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<SEC-DOCUMENT>0001137171-03-000552.txt : 20031103
<SEC-HEADER>0001137171-03-000552.hdr.sgml : 20031103
<ACCEPTANCE-DATETIME>20031103133852
ACCESSION NUMBER:		0001137171-03-000552
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELDORADO GOLD CORP                                      /FI
		CENTRAL INDEX KEY:			0000918608
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31522
		FILM NUMBER:		03972394

	BUSINESS ADDRESS:	
		STREET 1:		920 - 1055
		STREET 2:		WEST HASTINGS STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELDORADO CORP LTD                                       /FI
		DATE OF NAME CHANGE:	19960701
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>eldorado6k1031.htm
<TEXT>
<HTML><HEAD><TITLE>Filed By Filing Services Canada Inc.
403-717-3898</TITLE>
<META content="Microsoft FrontPage 4.0" name=GENERATOR></HEAD>
<BODY>&nbsp;
<p>&nbsp;</p>
<H1 align=center><FONT face="Times New Roman, Times, Serif" size=3><B>FORM
6K</B> </FONT></H1><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A002></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=3>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION <BR>Washington, D.C. 20549
</FONT></P><!-- MARKER FORMAT-SHEET="Head Minor Center" FSL="Default" --><A
name=A004></A>
<P align=center><FONT face="Times New Roman, Times, Serif" size=3><B>Report of
Foreign Issuer<BR><BR><BR>Pursuant to Rule 13a-16 or 15d-16 of <BR>the
Securities Exchange Act of 1934</B> </FONT></P><!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" --><A
name=A008></A>
<P><FONT face="Times New Roman, Times, Serif" size=2>For the month
of&nbsp;<B>October 31, 2003</B> </FONT></P><!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Commission File
Number&nbsp;<B>001-31522</B> </FONT></P><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=4><B>Eldorado Gold Corporation</B></FONT> </TD></TR>
  <TR>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Translation of registrant's name into English)
  </FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=3><B>Suite 920 - 1055 West Hasting Street<BR>Vancouver, British
      Columbia&nbsp;&nbsp;V6E 2E9</B> </FONT></TD></TR>
  <TR>
    <TD align=center><FONT face="Times New Roman, Times, Serif"
      size=2>(Address of principal executive offices)</FONT>
</TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F
or Form 40-F </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=500 border=0>

  <TR>
    <TD width="15%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>Form 20-F</FONT></TD>
    <TD align=middle width="5%"><FONT face="Times New Roman, Times, Serif"
      size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
    <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>Form 40-F </FONT></TD>
    <TD align=middle width="5%"><FONT face="Times New Roman, Times, Serif"
      size=2><U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U>
</FONT></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>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;&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>
</P><!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif"
      size=2><B>Note:</B>&nbsp;&nbsp;Regulation S-T Rule 101(b)(1) only permits
      the submission in paper of a Form 6-K if submitted solely to provide an
      attached annual report to security holders.
</FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>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;&nbsp;
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>
</P><!-- MARKER FORMAT-SHEET="Para Flush Level 1" FSL="Default" -->
<TABLE cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="95%"><FONT face="Times New Roman, Times, Serif" size=2><B>Note:
      </B>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits the submission in
      paper of a Form&nbsp;6-K if submitted to furnish a report or other
      document that the registrant foreign private issuer must furnish and make
      public under the laws of the jurisdiction in which the registrant is
      incorporated, domiciled or legally organized (the registrant's "home
      country"), or under the rules of the home country exchange on which the
      registrant's securities are traded, as long as the report or other
      document is not a press release, is not required to be and has not been
      distributed to the registrant's security holders, and, if discussing a
      material event, has already been the subject of a Form&nbsp;6-K submission
      or other Commission filing on EDGAR. </FONT></TD></TR></TABLE><BR><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is
also thereby furnishing the information to the Commission pursuant to rule
12g3-2(b) under the Securities Exchange Act of 1934. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=500 border=0>

  <TR>
    <TD width="25%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif"
    size=2>Yes</FONT></TD>
    <TD width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
    <TD width="5%"><FONT face="Times New Roman, Times, Serif"
