width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(2,871)</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued on the conversion of convertible debentures</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>9,145,700</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>88,950</P>
</TD><TD width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">(68,973)</P>
</TD><TD valign=top width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(8,464)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">11,513</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued as compensation</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>16,624</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>245</P>
</TD><TD valign=top width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=top width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">245</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Net income for the year (Restated)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>15,214</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" valign=top width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="background-color: #E6E9FF; border-bottom: 0.5pt solid #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">15,214</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:-8.8pt; font-family:Arial; font-size:9pt">Balance, December 31, 2004 (Restated)</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>66,835,378</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>380,571</P>
</TD><TD width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">633</P>
</TD><TD width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">10,976</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(116,664)</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">275,516</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued on the exercise of stock options</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>120,325</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>1,190</P>
</TD><TD width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">1,190</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued on the exercise of share purchase warrants</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>1,181</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>11</P>
</TD><TD width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">11</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Stock-based compensation</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">581</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">581</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Accretion of convertible debentures</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">3</P>
</TD><TD width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(3)</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Assigned value of exercised options</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>7</P>
</TD><TD width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">(7)</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD></TR>
<TR><TD width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Issued as compensation</P>
</TD><TD width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>30,240</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>420</P>
</TD><TD width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">420</P>
</TD></TR>
<TR><TD width=234.267 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD width=65.867 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=60 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.2 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=59.8 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12.8 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=71.467 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">(172)</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD width=12 style="background-color: #E6E9FF">
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD width=72 style="background-color: #E6E9FF"><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">(172)</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:0.2pt; font-family:Arial; font-size:9pt">Net income for the period (Restated)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12.2>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12.8>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>748</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>
    <p style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD style="border-bottom:0.5pt solid #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">748</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=234.267><P style="line-height:11pt; margin:0pt; padding-left:8.8pt; text-indent:-8.8pt; font-family:Arial; font-size:9pt">Balance, June 30, 2005</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=65.867><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>66,987,124</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=60><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>382,199</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12.2><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=59.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">636</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12.8><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=71.467><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">11,378</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>(115,919)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=12><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" width=72><P style="font-family: Arial; font-size: 9pt; margin: 0pt" align="right">278,294</P>
</TD></TR>
<TR><TD width=234.267>&nbsp;</TD><TD width=65.867>&nbsp;</TD><TD width=12>&nbsp;</TD><TD width=60>&nbsp;</TD><TD width=12.2>&nbsp;</TD><TD width=59.8><P style="margin:0pt"><BR></P>
</TD><TD width=12.8>&nbsp;</TD><TD width=71.467><P style="margin:0pt"><BR></P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="margin:0pt"><BR></P>
</TD><TD width=12>&nbsp;</TD><TD width=72><P style="margin:0pt"><BR></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
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<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt; page-break-before:always"><B>Pan American Silver Corp.</B></P>
<P style="margin:0pt; font-family:Arial" align=justify>Notes to Unaudited Interim Consolidated Financial Statements</P>
<P style="margin:0pt; font-family:Arial" align=justify>As at June 30, 2005 and 2004 and for the three month and six month periods then ended</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>(Tabular amounts are in thousands of US dollars, except for numbers of shares, price per share and per share amounts)</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><B>1.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Nature of Operations</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>Pan American Silver Corp (the &#147;Company&#148;) is engaged in silver mining and related activities, including exploration, extraction, processing, refining and reclamation. &nbsp;The Company has mining operations in Peru, Mexico and Bolivia, project development activities in Argentina, Mexico and Bolivia, and exploration activities in Peru, Bolivia, Argentina, Mexico and the United States of America.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><B>2.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Summary of Significant Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>a)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:18pt; font-family:Arial" align=justify>Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Canada for interim financial information and follow the same accounting policies and methods as our most recent annual financial statements. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in Canada for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month and six-month periods ended June 30, 2005 and 2004 are not necessarily indicative of the results that may be expected for the year ending December 31, 2005. </P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The consolidated balance sheet at December 31, 2004 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in Canada for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Pan American Silver Corp. (the &#147;Company&#148;) Annual Report for the year ended December 31, 2004. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>b)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Principles of Consolidation: The consolidated financial statements include the wholly-owned and partially-owned subsidiaries of the Company, the most significant of which are presented in the following table:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0 cellpadding="0"><TR><TD width=153.45></TD><TD width=43.7></TD><TD width=50.85></TD><TD width=74.4></TD><TD width=105.6></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=204.6><P style="margin:0pt; font-family:Arial" align=center>Subsidiary</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=58.267><P style="margin:0pt; font-family:Arial" align=center>Location</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=67.8><P style="margin:0pt; font-family:Arial" align=center>Ownership interest</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=99.2><P style="margin:0pt; font-family:Arial" align=center>Status</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=140.8><P style="margin:0pt; font-family:Arial" align=center>Operations and Development Projects</P>
</TD></TR>
<TR><TD valign=top width=204.6>&nbsp;</TD><TD valign=top width=58.267>&nbsp;</TD><TD valign=top width=67.8>&nbsp;</TD><TD valign=top width=99.2>&nbsp;</TD><TD valign=top width=140.8>&nbsp;</TD></TR>
<TR><TD valign=top width=204.6 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Pan American Silver S.A.C.</P>
</TD><TD valign=top width=58.267 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Peru</P>
</TD><TD valign=top width=67.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>100%</P>
</TD><TD valign=top width=99.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Consolidated</P>
</TD><TD valign=top width=140.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Quiruvilca Mine</P>
</TD></TR>
<TR><TD valign=top width=204.6><P style="margin:0pt; font-family:Arial">Compa&#241;&#237;a Minera Huaron S.A.</P>
</TD><TD valign=top width=58.267><P style="margin:0pt; font-family:Arial" align=center>Peru</P>
</TD><TD valign=top width=67.8><P style="margin:0pt; font-family:Arial" align=center>100%</P>
</TD><TD valign=top width=99.2><P style="margin:0pt; font-family:Arial" align=center>Consolidated</P>
</TD><TD valign=top width=140.8><P style="margin:0pt; font-family:Arial">Huaron Mine</P>
</TD></TR>
<TR><TD valign=top width=204.6 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Compa&#241;&#237;a Minera Argentum S.A.</P>
</TD><TD valign=top width=58.267 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Peru</P>
</TD><TD valign=top width=67.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>87.4%</P>
</TD><TD valign=top width=99.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Consolidated</P>
</TD><TD valign=top width=140.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Morococha Mine</P>
</TD></TR>
<TR><TD valign=top width=204.6><P style="margin:0pt; font-family:Arial">Plata Panamericana S.A. de C.V.</P>
</TD><TD valign=top width=58.267><P style="margin:0pt; font-family:Arial" align=center>Mexico</P>
</TD><TD valign=top width=67.8><P style="margin:0pt; font-family:Arial" align=center>100%</P>
</TD><TD valign=top width=99.2><P style="margin:0pt; font-family:Arial" align=center>Consolidated</P>
</TD><TD valign=top width=140.8><P style="margin:0pt; font-family:Arial">La Colorada Mine</P>
</TD></TR>
<TR><TD valign=top width=204.6 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Minera Corner Bay</P>
</TD><TD valign=top width=58.267 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Mexico</P>
</TD><TD valign=top width=67.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>100%</P>
</TD><TD valign=top width=99.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial" align=center>Consolidated</P>