    size=2>No</FONT></TD>
    <TD width="15%"><FONT face="Times New Roman, Times, Serif"
      size=2><U>&nbsp;&nbsp; X&nbsp;&nbsp;</U> </FONT></TD></TR></TABLE><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>If "Yes" is marked,
indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b) 82 ---<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT></P><BR><BR><!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR color=gray noShade SIZE=5>
<BR><BR><!-- MARKER FORMAT-SHEET="H1" FSL="Default" -->
<H1 align=center><FONT face="Times New Roman, Times, Serif"
size=2><U>SIGNATURE</U> </FONT></H1><!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width=600 border=0>

  <TR>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;
      </FONT></TD>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif"
      size=2><B>ELDORADO GOLD CORPORATION</B>
</FONT></TD></TR></TABLE><BR><BR>
<TABLE cellSpacing=0 cellPadding=0 width=600 border=0>

  <TR>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif"
      size=2>Date:&nbsp;&nbsp; October 31, 2003</FONT></TD>
    <TD width="50%"><FONT face="Times New Roman, Times, Serif" size=2><U>/s/
      Dawn Moss
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>Dawn
      Moss, Corporate Secretary</FONT></TD></TR></TABLE><BR><BR><BR><BR><!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR color=gray noShade SIZE=5>
<br>
<br>
<table border="0" width="84%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="center">&nbsp; <img border="0" src="logo1.jpg" align="right" width="254" height="108"></td>
  </tr>
  <tr>
    <td width="50%" valign="bottom">
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt">&nbsp;</p>
      <p style="margin:0pt; font-family:Book Antiqua; font-size:12pt"><br>
      <b>NEWS RELEASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
      <p style="line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt"><b>TSX:
      ELD &nbsp;AMEX: EGO</b></p>
    </td>
    <td width="50%" valign="bottom">
      <p style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt" align="right"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELD
      No. 03-20</b></p>
      <p style="text-indent: 0pt; line-height: 14pt; font-family: Book Antiqua; font-size: 12pt; margin: 0pt" align="right"><b>October
      30 , 2003</b></p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; padding-right:-22.5pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; padding-right:-22.5pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="center"><b><u>THIRD
QUARTER 2003 FINANCIAL RESULTS</u></b></p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="center">(all
figures in United States dollars unless otherwise indicated)</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Paul
N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado",
the "Company", or "we") is pleased to report the Company's Unaudited
Third Quarter 2003 Financial Results.</p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Book Antiqua; font-size:11pt; border-bottom:0.5pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
<br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify"><b><u>Highlights</u></b></p>
<ul>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">Optimization
    study improves the financial performance and accelerates the expansion of
    &nbsp;the Kisladag Project, Turkey</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">Kisladag
    reserves increase to 5.1 M ounces</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">$55.3
    M equity raised</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">Convertible
    debt retired &nbsp;- &nbsp;Company is debt free and production is unhedged</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">$85.2
    M cash balance</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">Streamlined
    permitting process approved in Turkey</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font FACE="Book Antiqua">China
    National Gold agreement</font></li>
</ul>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin-top:5.5pt; margin-bottom:5.5pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt"><b>Financial
Results</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">The
Company continued to strengthen its balance sheet and asset base in the 3<sup>rd</sup>
Qtr 2003. &nbsp;Completion of a Cdn$77.5 M (US$55.3 M) equity financing in
August and early redemption of the 8.25% convertible debenture in September
removed Eldorado's final debt obligations. &nbsp;The Company is totally debt
free, hedge free and holding $85.2 M in cash. The shaft deepening at our Sao
Bento Mine ("Sao Bento") continues on schedule utilizing cash generated by
the operation to fund the capital cost of this project. &nbsp;An Optimization
Study for the Kisladag Project, Turkey ("Kisladag") was completed in the
quarter which accelerated the expansion of the Kisladag Mine to full production
levels three years earlier than originally planned in the Feasibility Study with