</TD><TD valign=top width=140.8 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Alamo Dorado Project</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Inter-company balances and transactions have been eliminated in consolidation. Investments in corporate joint ventures where the Company has ownership of 50% or less and funds its proportionate share of expenditures are accounted for under the equity method. The Company has no investments in entities in which it has greater than 20% ownership interest accounted for using the cost method. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>c)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Revenue Recognition: Revenue is recognized when title and risk of ownership of metals or metal bearing concentrate passes to the buyer and when collection is reasonably assured. The passing of title to the customer is based on the terms of the sales contract. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets. </P>
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<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial; page-break-before:always" align=justify>Under our concentrate sales contracts with third-party smelters, final commodity prices are set on a specified future quotational period (typically one to three months) after the shipment arrives at the smelter based on market metal prices. Revenues are recorded under these contracts at the time title passes to the buyer based on the expected settlement period. The contracts, in general, provide for a provisional payment based upon provisional assays and quoted metal prices. Final settlement is based on the average applicable price for a specified future period, and generally occurs from three to six months after shipment. Final sales are settled using smelter weights, settlement assays (average of assays exchanged and/or umpire assay results) and are priced as specified in the smelter contract. </P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Third party smelting and refining costs are recorded as a reduction of revenue. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>d)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Cash and Cash Equivalents: Cash and cash equivalents includes cash, bank deposits, and all highly-liquid investments with a maturity of three months or less at the date of purchase. The Company minimizes its credit risk by investing its cash and cash equivalents with major international banks and financial institutions located principally in Canada and Peru with a minimum credit rating of A1 as defined by Standard &amp; Poor&#146;s. The Company&#146;s management believes that no concentration of credit risk exists with respect to investment of its cash and cash equivalents. Due to the short maturity of cash equivalents, their carrying amounts approximate their fair value.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>e)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Short-term Investments: Short-term investments principally consist of highly-liquid debt securities with original maturities in excess of three months and less than one year. &nbsp;These debt securities include corporate bonds with S &amp; P rating of A- to AAA with an overall average of single A high. The Company classifies all short-term investments as available-for-sale securities. Unrealized gains and losses on these investments are lower of cost and marked to market at the end of each period and are included in determining net income/ (loss). </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>f)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Inventories: Inventories include concentrate ore, dor&#232;, ore in stockpiles and operating materials and supplies. The classification of ore inventory is determined by the stage at which the ore is in the production process. Inventories of ore are sampled for metal content and are valued based on the lower of actual production costs incurred or estimated net realizable value based upon the period ending prices of contained metal. Material that does not contain a minimum quantity of metal to cover estimated processing expense to recover the contained metal is not classified as inventory and is assigned no value. All metal inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Supplies inventories are valued at the lower of average cost and replacement cost, net of obsolescence. Concentrate and dor&#233; inventory includes product at the mine site, 
the port warehouse and product held by refineries, and is also valued at lower of cost or market. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>g)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Property, Plant, and Equipment: Expenditures for new facilities, new assets or expenditures that extend the useful lives of existing facilities are capitalized and depreciated using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such facilities or the useful life of the individual assets ranging from five to twenty years. &nbsp;Certain mining equipment is depreciated using the units-of-production method based upon estimated total proven and probable reserves. Maintenance and repairs are expensed as incurred. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>h)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Operational Mining Properties and Mine Development: Mineral exploration costs are expensed as incurred. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs incurred to develop such property including costs to further delineate the ore body (and remove over burden to initially expose the ore body), are capitalized. Such costs are amortized using the units-of-production method over the estimated life of the ore body based on proven and probable reserves. Significant payments related to the acquisition of the land and mineral rights are capitalized as incurred. Prior to acquiring such land or mineral rights the Company generally makes a preliminary evaluation to determine that the property has significant potential to develop an economic ore body. The time between initial acquisition and full evaluation of a property&#1
46;s </P>
<P style="margin-top:0pt; margin-bottom:10pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial; page-break-before:always" align=justify>potential is variable and is dependant on many factors including: location relative to existing infrastructure, the property&#146;s stage of development, geological controls and metal prices. If a mineable ore body is discovered, such costs are amortized when production begins. If no mineable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until the assets are ready for their intended use. Gains or losses from sales or retirements of assets are included in other income or expense. Ongoing mining expenditures on producing properties are charged against earnings as incurred. Major development expenditures incurred to increase production or extend the life of the mine are capitalized.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>i)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Asset Impairment: Management reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if total estimated future cash flows or probability-weighted cash flows on an undiscounted basis are less than the carrying amount of the assets, including mineral property, plant and equipment, non-producing property, and any deferred costs such as deferred stripping. An impairment loss is measured and recorded based on discounted estimated future cash flows or the application of an expected present value technique to estimate fair value in the absence of a market price. Future cash flows include estimates of proven, probable, and a portion of resource recoverable ounces, gold and silver prices (considering current and historical prices, price trends and related factors), production l
evels, capital and reclamation costs, all based on detailed engineering life-of-mine plans. Assumptions underlying future cash flow estimates are subject to risks and uncertainties. Any differences between significant assumptions and market conditions and/or the Company&#146;s performance could have a material effect on any impairment provision, and on the Company&#146;s financial position and results of operations. In estimating future cash flows, assets are grouped at the lowest levels for which there are identifiable cash flows that are largely independent of cash flows from other groups. Generally, in estimating future cash flows, all assets are grouped at a particular mine for which there is identifiable cash flow. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>j)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Reclamation and Remediation Costs: Estimated future reclamation and remediation costs are based principally on legal and regulatory requirements. </P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The asset retirement obligation is measured using assumptions for cash outflows such as expected labor costs, allocated overhead and equipment charges, contractor markup, and inflation adjustments to determine the total obligation.&nbsp; The sum of all these costs is discounted, using the credit adjusted risk-free interest rate from the time the Company expects to pay the retirement obligation to the time the Company incurs the obligation. The measurement objective is to determine the amount a third party would demand to assume the asset retirement obligation. </P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Upon initial recognition of a liability for an asset retirement obligation, the Company capitalizes the asset retirement cost to the related long-lived asset. The Company amortizes this amount to operating expense using the units-of-production method. The Company evaluates the cash flow estimates at the end of each reporting period to determine whether the estimates continue to be appropriate. Upward revisions in the amount of undiscounted cash flows will be discounted using the current credit-adjusted risk-free rate. Downward revisions will be discounted using the credit-adjusted risk-free rate that existed when the original liability was recorded. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>k)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Foreign Currency Translation: &nbsp;The Company&#146;s functional currency is the US dollar. &nbsp;The accounts of subsidiaries, not reporting in US dollars, and which are integrated operations, are translated into US dollars using the temporal method. &nbsp;Under this method, substantially all assets and liabilities of foreign subsidiaries are translated at exchange rates in effect at the date of the transaction or at end of each period. Revenues and expenses are translated at the average exchange rate for the period. Foreign currency transaction gains and losses are included in the determination of net income/ (loss). </P>
<P style="margin-top:0pt; margin-bottom:10pt" align=justify><BR>
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<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial; page-break-before:always" align=justify>l)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Stock-based Compensation Plans: &nbsp;The Company provides share grants or options to buy common shares of the Company to directors, officers, employees and service providers. &nbsp;The board of directors grants such options for periods of up to ten years, vesting period of up to four years &nbsp;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.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The Company applies the fair-value method of accounting in accordance with recommendation of CICA Handbook Section (&#147;CICA 3870&#148;), &#147;Stock-based Compensation and Other Stock-based Payments&#148;. &nbsp;Stock-based compensation expense is calculated using the Black-Scholes option pricing model, where appropriate. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>m)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Income Taxes: The Company computes income taxes in accordance with CICA Handbook Section (&#147;CICA 3465&#148;), &#147;Income Taxes&#148;, that requires an asset and liability approach which results in the recognition of future tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities, as well as operating loss and tax credit carry-forwards, using enacted or substantially enacted, as applicable, tax rates in effect in the years in which the differences are expected to reverse. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>n)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in Canada requires the Company&#146;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure 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. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>o)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Earnings (loss) per share: 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 period.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The diluted earnings/(loss) per share calculations are based on the weighted average number of common shares outstanding during the period, 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. &nbsp;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.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>For convertible securities that may be settled in cash or shares at the holder&#146;s option the more dilutive of cash settlement and share settlement is used in computing diluted earnings/(loss) per share. For settlements in common shares, the if-converted method is used, which requires that returns on senior convertible equity instruments and income charges applicable to convertible financial liabilities be added back to net earnings/(loss), and the net earnings/(loss) is also adjusted for any non-discretionary changes that would arise from the beginning of the period (or at the time of issuance, if later).</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Potentially dilutive securities totaling 4,550944 for the six months ended June 30, 2005 (742,308 and 3,808,636 shares arising from outstanding stock options and share purchase warrants, respectively) and 5,666252 shares for the six months ended June 30, 2004 have been excluded from the calculation, as their effect would have been anti-dilutive.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Reclassifications: Certain reclassifications of prior year balances have been made to conform to current year presentation.</P>
<P style="margin-top:0pt; margin-bottom:10pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial; page-break-before:always"><B>3.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Restatement</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>In 2004, Pan American implemented a hedge accounting policy for the accounting treatment of its base-metal forward contracts program. &nbsp;In the fourth quarter of 2005 it was concluded that the Company&#146;s accounting for its forward contracts for the sale of base metals (lead and zinc) ,its forward contracts for purchasing Mexican pesos with US dollars and its silver fixing contracts does not qualify for hedge accounting under AcG-13, Hedging Relationships. &nbsp;As a result, Pan American has restated its unaudited consolidated financial statements for each quarter from March 31, 2004 to September 30, 2005 and its audited 2004 consolidated financial statements.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>Pan American is now required to recognize mark-to market valuations of its open forward contract positions through its income at the end of each period. &nbsp;In the past, Pan American had recognized gains, losses, revenues and expenses from its forward contracts in its income only in the period in which they settled. &nbsp;The effects of the change in accounting treatment are summarized in the tables below:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=171.45></TD><TD width=14.7></TD><TD width=51.8></TD><TD width=11.2></TD><TD width=55.3></TD><TD width=13.3></TD><TD width=51.85></TD><TD width=13.95></TD><TD width=51.25></TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=177.333 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Previously Reported</B></P>
</TD><TD width=173.8 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Restated</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify><B>Consolidated Balance Sheets</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>June 30</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=86.867 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>June 30</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=86.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=86.867 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=86.933 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD valign=top width=19.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=14.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=73.733><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=17.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.133><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=18.6>&nbsp;</TD><TD valign=top width=68.333><P style="margin:0pt" align=justify><BR></P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Unrealized gain on commodity and foreign currency contracts</P>
</TD><TD width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=69.067><P style="line-height:11pt; margin:0pt; text-indent:39.75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; text-indent:46.2pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=69.133><P style="line-height:11pt; margin:0pt; text-indent:31.7pt; font-family:Arial; font-size:9pt">547</P>
</TD><TD width=18.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:28.45pt; font-family:Arial; font-size:9pt">480</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Unrealized loss on commodity contracts</P>
</TD><TD width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=69.067><P style="line-height:11pt; margin:0pt; text-indent:39.75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; text-indent:46.2pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=69.133><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt">1,424</P>
</TD><TD width=18.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333><P style="line-height:11pt; margin:0pt; text-indent:21.7pt; font-family:Arial; font-size:9pt">4,695</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Prepaid expenses</P>
</TD><TD valign=top width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt" align=justify>2,584</P>
</TD><TD valign=top width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:28.95pt; font-family:Arial; font-size:9pt" align=justify>1,684</P>
</TD><TD valign=top width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.133><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt" align=justify>2,222</P>
</TD><TD valign=top width=18.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:21.7pt; font-family:Arial; font-size:9pt" align=justify>1,211</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Investment and non-producing properties</P>
</TD><TD valign=top width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:13.5pt; font-family:Arial; font-size:9pt" align=justify>133,390</P>
</TD><TD valign=top width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:19.95pt; font-family:Arial; font-size:9pt" align=justify>125,863</P>
</TD><TD valign=top width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.133><P style="line-height:11pt; margin:0pt; text-indent:15.95pt; font-family:Arial; font-size:9pt" align=justify>133,546</P>
</TD><TD valign=top width=18.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333><P style="line-height:11pt; margin:0pt; text-indent:12.7pt; font-family:Arial; font-size:9pt" align=justify>125,863</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:18pt; font-family:Arial; font-size:9pt" align=justify>17,024</P>
</TD><TD valign=top width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:24.45pt; font-family:Arial; font-size:9pt" align=justify>20,331</P>
</TD><TD valign=top width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.133><P style="line-height:11pt; margin:0pt; text-indent:20.45pt; font-family:Arial; font-size:9pt" align=justify>17,017</P>
</TD><TD valign=top width=18.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:17.2pt; font-family:Arial; font-size:9pt" align=justify>20,331</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Deficit</P>
</TD><TD valign=top width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:7.5pt; font-family:Arial; font-size:9pt" align=justify>(114,843)</P>
</TD><TD valign=top width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:13.95pt; font-family:Arial; font-size:9pt" align=justify>(111,976)</P>
</TD><TD valign=top width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.133><P style="line-height:11pt; margin:0pt; text-indent:9.95pt; font-family:Arial; font-size:9pt" align=justify>(115,919)</P>
</TD><TD valign=top width=18.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333><P style="line-height:11pt; margin:0pt; text-indent:6.7pt; font-family:Arial; font-size:9pt" align=justify>(116,664)</P>
</TD></TR>
<TR><TD valign=top width=228.6>&nbsp;</TD><TD valign=top width=19.6>&nbsp;</TD><TD valign=top width=69.067><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=14.933>&nbsp;</TD><TD valign=top width=73.733><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=17.733>&nbsp;</TD><TD valign=top width=69.133><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=18.6>&nbsp;</TD><TD valign=top width=68.333><P style="margin:0pt" align=justify><BR></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=171.45></TD><TD width=14.7></TD><TD width=51.8></TD><TD width=11.2></TD><TD width=55.3></TD><TD width=13.3></TD><TD width=53.9></TD><TD width=11.9></TD><TD width=51.25></TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" width=177.333 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Previously Reported</B></P>
</TD><TD style="border-right:0.5pt solid #000000" width=173.8 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Restated</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify><B>Consolidated Statement of Operations</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=177.333 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Three Month Ended June 30</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=173.8 colspan=4><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Three Month Ended June 30</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=88.667 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=89.6 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=84.2 colspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6>&nbsp;</TD><TD valign=top width=19.6>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=14.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=73.733><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=17.733>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=71.867><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=15.867>&nbsp;</TD><TD valign=top width=68.333><P style="margin:0pt" align=justify><BR></P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Revenue</P>
</TD><TD valign=top width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:18pt; font-family:Arial; font-size:9pt">23,905</P>
</TD><TD valign=top width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:24.45pt; font-family:Arial; font-size:9pt">20,950</P>
</TD><TD valign=top width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=71.867><P style="line-height:11pt; margin:0pt; text-indent:20.45pt; font-family:Arial; font-size:9pt">25,358</P>
</TD><TD valign=top width=15.867 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:17.95pt; font-family:Arial; font-size:9pt">21,179</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Mine operating earnings</P>
</TD><TD width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=69.067><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">3,073</P>
</TD><TD width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; text-indent:28.95pt; font-family:Arial; font-size:9pt">2,411</P>
</TD><TD width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=71.867><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt">4,526</P>
</TD><TD width=15.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333><P style="line-height:11pt; margin:0pt; text-indent:22.45pt; font-family:Arial; font-size:9pt">2,640</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Gain on commodity and foreign currency</P>