improved financial returns. &nbsp;The August 25, 2003 financing allows the
Company to implement the Optimization Study without recourse to project debt
financing.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Eldorado's
3<sup>rd</sup> Qtr. 2003 Unaudited Financial Results report a net loss for the
quarter of $1.3 M ($0.01 per share) and nine months net income of $3.5 M ($0.01
per share) compared to a profit in the 3<sup>rd</sup> Qtr. of $1.4 M ($0.01 per
share) and a nine month profit of $3.4 M ($0.03 per share) in 2002. &nbsp;The
Company's negative financial results for the 3<sup>rd</sup> Qtr of 2003 were
mainly driven by higher costs of $0.6 M, a loss of</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">1</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">$0.5
M in foreign exchange, an accounting loss of $0.2 M on the early redemption of
the 8.25% convertible debentures. &nbsp;Eldorado currently holds $85.2 M in
cash, of this amount 40% is held in Canadian dollars.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-right:-4.5pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">In
the 3<sup>rd</sup> Qtr. 2003 gold revenues were $9.4 M with nine month gold
revenues of $27.6 M compared to 3<sup>rd</sup> Qtr. $8.4 M and nine months of
$23.8 M in 2002. &nbsp;The increased gold revenues result from the sale of
24,850 ounces of gold at a realized price of $358 per ounce (excluding a hedging
gain of $560) compared to a sale of 24,529 ounces of gold at a realized price of
$305 per ounce (excluding a hedging gain of $927) in 2002. &nbsp;&nbsp;Cash flow
for the 3<sup>rd</sup> Qtr. 2003 from operating activities was &nbsp;$1.8 M with
nine months of $3.1 M compared to 3<sup>rd</sup> Qtr. $4.4 M and nine months of
$6.1 M in 2002.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify"><b>The
Sao Bento Mine, Brazil</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">In
the 3<sup>rd</sup> Qtr. 2003 Sao Bento produced 23,327 ounces of gold at a cash
operating cost of $245 per ounce compared to 28,469 ounces at a cash operating
cost of $185 in the 3<sup>rd</sup> Qtr. of 2002. &nbsp;Gold production in the
nine months of 2003 was 71,930 ounces at a cash operating cost of $231 per
ounce, consistent with the 2003 plan to produce 95,000 ounces at a cash
operating cost of $230/oz. &nbsp;Contributing to the lower production rate is
the shaft deepening project which is on schedule and is planned for completion
in the 1<sup>st</sup> Qtr. 2005. &nbsp;Gold production will be negatively
impacted over the construction period when compared to historic production rates
as Sao Bento manages the removal of additional waste material caused by the
shaft deepening. &nbsp;Contributing to the higher cash costs are the
interference to mining operations caused by construction, the continued increase
in haulage distance below the present shaft bottom, increased labour costs and
the appreciation of the Brazilian currency. &nbsp;During the 3<sup>rd</sup> Qtr.
Sao Bento Mine management successfully negotiated the renewal of the annual
labour contract without disruption and received a renewal of the Operating
License from the State Environmental Agency (FEAM).</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt"><b>Kisladag
Project, Turkey</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">In
the 3<sup>rd</sup> Qtr. an Optimization Study was completed clearly establishing
the financial advantage to accelerate the ramp up of the project to full
production levels. &nbsp;The Project is now being developed accordingly with
average annual gold production of 246,000 ounces planned to occur in the second
year of operation.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-right:-22.5pt; font-family:Book Antiqua" align="justify">The
final infill drilling of 7,057 meters completed in the 3<sup>rd</sup> Qtr.
resulted in a considerable increase to both the resource and reserves and an
accompanying beneficial reduction of the strip ratio. &nbsp;Proven and probable
reserves increased to 5.1 M ounces whilst the strip ratio has reduced to 0.8.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">In
September, the Turkish Ministry of Health released changes in regulations
relating to the permitting of industrial activities which significantly reduce
and simplify the remaining permitting requirements for the Kisladag Project and
will benefit subsequent mine permitting in Turkey.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">The
changes eliminate the Trial Operating Permit &nbsp;which was previously required
following completion of construction and prior to the commencement of
operations. &nbsp;In addition the Operating (Opening) Permit which was
previously granted one year after the Trial Operating Permit is now granted
prior to the commencement of construction.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">The
Company continues to make consistent progress in completing the remaining
permitting for the project, with the application for the Establishment Permit
submitted to the Ministry of Health ("MOH") in the 3<sup>rd</sup> Qtr.