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>&nbsp;&nbsp;&nbsp;contracts</P>
</TD><TD valign=bottom width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=69.067><P style="line-height:11pt; margin:0pt; text-indent:39.75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=bottom width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=73.733><P style="line-height:11pt; margin:0pt; text-indent:46.2pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=bottom width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=71.867><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt">3,491</P>
</TD><TD valign=bottom width=15.867 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=bottom width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:29.2pt; font-family:Arial; font-size:9pt">236</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Net income for the period</P>
</TD><TD valign=top width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; text-indent:33.75pt; font-family:Arial; font-size:9pt" align=justify>24</P>
</TD><TD valign=top width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=73.733><P style="line-height:11pt; margin:0pt; text-indent:28.95pt; font-family:Arial; font-size:9pt" align=justify>1,287</P>
</TD><TD valign=top width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=71.867><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt" align=justify>4,971</P>
</TD><TD valign=top width=15.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333><P style="line-height:11pt; margin:0pt; text-indent:22.45pt; font-family:Arial; font-size:9pt" align=justify>3,352</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Adjusted net income (loss) for the period attributable to common shareholders</P>
</TD><TD width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=69.067><P style="line-height:11pt; margin:0pt; text-indent:33.75pt; font-family:Arial; font-size:9pt">24</P>
</TD><TD width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; text-indent:22.95pt; font-family:Arial; font-size:9pt">(7,895)</P>
</TD><TD width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=71.867><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt">4,971</P>
</TD><TD width=15.867 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:16.45pt; font-family:Arial; font-size:9pt">(5,830)</P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Basic income/(loss) per share</P>
</TD><TD valign=top width=19.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; padding-right:5.6pt; font-family:Arial; font-size:9pt" align=right>0.00</P>
</TD><TD valign=top width=14.933><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(0.12)</P>
</TD><TD valign=top width=17.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=71.867><P style="line-height:11pt; margin:0pt; padding-right:5.6pt; font-family:Arial; font-size:9pt" align=right>0.07</P>
</TD><TD valign=top width=15.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333><P style="line-height:11pt; margin:0pt; padding-right:2.95pt; font-family:Arial; font-size:9pt" align=right>(0.09)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.6><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Diluted income/(loss) per share</P>
</TD><TD valign=top width=19.6 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=69.067><P style="line-height:11pt; margin:0pt; padding-right:5.6pt; font-family:Arial; font-size:9pt" align=right>0.00</P>
</TD><TD valign=top width=14.933 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=73.733><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(0.12)</P>
</TD><TD valign=top width=17.733 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=71.867><P style="line-height:11pt; margin:0pt; padding-right:4.2pt; font-family:Arial; font-size:9pt" align=right>0.07</P>
</TD><TD valign=top width=15.867 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-right:2.95pt; font-family:Arial; font-size:9pt" align=right>(0.09)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size: 10pt" cellspacing=0 height="267"><TR><TD width=171.5 height="18"></TD><TD width=14.7 height="18"></TD><TD width=51.35 height="18"></TD><TD width=0.45 height="18"></TD><TD width=11.2 height="18"></TD><TD width=55.25 height="18"></TD><TD width=12.6 height="18"></TD><TD width=54.6 height="18"></TD><TD width=11.9 height="18"></TD><TD width=51.25 height="18"></TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="16">&nbsp;</TD><TD style="border-right: 0.5pt solid #000000" width=177.267 colspan=5 height="16"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Previously Reported</B></P>
</TD><TD style="border-right: 0.5pt solid #000000" width=173.8 colspan=4 height="16"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>As Restated</B></P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="16"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify><B>Consolidated Statement of Operations</B></P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=177.267 colspan=5 height="16"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Six Month Ended June 30</B></P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=173.8 colspan=4 height="16"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>Six Month Ended June 30</B></P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=top width=228.667 height="17">&nbsp;</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=88.667 colspan=3 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=88.6 colspan=2 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=89.6 colspan=2 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD><TD style="border-right: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" width=84.2 colspan=2 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2004</B></P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="34">&nbsp;</TD><TD valign=top width=19.6 height="34">&nbsp;</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=68.467 height="34"><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=15.533 colspan=2 height="34">&nbsp;</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=73.667 height="34"><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=16.8 height="34">&nbsp;</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=72.8 height="34"><P style="margin:0pt" align=justify><BR></P>
</TD><TD valign=top width=15.867 height="34">&nbsp;</TD><TD valign=top width=68.333 height="34"><P style="margin:0pt" align=justify><BR></P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.667 height="17"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Revenue</P>
</TD><TD valign=top width=19.6 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=68.467 height="17"><P style="line-height:11pt; margin:0pt; text-indent:18pt; font-family:Arial; font-size:9pt">50,986</P>
</TD><TD valign=top width=15.533 colspan=2 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=73.667 height="17"><P style="line-height:11pt; margin:0pt; text-indent:24.45pt; font-family:Arial; font-size:9pt">36,101</P>
</TD><TD valign=top width=16.8 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=72.8 height="17"><P style="line-height:11pt; margin:0pt; text-indent:20.45pt; font-family:Arial; font-size:9pt">54,444</P>
</TD><TD valign=top width=15.867 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.7pt; font-family:Arial; font-size:9pt">36,887</P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="17"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Mine operating earnings</P>
</TD><TD width=19.6 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" width=68.467 height="17"><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">4,556</P>
</TD><TD width=15.533 colspan=2 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" width=73.667 height="17"><P style="line-height:11pt; margin:0pt; text-indent:28.95pt; font-family:Arial; font-size:9pt">4,249</P>
</TD><TD width=16.8 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" width=72.8 height="17"><P style="line-height:11pt; margin:0pt; text-indent:24.95pt; font-family:Arial; font-size:9pt">8,014</P>
</TD><TD width=15.867 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 height="17"><P style="line-height:11pt; margin:0pt; text-indent:19.2pt; font-family:Arial; font-size:9pt">5,035</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.667 height="30"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Gain (Loss) on commodity and foreign currency contracts</P>
</TD><TD valign=bottom width=19.6 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=68.467 height="30"><P style="line-height:11pt; margin:0pt; text-indent:39.75pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=bottom width=15.533 colspan=2 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=73.667 height="30"><P style="line-height:11pt; margin:0pt; text-indent:46.2pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=bottom width=16.8 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=72.8 height="30"><P style="line-height:11pt; margin:0pt; text-indent:31.7pt; font-family:Arial; font-size:9pt">154</P>
</TD><TD valign=bottom width=15.867 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=bottom width=68.333 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:19.95pt; font-family:Arial; font-size:9pt">(453)</P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Net income/(loss) for the period</P>
</TD><TD valign=top width=19.6 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=68.467 height="17"><P style="line-height:11pt; margin:0pt; text-indent:16.5pt; font-family:Arial; font-size:9pt" align=justify>(2,864)</P>
</TD><TD valign=top width=15.533 colspan=2 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=73.667 height="17"><P style="line-height:11pt; margin:0pt; text-indent:35.7pt; font-family:Arial; font-size:9pt" align=justify>921</P>
</TD><TD valign=top width=16.8 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=72.8 height="17"><P style="line-height:11pt; margin:0pt; text-indent:31.7pt; font-family:Arial; font-size:9pt" align=justify>748</P>
</TD><TD valign=top width=15.867 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=68.333 height="17"><P style="line-height:11pt; margin:0pt; text-indent:19.2pt; font-family:Arial; font-size:9pt" align=justify>1,329</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.667 height="30"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt" align=justify>Adjusted net income (loss) for the period attributable to common shareholders</P>
</TD><TD width=19.6 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=68.467 height="30"><P style="line-height:11pt; margin:0pt; text-indent:16.5pt; font-family:Arial; font-size:9pt">(2,867)</P>
</TD><TD width=15.533 colspan=2 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=73.667 height="30"><P style="line-height:11pt; margin:0pt; text-indent:18.45pt; font-family:Arial; font-size:9pt">(10,381)</P>
</TD><TD width=16.8 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=72.8 height="30"><P style="line-height:11pt; margin:0pt; text-indent:31.7pt; font-family:Arial; font-size:9pt">745</P>
</TD><TD width=15.867 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 height="30" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:13.2pt; font-family:Arial; font-size:9pt">(9,973)</P>
</TD></TR>
<TR><TD style="border-right: 0.5pt solid #000000" valign=top width=228.667 height="14"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Basic income/(loss) per share</P>
</TD><TD valign=top width=19.6 height="14"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" valign=top width=68.467 height="14"><P style="line-height:11pt; margin:0pt; padding-right:2.35pt; font-family:Arial; font-size:9pt" align=right>(0.04)</P>
</TD><TD valign=top width=15.533 colspan=2 height="14"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" valign=bottom width=73.667 height="14"><P style="line-height:11pt; margin:0pt; padding-right:0.9pt; font-family:Arial; font-size:9pt" align=right>(0.17)</P>
</TD><TD valign=top width=16.8 height="14"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="border-right: 0.5pt solid #000000" width=72.8 height="14"><P style="line-height:11pt; margin:0pt; padding-right:5.6pt; font-family:Arial; font-size:9pt" align=right>0.01</P>