&nbsp;The Company anticipates receiving approval of its application from the MOH
in</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman" align="center">2</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">November
leaving only the Opening and Construction Permits outstanding. &nbsp;The Company
presently anticipates completing all remaining permitting in the 1<sup>st</sup>
Qtr. 2004.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt"><b>Corporate
Developments</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">In
September the Company signed a Framework Agreement with the China National Gold
Group Corporation ("CNGC") whereby the Company was granted the exclusive
right to review certain mining operations and exploration projects owned by CNGC
and review third party mining operations and exploration projects in China that
may be of interest to both Eldorado and CNGC.</p>
<p style="margin:0pt; padding-right:-22.5pt; font-family:Book Antiqua" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Commented
Paul Wright, President and Chief Executive Officer. &nbsp;"We are extremely
pleased with our progress on all fronts. &nbsp;Sao Bento continues to operate
consistent with our planned expectations for 2003. &nbsp;In Turkey, the change
in the permitting of mining projects is very positive for both Kisladag and Efemcukuru. &nbsp;&nbsp;We continue to make excellent progress in concluding
our outstanding permits with continued assistance and encouragement from the
regulatory agencies and local communities.</p>
<p style="margin:0pt; padding-right:-22.5pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Our
partnering approach to exploring new business opportunities in China provides us
with efficient access to one of the world's most prospective gold regions in a
period in which the Chinese government is actively creating the appropriate
environment for foreign participation in mining."</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Eldorado
is a gold producing and exploration company with gold assets in Brazil and
Turkey; two countries that we believe have substantial geological potential.
&nbsp;With our international expertise in mining, finance and project
development, together with highly skilled and dedicated staff, we believe that
Eldorado is well positioned to experience continued growth and value as we
create and pursue new opportunities.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Book Antiqua; font-size:12pt">ON
BEHALF OF</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Book Antiqua" align="justify"><b>ELDORADO GOLD
CORPORATION</b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:12pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Book Antiqua; font-size:12pt" align="justify"><b><i>"</i></b><b><i>Paul
N. Wright"</i></b></p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:12pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Book Antiqua; font-size:12pt" align="justify">Paul
N. Wright</p>
<p style="margin:0pt; line-height:14pt; font-family:Book Antiqua; font-size:12pt" align="justify">President
&amp; Chief Executive Officer</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><i>Certain of
the statements made may contain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, which involve known and
unknown risk, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking
statements are subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the forward-looking
statements. Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward looking statements. &nbsp;Specific
reference is made to "Narrative Description of the Business - Risk Factors"
in the Company's Annual Information Form. &nbsp;Forward-looking statements in
this release include statements regarding the expectations and beliefs of
management, the assumed long-term price of gold, the estimation of mineral
reserves and resources, the realization of mineral reserve estimates, the
potential of Eldorado's properties and expectations of growth. &nbsp;We do not
expect to update forward-looking statements continually as conditions change and
you are referred to the full discussion of the Company's business contained in
the Company's reports filed with the securities regulatory authorities.</i></p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">3<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="justify">Eldorado
Gold Corporation's shares trade on the Toronto Stock Exchange (TSX: ELD) and
the American Stock Exchange (AMEX: EGO). &nbsp;The TSX has neither approved nor
disapproved the form or content of this release.</p>
<p style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><br>
</p>
<table border="0" width="100%">
  <tr>
    <td width="50%">
      <p style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt">Contact:</p>
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Nancy
      E. Woo, Manager Investor Relations</p>
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Phone:
      604.601.6650 or 1.888.353.8166</p>
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Fax:
      604.687.4026</p>
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt">Email:
      nancyw@eldoradogold.com</p>
      <p style="text-indent: 0pt; line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin: 0pt; padding-left: -36pt">Request
      for information packages: info@eldoradogold.com</p>
      <p>&nbsp;</td>
    <td width="50%">Eldorado Gold Corporation
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">920-1055
      W. Hastings St.,</p>
      <p style="line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">Vancouver,
      BC V6E 2E9</p>
      <p style="text-indent: 0pt; line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin: 0pt">Web
      site: www.eldoradogold.com</p>
      <p style="text-indent: 0pt; line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin: 0pt">&nbsp;</p>
    </td>
  </tr>
</table>
<p style="text-indent: 352pt; line-height: 13pt; font-family: Book Antiqua; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt"><br>
<br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">4</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<table border="0" width="84%">
  <tr>
    <td width="50%"></td>
    <td width="50%">
      <p align="center">&nbsp; <img border="0" src="logo1.jpg" align="right" width="254" height="108"></td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border-right:0.5pt solid #000000" valign="top" width="343.2">
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><br>
      </p>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b>September
      30, 2003</b></p>
    </td>
    <td valign="top" width="343.2">
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>Report
      to Shareholders</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-right:0.5pt solid #000000" valign="top" width="343.2">&nbsp;</td>
    <td valign="top" width="343.2">
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>Suite
      920, Guinness Tower</b></p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>1055
      West Hastings Street</b></p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>Vancouver,
      British Columbia</b></p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>V6E
      2E9</b></p>
      <p style="font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><br>
      </p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>Phone:
      &nbsp;(604) 687-4018</b></p>
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; text-indent: 15pt; margin: 0pt"><b>Fax:
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 687-4026</b></p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">5</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Eldorado
      Gold Corporation</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><b>Consolidated
      Balance Sheets</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><b>(Expressed
      in thousands of U.S. dollars)</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">December
      31,</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="27.4" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">2003</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">2002</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">2002</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>ASSETS</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Current
      Assets</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Cash
      and cash equivalents</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;85,195</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;9,078</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;37,627</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,011</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Accounts
      receivable</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;2,496</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;1,436</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;1,380</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Inventories
      &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;6,327</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;6,277</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;5,866</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;94,018</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;17,802</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;44,873</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Property,
      plant and equipment &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;61,876</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;63,183</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;62,103</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Mineral
      properties and deferred development &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;35,881</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;32,184</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;32,958</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Investments
      and advances</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;115</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;122</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;108</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Other
      assets and deferred charges &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;878</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;90</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td style="border-top: 1 solid #000000; border-bottom: 2 solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;191,890</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;114,169</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;140,132</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>LIABILITIES</b></p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Current
      Liabilities</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Accounts
      payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;8,931</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;7,442</p>
    </td>
    <td valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;8,225</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Current
      debt</p>
    </td>
    <td valign="bottom" width="27.4" align="right" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,200</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;8,931</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;9,642</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;8,225</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Provision
      for reclamation costs</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;3,467</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;3,467</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;3,467</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deferred
      gain &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;82</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,743</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,957</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Future
      income taxes &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;236</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;188</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;196</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Convertible
      debentures &nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;6,758</p>
    </td>
    <td valign="bottom" width="27.4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;6,796</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;12,716</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;22,798</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;20,641</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>SHAREHOLDERS'
      EQUITY</b></p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Share
      capital &nbsp;(Note 4)</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;422,563</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;336,633</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;366,046</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Contributed
      surplus</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,094</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Equity
      portion of convertible debentures</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,094</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,094</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(244,483)</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(246,356)</p>
    </td>
    <td valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(247,649)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4" align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;179,174</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;91,371</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;119,491</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;191,890</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;114,169</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;140,132</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Approved
      by the Board</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="231" colspan="3">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Approved
      by the Board&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; font-family:Arial"><b><i>&quot;Robert Gilmore&quot;</i></b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; font-family:Arial"><b><i>&quot;Paul Wright&quot;</i></b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="415.533">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Director</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Director</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">6</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="364.8">
      <p style="line-height: 13pt; font-family: Arial; font-size: 11pt; text-indent: 0pt; margin: 0pt; padding-left: -4.5pt"><b>Eldorado
      Gold Corporation</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="line-height: 11pt; font-family: Arial; font-size: 9pt; text-indent: 0pt; margin: 0pt; padding-left: -4.5pt"><b>Consolidated
      Statements of Operations and Deficit</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="488" colspan="3">
      <p style="line-height: 11pt; font-family: Arial; font-size: 9pt; text-indent: 0pt; margin: 0pt; padding-left: -4.5pt"><b>(Expressed
      in thousands of U.S. dollars except per share amounts)</b></p>
      &nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="219" colspan="3">&nbsp;
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">Three
      months ended</p>
      &nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="219" colspan="3">&nbsp;
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">Nine
      months ended</p>
      &nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">September
      30,</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="28.8" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2003</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2002</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2003</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2002</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Note
      3)</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Note
      3)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Unaudited)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Revenue</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Gold
      sales</p>
    </td>
    <td valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;9,449</p>
    </td>
    <td valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;8,411</p>
    </td>
    <td valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;27,637</p>
    </td>
    <td valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;23,782</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Interest
      and other income</p>
    </td>
    <td valign="bottom" width="28.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;392</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,198</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,000</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;5,334</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;9,841</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;10,609</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;28,637</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;29,116</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Expenses</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Operating
      costs</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;6,052</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;4,715</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;16,887</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;13,565</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Depletion,
      depreciation and amortization</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,538</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,432</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;7,486</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;7,315</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;General
      and administrative</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,035</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;827</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;3,064</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,230</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Exploration
      expense</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;519</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;633</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,139</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;901</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Interest
      and financing costs</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;189</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;237</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;569</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;947</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Loss
      on repayment of convertible debenture</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;227</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;227</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Conversion
      of convertible debenture</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(463)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Foreign
      exchange (gain) loss</p>
    </td>
    <td valign="bottom" width="28.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;484</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;150</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(4,252)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;237</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;11,044</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;8,994</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;25,120</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;24,732</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Profit
      (loss) before the undernoted items</p>
    </td>
    <td valign="bottom" width="28.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(1,203)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;1,615</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,517</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;4,384</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Writedown
      of property, plant and equipment</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(359)</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(555)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">Writedown
      of investments and advances</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;48</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(46)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="27.4" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="28.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="27.4" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Profit
      (loss) before income taxes</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(1,155)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;1,256</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,471</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,829</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Taxes
      &nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Current
      &nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(104)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;118</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(305)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(400)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>&nbsp;Net