</TD><TD valign=top width=15.867 height="14"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 height="14"><P style="line-height:11pt; margin:0pt; padding-right:5.75pt; font-family:Arial; font-size:9pt" align=right>(0.17)</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=228.667 height="17"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=justify>Diluted income/(loss) per share</P>
</TD><TD valign=top width=19.6 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=top width=68.467 height="17"><P style="line-height:11pt; margin:0pt; padding-right:2.35pt; font-family:Arial; font-size:9pt" align=right>(0.04)</P>
</TD><TD valign=top width=15.533 colspan=2 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" valign=bottom width=73.667 height="17"><P style="line-height:11pt; margin:0pt; text-indent:41.7pt; font-family:Arial; font-size:9pt" align=justify>(0.17)</P>
</TD><TD valign=top width=16.8 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD style="background-color: #E6E9FF; border-right: 0.5pt solid #000000" width=72.8 height="17"><P style="line-height:11pt; margin:0pt; padding-right:5.6pt; font-family:Arial; font-size:9pt" align=right>0.01</P>
</TD><TD valign=top width=15.867 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD width=68.333 height="17" style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-right:5.75pt; font-family:Arial; font-size:9pt" align=right>(0.17)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial; page-break-before:always"><B>4.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Mineral property, plant and equipment</B></P>
<P style="line-height:normal; margin-top:0pt; margin-bottom:10pt; font-family:Arial; font-size:9pt" align=justify>Mineral property, plant and equipment consist of:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=108></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=38></TD><TD width=18></TD><TD width=45></TD><TD width=9></TD><TD width=9></TD><TD width=36></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD width=144>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=218.667 colspan=6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>June 30, 2005</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=204 colspan=6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>December 31, 2004</P>
</TD></TR>
<TR><TD width=144>&nbsp;</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Cost</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=62.667 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Accumulated</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Amortization</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=84 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Net Book</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Value</P>
</TD><TD width=12>&nbsp;</TD><TD width=60 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Cost</P>
</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Accumulated</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Amortization</P>
</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Net Book</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Value</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=144>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=48>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=144><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Mineral Properties</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=144><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Plant &amp; equipment</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=144 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt">Morococha mine, Peru</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">27,947</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=50.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>(4,279)</P>
</TD><TD valign=top width=24 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:10.95pt; font-family:Arial; font-size:9pt">23,668</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">18,217</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>(2,099)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">16,118</P>
</TD></TR>
<TR><TD valign=top width=144><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">La Colorada mine, Mexico</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">58,926</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(7,919)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:10.95pt; font-family:Arial; font-size:9pt">51,007</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">54,848</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(5,261)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">49,587</P>
</TD></TR>
<TR><TD valign=top width=144 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Huaron mine, Peru</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">56,752</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=50.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(17,830)</P>
</TD><TD valign=top width=24 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:10.95pt; font-family:Arial; font-size:9pt">38,922</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">53,628</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(16,039)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">37,589</P>
</TD></TR>
<TR><TD valign=top width=144><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Quiruvilca mine, Peru</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">16,675</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(14,511)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.45pt; font-family:Arial; font-size:9pt">2,164</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">25,601</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(24,616)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">985</P>
</TD></TR>
<TR><TD valign=top width=144 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">954</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(483)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:22.2pt; font-family:Arial; font-size:9pt">470</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">904</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(536)</P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:22.5pt; font-family:Arial; font-size:9pt">368</P>
</TD></TR>
<TR><TD valign=top width=144>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=144 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>TOTAL</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>161,253</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>(45,022)</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=24><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:6.45pt; font-family:Arial; font-size:9pt"><B>116,231</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>153,198</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>(48,551)</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>104,647</B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-top:0pt; margin-bottom:10pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>On July 1, 2004, the Company acquired control and ownership of the assets and liabilities of the Morococha mine. &nbsp;A summary of the terms and the fair values of the assets and liabilities acquired and consideration paid was included in the December 31, 2004 annual consolidated financial statements of the Company.</P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><B>5.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Investment and non-producing properties (Restated)</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>Acquisition costs of investment and non-producing properties together with costs directly related to mine development expenditures are deferred. &nbsp;Exploration expenditures on investment and non-producing properties are charged to operations in the period they are incurred.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>The carrying values of these properties are as follows:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=117></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=38></TD><TD width=11></TD><TD width=45></TD><TD width=9></TD><TD width=9></TD><TD width=36></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD width=156>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=209.333 colspan=6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>June 30, 2005</P>
</TD><TD width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=204 colspan=6><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>December 31, 2004</P>
</TD></TR>
<TR><TD width=156>&nbsp;</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Cost</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=62.667 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Accumulated</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Amortization</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=74.667 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Net Book</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Value</P>
</TD><TD width=12>&nbsp;</TD><TD width=60 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Cost</P>
</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Accumulated</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Amortization</P>
</TD><TD width=72 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Net Book</P>
<P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Value</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=top width=156>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=14.667>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=48>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Exploration and</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=14.667>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Development</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=14.667>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD></TR>
<TR><TD valign=top width=156 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt">Morococha exploration, Peru</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">34,704</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=50.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD valign=top width=14.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=center>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:15.95pt; font-family:Arial; font-size:9pt">34,704</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">40,472</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; font-family:Arial; font-size:9pt" align=right>$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin-top:3.6pt; margin-bottom:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">40,472</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Manantial Espejo, Argentina</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">3,176</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD valign=top width=14.667>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:20.45pt; font-family:Arial; font-size:9pt">3,176</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">2,012</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">2,012</P>
</TD></TR>
<TR><TD valign=top width=156 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Alamo Dorado, Mexico</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">93,845</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=50.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:12pt; font-family:Arial; font-size:9pt">(45)</P>
</TD><TD valign=top width=14.667 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.95pt; font-family:Arial; font-size:9pt">93,800</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">81,692</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:11.25pt; font-family:Arial; font-size:9pt">81,692</P>
</TD></TR>
<TR><TD valign=top width=156><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Other</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">1,866</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=50.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=14.667>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:20.45pt; font-family:Arial; font-size:9pt">1,866</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">1,687</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>-</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.75pt; font-family:Arial; font-size:9pt">1,687</P>
</TD></TR>