      income (loss) for the period</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(1,259)</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;1,374</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,166</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,429</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit
      at the beginning of the period:</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;As
      previously reported</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(243,224)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(247,730)</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(247,649)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(249,375)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Change
      in accounting policy (Note 3)</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(410)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;As
      restated</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(243,224)</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(247,730)</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(247,649)</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(249,785)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Deficit
      at the end of the period</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(244,483)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(246,356)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(244,483)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(246,356)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>&nbsp;Weighted
      average number</b></p>
    </td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>&nbsp;of
      shares outstanding</b></p>
    </td>
    <td valign="bottom" width="28.8" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;223,018,742</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;172,294,114</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;215,291,902</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;137,403,755</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="28.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>&nbsp;Basic
      and Diluted Income (loss) per share - U.S.$</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(0.01)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.01</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.01</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.03</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>&nbsp;Basic
      and Diluted Income (loss) per share - CDN.$</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(0.01)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.02</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="28.8">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.02</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="27.4">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt" align="center">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; padding-left:-4.5pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;0.05</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; padding-left:-4.5pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">7</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<table cellspacing="0">
  <tr>
    <td colspan="9">
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
      TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
      Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars
      except per share and per ounce amounts)</p>
      <br>
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Eldorado
      Gold Corporation</b></p>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><b>Consolidated
      Statements of Cash Flows</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><b>(Expressed
      in thousands of U.S. dollars)</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="199" colspan="3">&nbsp;
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="center">Three
      months ended</p>
      &nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="203" colspan="3">&nbsp;
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="center">Nine
      months ended</p>
      &nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">September
      30,</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">September
      30,</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2003</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2002</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2003</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">2002</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Note
      3)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">(Note
      3)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">(Unaudited)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Cash
      flows from operating activities</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Net
      income (loss) for the period</p>
    </td>
    <td valign="bottom" width="20.533" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(1,259)</p>
    </td>
    <td valign="bottom" width="19.2" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;1,374</p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="96" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;3,166</p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;3,429</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Items
      not affecting cash</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Depletion,
      depreciation and amortization</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,538</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;2,432</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;7,486</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;7,315</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Writedown
      of property, plant and equipment</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;359</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;555</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Interest
      and financing costs</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;41</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;39</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;127</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;139</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Loss
      on repayment of convertible debenture</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;227</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;227</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Gain
      on conversion of convertible debenture</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(463)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Write
      down of investments and advances</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(48)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;46</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Amortization
      of hedging gain</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(560)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(927)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,875)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(2,764)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Amortization
      of financing fees</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;9</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;59</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Foreign
      exchange (gain) loss</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;326</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,450</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(5,163)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;1,940</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;1,265</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;4,736</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;4,014</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;10,210</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase)
      in accounts receivable</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(237)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;2,304</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(1,116)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;1,529</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase)
      decrease in inventories</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(134)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(387)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(461)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(836)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Decrease)
      Increase in accounts payable and accrued liabilities</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;921</p>
    </td>
    <td valign="bottom" width="19.2" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(2,236)</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;706</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align="right">&nbsp;(4,827)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;1,815</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;4,417</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;3,143</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;6,076</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Cash
      flow from investing activities</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Property,
      plant and equipment</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(2,804)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,095)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(7,169)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(4,059)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Proceeds
      from disposals of property, plant and equipment</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;50</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Mineral
      properties and deferred development</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,227)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(756)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(2,923)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,511)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Investments
      and advances</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(136)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Proceeds
      from disposals of investments and advances</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;91</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;91</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Restricted