<TR><TD valign=top width=156>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=50.667>&nbsp;</TD><TD valign=top width=14.667>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60>&nbsp;</TD></TR>
<TR><TD valign=top width=156 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>TOTAL</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>133,435</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=50.667><P style="line-height:11pt; margin:0pt; text-indent:12.75pt; font-family:Arial; font-size:9pt"><B>(45)</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=14.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:11.45pt; font-family:Arial; font-size:9pt"><B>133,546</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12>&nbsp;</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=48><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>125,863</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>-</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>$</B></P>
</TD><TD style="background-color: #E6E9FF; border-bottom: 2pt double #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:6.75pt; font-family:Arial; font-size:9pt"><B>125,863</B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:10pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial; page-break-before:always"><B>6.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Share Capital</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>a)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:18pt; font-family:Arial" align=justify>Authorized and issued share capital</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The details of the common shares issued and outstanding are as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=238.15></TD><TD width=88.25></TD><TD width=22.85></TD><TD width=16.65></TD><TD width=62.6></TD></TR>
<TR><TD valign=top width=317.533>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=117.667><P style="margin:0pt; font-family:Arial" align=center>Shares Issued</P>
</TD><TD valign=top width=30.467>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=22.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="margin:0pt; font-family:Arial" align=center>Amount</P>
</TD></TR>
<TR><TD valign=top width=317.533 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Balance at December 31, 2004</P>
</TD><TD valign=top width=117.667 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:15.7pt; font-family:Arial">66,835,378</P>
</TD><TD valign=top width=30.467 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=22.2 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=83.467 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:8.45pt; font-family:Arial">380,751</P>
</TD></TR>
<TR><TD valign=top width=317.533><P style="margin:0pt; font-family:Arial">Shares issued on exercise of stock options</P>
</TD><TD valign=top width=117.667><P style="margin:0pt; text-indent:28.2pt; font-family:Arial">120,325</P>
</TD><TD valign=top width=30.467>&nbsp;</TD><TD valign=top width=22.2>&nbsp;</TD><TD valign=top width=83.467><P style="margin:0pt; text-indent:18.45pt; font-family:Arial">1,190</P>
</TD></TR>
<TR><TD valign=top width=317.533 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Shares issued on exercise of warrants</P>
</TD><TD valign=top width=117.667 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:38.2pt; font-family:Arial">1,181</P>
</TD><TD valign=top width=30.467 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=22.2 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=83.467 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:30.95pt; font-family:Arial">11</P>
</TD></TR>
<TR><TD valign=top width=317.533><P style="margin:0pt; font-family:Arial">Issued as compensation</P>
</TD><TD valign=top width=117.667><P style="margin:0pt; text-indent:33.2pt; font-family:Arial">30,240</P>
</TD><TD valign=top width=30.467>&nbsp;</TD><TD valign=top width=22.2>&nbsp;</TD><TD valign=top width=83.467><P style="margin:0pt; text-indent:25.95pt; font-family:Arial">420</P>
</TD></TR>
<TR><TD valign=top width=317.533 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Assigned value of exercised options</P>
</TD><TD valign=top width=117.667 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:57.35pt; font-family:Arial">-</P>
</TD><TD valign=top width=30.467 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=22.2 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=83.467 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:35.95pt; font-family:Arial">7</P>
</TD></TR>
<TR><TD valign=top width=317.533><P style="margin:0pt; font-family:Arial">Balance at June 30, 2005</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=117.667><P style="margin:0pt; text-indent:15.7pt; font-family:Arial">66,987,124</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=30.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=22.2><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=83.467><P style="margin:0pt; text-indent:8.45pt; font-family:Arial">382,199</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>b)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Share Option Plan</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The Company has a comprehensive stock option plan for its employees, directors and officers. &nbsp;The plan provides for the issuance of incentive stock options to acquire up to a total of 10% of the issued and outstanding common shares of the Company on a non-diluted basis. &nbsp;The exercise price of each option shall be the weighted average trading price of the Company&#146;s stock on the five days prior to the award date. &nbsp;The options can be granted for a maximum term of 10 years with vesting provides determined by the Company.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>The following table summarizes information concerning stock options outstanding as at June 30, 2005:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=77></TD><TD width=36></TD><TD width=81></TD><TD width=90></TD><TD width=81></TD><TD width=72></TD></TR>
<TR><TD valign=top width=102.667>&nbsp;</TD><TD valign=top width=48>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=228 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Options Outstanding</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=204 colspan=2><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Options Exercisable</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=102.667><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Range of Exercise Prices</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=48><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Year of Expiry</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=108><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Number Outstanding as at June 30, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=120><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Weighted Average Remaining Contractual Life (months)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=108><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Number Exercisable as at June 30, 2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=96><P style="line-height:10pt; margin:0pt; font-family:Arial; font-size:8pt" align=center>Weighted Average Exercise Price</P>
</TD></TR>
<TR><TD valign=bottom width=102.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4.08</P>
</TD><TD valign=bottom width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2006</P>
</TD><TD valign=bottom width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:27.85pt; font-family:Arial; font-size:9pt">88,000</P>
</TD><TD valign=bottom width=120 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">10.63</P>
</TD><TD valign=bottom width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:27.85pt; font-family:Arial; font-size:9pt">88,000</P>
</TD><TD valign=bottom width=96 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">$4.08</P>
</TD></TR>
<TR><TD valign=top width=102.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7.88 &#150; 8.24</P>
</TD><TD valign=top width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2007</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">328,500</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">28.36</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">276,500</P>
</TD><TD valign=top width=96><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">$8.17</P>
</TD></TR>
<TR><TD valign=top width=102.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7.26 &#150; 11.77</P>
</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2008</P>
</TD><TD valign=top width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">457,308</P>
</TD><TD valign=top width=120 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">35.88</P>
</TD><TD valign=top width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:27.85pt; font-family:Arial; font-size:9pt">67,308</P>
</TD><TD valign=top width=96 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">$8.18</P>
</TD></TR>
<TR><TD valign=top width=102.667><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$7.51 &#150; 15.65</P>
</TD><TD valign=top width=48><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2009</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">472,441</P>
</TD><TD valign=top width=120><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">45.59</P>
</TD><TD valign=top width=108><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">221,108</P>
</TD><TD valign=top width=96><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">$15.24</P>
</TD></TR>
<TR><TD valign=top width=102.667 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>$4.08</P>
</TD><TD valign=top width=48 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>2010</P>
</TD><TD valign=top width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">217,000</P>
</TD><TD valign=top width=120 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">65.43</P>
</TD><TD valign=top width=108 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">217,000</P>
</TD><TD valign=top width=96 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">$4.08</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=102.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=48>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=108><P style="line-height:11pt; margin:0pt; text-indent:16.6pt; font-family:Arial; font-size:9pt">1,563,249</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=120><P style="line-height:11pt; margin:0pt; text-indent:34.6pt; font-family:Arial; font-size:9pt">37.18</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=108><P style="line-height:11pt; margin:0pt; text-indent:23.35pt; font-family:Arial; font-size:9pt">869,916</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=96><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">$7.90</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>During the six month period ended June 30, 2005, the Company recognized $581 of stock compensation expense.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align=justify>c)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>Share purchase warrants</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>As of June 30, 2005 the Company had agreed to issue 255,781 warrants to the International Finance Corporation to terminate future royalty payments at La Colorada. &nbsp;The Company has recorded the liability for these warrants in current payables until the warrants are issued. &nbsp;The warrants have a fair value of $2.1 million and allow the holder to purchase 255,781 common shares of the company at $16.91 for a period of 5 years after the issue date.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>As at June 30, 2005 there were warrants outstanding that allow the holders to purchase 3,808,636 common shares of the Company at Cdn$12.00 per share, which expire on February&nbsp;20, 2008. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Arial" align=justify>In the period, 1,181 common shares were issued for proceeds of $11,000 in connection with the exercise of outstanding warrants.</P>
<P style="margin:10pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial; page-break-before:always"><B>7.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Changes in Non-Cash Working Capital Items (Restated)</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>The following table summarizes the changes in non-cash items:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=207></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD valign=top width=276>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=144 colspan=4><P style="margin:0pt; font-family:Arial" align=center>Three Months Ended</P>
<P style="margin:0pt; font-family:Arial" align=center>June 30</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=144 colspan=4><P style="margin:0pt; font-family:Arial" align=center>Six Months Ended</P>
<P style="margin:0pt; font-family:Arial" align=center>June 30</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=276>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72 colspan=2><P style="margin:0pt; font-family:Arial" align=center>2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72 colspan=2><P style="margin:0pt; font-family:Arial" align=center>2004</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72 colspan=2><P style="margin:0pt; font-family:Arial" align=center>2005</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=72 colspan=2><P style="margin:0pt; font-family:Arial" align=center>2004</P>
</TD></TR>
<TR><TD valign=top width=276 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Accounts receivable and prepaid expenses</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:12.25pt; font-family:Arial">4,052</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:16.9pt; font-family:Arial">193</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:12.25pt; font-family:Arial">5,704</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(1,727)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:5.55pt; font-family:Arial">(3,126)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:9.4pt; font-family:Arial">2,850</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:13.05pt; font-family:Arial">(731)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:9.4pt; font-family:Arial">1,015</P>
</TD></TR>
<TR><TD valign=top width=276 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Prepaids</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:5.55pt; font-family:Arial">(1,017)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:10.2pt; font-family:Arial">(929)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:13.05pt; font-family:Arial">(900)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(1,031)</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin:0pt; font-family:Arial">Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:5.55pt; font-family:Arial">(2,791)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(5,376)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:5.55pt; font-family:Arial">(4,746)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(5,204)</P>
</TD></TR>
<TR><TD valign=top width=276 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Advances for metal shipments</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:31.4pt; font-family:Arial">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9.4pt; font-family:Arial">1,244</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:31.4pt; font-family:Arial">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:9.4pt; font-family:Arial">1,906</P>
</TD></TR>
<TR><TD valign=top width=276><P style="margin:0pt; font-family:Arial">Severance, indemnities and commitments</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:12.25pt; font-family:Arial">1,333</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:16.9pt; font-family:Arial">496</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:19.75pt; font-family:Arial">498</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=60><P style="margin:0pt; text-indent:16.9pt; font-family:Arial">698</P>
</TD></TR>
<TR><TD valign=top width=276 style="background-color: #E6E9FF"><P style="margin:0pt; font-family:Arial">Provision for future income taxes</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:13.05pt; font-family:Arial">(255)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:28.55pt; font-family:Arial">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:13.05pt; font-family:Arial">(305)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF">&nbsp;</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="margin:0pt; text-indent:28.55pt; font-family:Arial">-</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=276>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=60><P style="margin:0pt; text-indent:5.55pt; font-family:Arial">(1,804)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=60><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(1,522)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=60><P style="margin:0pt; text-indent:13.05pt; font-family:Arial">(480)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=top width=60><P style="margin:0pt; text-indent:2.7pt; font-family:Arial">(4,343)</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt"><BR></P>
<P style="margin-top:10pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><B>8.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial"><B>Segmented information (Restated)</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>Substantially all of the Company&#146;s operations are within the mining sector, conducted through operations in six countries. &nbsp;Due to differences between mining and exploration activities, the Company has a separate budgeting process and measures the results of operations and exploration activities independently. &nbsp;The Corporate office provides support to the mining and exploration activities with respect to financial, human resources and technical support.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Arial" align=justify>Segmented disclosures and enterprise-wide information are as follows:</P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=144></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=63></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=192>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=384 colspan=10><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>For the three months ended June 30, 2005</P>
</TD></TR>
<TR><TD width=192 rowspan=2><P style="margin:0pt" align=center><BR></P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=132 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mining &amp; Development</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=84 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Investment and exploration</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Corporate</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mexico</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Peru</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Revenue from external customers</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">4,405</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:12.05pt; font-family:Arial; font-size:9pt">20,952</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">25,358</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Investment and other income</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:17.3pt; font-family:Arial; font-size:9pt">(264)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:39.65pt; font-family:Arial; font-size:9pt">19</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">543</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">298</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt">Gain on commodity contracts</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,491</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,491</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Interest and financing expenses</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:33.8pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,491</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,491</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Exploration</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:33.8pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:29.15pt; font-family:Arial; font-size:9pt">(677)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,083)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,760)</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(691)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:10.55pt; font-family:Arial; font-size:9pt">(1,719)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:24.1pt; font-family:Arial; font-size:9pt">(7)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,415)</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net income (loss) for the period</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">808</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">2,824</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:29.15pt; font-family:Arial; font-size:9pt">(704)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,043)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">4,971</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Property, plant and equipment Capital expenditures</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">878</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">5,711</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:28.4pt; font-family:Arial; font-size:9pt">7,441</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">14,090</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Segment assets</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">57,958</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:7.55pt; font-family:Arial; font-size:9pt">135,760</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:19.4pt; font-family:Arial; font-size:9pt">102,171</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">71,467</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">367,356</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=144></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=63></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=204 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=372 colspan=9><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>For the three months ended June 30, 2004</P>
</TD></TR>
<TR><TD width=192 rowspan=2>&nbsp;</TD><TD width=12 rowspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=132 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mining &amp; Development</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=84 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Investment and exploration</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Corporate</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mexico</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Peru</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Revenue from external customers</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">2,404</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">19,353</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=84><P style="line-height:11pt; margin:0pt; text-indent:39.1pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(578)</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">21,179</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Investment and other income</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:30.1pt; font-family:Arial; font-size:9pt">2</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,566</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:28.6pt; font-family:Arial; font-size:9pt">210</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">22</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,800</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt">Gain on commodity and foreign currency contracts</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,836</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,836</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Interest and financing expenses</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(117)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(76)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:39.1pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(96)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(289)</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Exploration</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:24.1pt; font-family:Arial; font-size:9pt">(7)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.85pt; font-family:Arial; font-size:9pt">(1,130)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,137)</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(680)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,317)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:39.1pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(11)</P>