      cash</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(3)</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(536)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(3,940)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(1,854)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(10,137)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(6,056)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Cash
      flow from financing activities</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Repayment
      of long-term debt</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(850)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(12,204)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Repayment
      of convertible debentures</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(7,150)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(7,150)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Issue
      of common shares:</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Voting
      - for cash</p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;53,356</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;555</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;56,517</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;18,553</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Other
      assets and deferred charges</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="96" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td valign="bottom" width="90.467" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(114)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;46,206</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;(295)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;49,367</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;6,235</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Foreign
      exchange gain (loss) on cash held in foreign currency</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(324)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,456)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;5,195</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;(1,929)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Net
      Increase (decrease) in cash and cash equivalents</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;43,757</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;812</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;47,568</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;4,326</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Cash
      and cash equivalents at beginning of the period</p>
    </td>
    <td valign="bottom" width="20.533" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;41,438</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;8,266</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;37,627</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;4,752</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Cash
      and cash equivalents at end of the period</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="20.533" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;85,195</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="19.2" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;9,078</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="96" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;85,195</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="90.467">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">&nbsp;9,078</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">&nbsp;</td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><b>Supplemental
      cash flow information</b></p>
    </td>
    <td valign="bottom" width="20.533">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="90.467">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Interest
      paid</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="20.533" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;246</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;69</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;541</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;624</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="377.133">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Income
      tax paid</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="20.533" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;245</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;15</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="90.467" align="right">
      <p style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">&nbsp;304</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">8</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)<br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>1.</b></p>
<b>
<p style="margin:0pt; padding-left:18pt; text-indent:18pt; line-height:10pt; font-family:Arial; font-size:8pt">Nature
of Operations</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado
Gold Corporation ("Eldorado", "the Company") is engaged in gold mining
and related activities, including development, &nbsp;extraction, processing,
reclamation and exploration. Gold, the primary product, is produced in Brazil
and exploration activities are carried on in Brazil and Turkey.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Company has not determined whether all its development properties contain ore
reserves that are economically recoverable. &nbsp;The recoverability of the
amount shown for mineral properties and deferred development is dependent upon
the existence of economically recoverable reserves, the ability of the Company
to obtain the necessary financing, licenses and permits to complete the
exploration and development of its properties, and upon future profitable
production or proceeds from the disposition of the properties. &nbsp;The amounts
shown as mineral properties and deferred development represent net costs to
date, less amounts amortized and/or written off and do not necessarily represent
present or future values.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>2.</b></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;</b></p>
<p style="margin:0pt; padding-left:18pt; text-indent:18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Significant
Accounting Policies</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><i>Basis
of presentation</i></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">These
interim financial statements do not conform in all respects to the requirements
of generally accepted accounting principles for annual financial statements.
&nbsp;These interim financial statements should be read in conjunction with the
most recent annual financial statements of the company.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">These
financial statements follow the same accounting policies and methods of
application as the most recent annual financial statements of the company.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><i>Earnings
(loss) per share</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Earnings
or loss per common share is calculated using the weighted average number of
common shares outstanding during each period. Diluted earnings or loss per
common share is calculated using the treasury stock method which assumes that
stock options are only exercised when the exercise price is below the average
market price during the period, and that the Company will use the proceeds to
purchase its common shares at their average market price during the period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>3.</b></p>
<p style="margin:0pt; padding-left:18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Change
in Accounting Policy</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Company has changed its method of recording revenue to recording sales when the
goods have been delivered and title passes to the purchaser. Previously the
Company recorded revenue on a production basis at the net realized value of dore sales. The Company has applied the changes retroactively and prior periods
have been restated. The effects of the restatement on prior period financials
are presented below.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">9</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>3.
&nbsp;&nbsp;Change in accounting policy (continued)</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Income
      Statement</b></p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>Three
      months</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>Nine
      months</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>ended</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>September</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>September</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>2002</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">(Unaudited)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Revenue
      before change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      9,666</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      24,881</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,255)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,099)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Revenue
      after change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      8,411</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      23,782</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Operating
      costs before change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,385</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      13,851</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(670)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(286)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Operating
      costs after change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,715</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      13,565</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Net
      Income before change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,959</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,242</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(585)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(813)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Net
      Income after change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,374</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,429</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Basic
      and Diluted income (loss) per share before change - U.S.$</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;0.01</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;0.03</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Basic
      and Diluted income (loss) per share after change - U.S.$</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;0.01</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;0.03</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Balance
      Sheet</b></p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>Sept.