</TD><TD valign=top width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,008)</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net income (loss) for the period</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,317)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">7,053</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:22.6pt; font-family:Arial; font-size:9pt">(944)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,440)</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">3,352</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Property, plant and equipment Capital expenditures</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,017</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,330</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:39.1pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">636</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">2,983</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Segment assets</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">50,516</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">64,172</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:17.35pt; font-family:Arial; font-size:9pt">89,484</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">111,852</P>
</TD><TD valign=top width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">316,024</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:5pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:5pt; page-break-before:always" align=center><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=144></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=63></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=192>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=384 colspan=10><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>For the six months ended June 30, 2005</P>
</TD></TR>
<TR><TD width=192 rowspan=2><P style="margin:0pt" align=center><BR></P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=132 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mining &amp; Development</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=84 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Investment and exploration</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Corporate</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mexico</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Peru</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Revenue from external customers</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">9,383</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:12.05pt; font-family:Arial; font-size:9pt">45,090</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 0.5pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">54,444</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Investment and other income</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:30.1pt; font-family:Arial; font-size:9pt">4</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:17.3pt; font-family:Arial; font-size:9pt">(214)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:33.65pt; font-family:Arial; font-size:9pt">(21)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">785</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">554</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt">Gain (loss) on commodity and foreign currency contracts</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">154</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">154</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Interest and financing expenses</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:33.8pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Exploration</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:24.1pt; font-family:Arial; font-size:9pt">(2)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:33.8pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:22.4pt; font-family:Arial; font-size:9pt">(2,130)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(272)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,402)</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,950)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:10.55pt; font-family:Arial; font-size:9pt">(3,670)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(13)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(5,633)</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net income (loss) for the period</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(149)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">5,636</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:22.4pt; font-family:Arial; font-size:9pt">(2,147)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,592)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">748</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Property, plant and equipment Capital expenditures</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">2,564</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">8,116</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:23.9pt; font-family:Arial; font-size:9pt">13,386</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:25.6pt; font-family:Arial; font-size:9pt">27</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">24,093</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Segment assets</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">57,958</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:7.55pt; font-family:Arial; font-size:9pt">102,171</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:19.4pt; font-family:Arial; font-size:9pt">102,015</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">71,467</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">367,356</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=144></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=63></TD><TD width=9></TD><TD width=45></TD><TD width=9></TD><TD width=45></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=204 colspan=2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" width=372 colspan=9><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>For the six months ended June 30, 2004</P>
</TD></TR>
<TR><TD width=192 rowspan=2>&nbsp;</TD><TD width=12 rowspan=2>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" width=132 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mining &amp; Development</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=84 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Investment and exploration</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Corporate</P>
</TD><TD width=12 rowspan=2>&nbsp;</TD><TD width=60 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Total</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Mexico</P>
</TD><TD style="border-bottom:1pt solid #000000" width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" width=60><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center>Peru</P>
</TD></TR>
<TR><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Revenue from external customers</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">6,010</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:12.05pt; font-family:Arial; font-size:9pt">32,142</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,265)</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD style="background-color: #E6E9FF; border-top: 1pt solid #000000" valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">36,887</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Investment and other income</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,814</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">1,630</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:35.15pt; font-family:Arial; font-size:9pt">226</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">466</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">4,136</P>
</TD></TR>
<TR><TD valign=top width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; padding-left:14.2pt; text-indent:-14.2pt; font-family:Arial; font-size:9pt">Gain (loss) on commodity and foreign currency contracts</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="margin:0pt"><BR></P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(378)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(378)</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Interest and financing expenses</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:15.1pt; font-family:Arial; font-size:9pt">(229)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:17.3pt; font-family:Arial; font-size:9pt">(345)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,494)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(2,068)</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Exploration</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(13)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:33.8pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:22.4pt; font-family:Arial; font-size:9pt">(1,652)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:31.6pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,665)</P>
</TD></TR>
<TR><TD width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Depreciation and amortization</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,620)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:10.55pt; font-family:Arial; font-size:9pt">(2,512)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84><P style="line-height:11pt; margin:0pt; text-indent:45.65pt; font-family:Arial; font-size:9pt">-</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:19.6pt; font-family:Arial; font-size:9pt">(21)</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(4,153)</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Net income (loss) for the period</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,393)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">5,625</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:22.4pt; font-family:Arial; font-size:9pt">(1,448)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:8.35pt; font-family:Arial; font-size:9pt">(1,455)</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD valign=top width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">1,329</P>
</TD></TR>
<TR><TD valign=top width=192><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Property, plant and equipment Capital expenditures</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">2,279</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:16.55pt; font-family:Arial; font-size:9pt">3,620</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84><P style="line-height:11pt; margin:0pt; text-indent:35.15pt; font-family:Arial; font-size:9pt">475</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:21.1pt; font-family:Arial; font-size:9pt">188</P>
</TD><TD width=12><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60><P style="line-height:11pt; margin:0pt; text-indent:14.35pt; font-family:Arial; font-size:9pt">6,562</P>
</TD></TR>
<TR><TD width=192 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Segment assets</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:9.85pt; font-family:Arial; font-size:9pt">50,516</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:12.05pt; font-family:Arial; font-size:9pt">64,172</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=84 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:23.9pt; font-family:Arial; font-size:9pt" align=justify>89,484</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">111,852</P>
</TD><TD width=12 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">$</P>
</TD><TD width=60 style="background-color: #E6E9FF"><P style="line-height:11pt; margin:0pt; text-indent:5.35pt; font-family:Arial; font-size:9pt">316,024</P>
</TD></TR>
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