      30,</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>Dec.
      31,</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>2002</b></p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">(Unaudited)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Accounts
      receivable before change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,317</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,513</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,881)</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(2,133)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Accounts
      receivable after change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,436</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,380</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">&nbsp;</td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Inventories
      before change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,619</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,923</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Change
      in accounting policy</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;658</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;943</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="378.467">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Inventories
      after change</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="144">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,277</p>
    </td>
    <td valign="bottom" width="27.4">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="128.867">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,866</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">10</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>4.</b></p>
<p style="margin:0pt; padding-left:18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Share
Capital</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized and Issued Share Capital</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado's
authorized share capital consists of an unlimited number of voting and
non-voting common shares with no par value. &nbsp;The details of the common
shares issued and outstanding are as follows:</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Shares
      Issued</b></p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Amount</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">&nbsp;</td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">&nbsp;</td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Shares
      &nbsp;at beginning of the year</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;206,204,010</p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$366,046</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Shares
      for exercised stock options</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;1,815,500</p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;594</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Shares
      for cash consideration - Warrants</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;5,461,691</p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;3,101</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Shares
      issue costs for cash consideration - Financing</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;25,000,000</p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;52,822</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="364.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center">Shares
      at September 30, 2003</p>
    </td>
    <td valign="bottom" width="56.2">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign="bottom" width="127.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;238,481,201</p>
    </td>
    <td valign="bottom" width="87.733">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign="bottom" width="113.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$422,563</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
<br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share option plan</i></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Effective
January 1, 2002, the Company adopted the new standard for accounting for Stock
based Compensation.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">As
at September 30, 2003, the Company has a share option plan as described below.
&nbsp;No compensation expense is recognized for this plan when options are
granted pursuant to the plan. Consideration paid for shares on exercise of the
share options is credited to share capital.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Stock
option plan</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Company established a share option plan (the " Plan") in June 1994. &nbsp;Admendments
to the Plan were approved in June 1995, June 1996 and May 2000. &nbsp;The Board
of Directors administered the Plan whereby from time to time, share option
grants were provided for up to a total of 10,200,000 share options to directors,
officers, employees, consultants or advisors.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">After
a review of the corporate governance rules and guidelines established by
regulators in Canada and the United States and in consideration of the petitions
of institutional and retail shareholders the Company, at the Annual Meeting of
Shareholders held on April &nbsp;30, 2003, asked the shareholders to approve the
implementation of a share option plan to provide for grants of options to
officers and directors of the Company separate from the Plan. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
shareholders resolved that the Plan be amended to remove the eligibility of
directors and officers of the Company for grants of share options under the
Plan. &nbsp;A separate share option plan for Officers and Directors was
established (the "D &amp; O Plan"). &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Plan</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Board of Directors administers the Plan, whereby it may from time to time grant
share options to employees, consultants or advisors of the Company. 10,200,000
Common Shares (the "Optioned Shares") are reserved, set aside and made
available for issue under and in accordance with the terms of the Plan provided
that in no event shall options be granted entitling any single individual to
purchase in excess of one half of one percent (0.5%) of the then outstanding
common shares. All share options granted under the Plan shall expire not later
than tenth anniversary of the date the options were granted. &nbsp;The exercise
price of an option is determined by the Board of Directors, but shall not be
less than the quoted price of the common shares of the Company on the Toronto
Stock Exchange on the last business day before the date on which the option is
granted.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
D &amp; O Plan</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Board of Directors administers the D &amp; O Plan, whereby it may from time to
time grant share options to directors &amp; officers of the Company.
&nbsp;7,000,000 common shares are reserved, set aside and made available for
issue under and in accordance with the D &amp; O Plan. The total number of
shares that may be reserved for issuance to any one optionee pursuant to options
shall not exceed 1% of the shares of the Company outstanding on a non-diluted
basis on the grant date of the options. &nbsp;All share options granted under
the D &amp; O Plan shall expire not later than tenth anniversary of the date the
options were granted. &nbsp;The exercise price of an option is determined by the
Board of Directors, but shall not be less than the quoted price of the common
shares of the Company on the Toronto Stock Exchange on the last business day
before the date on which the option is granted.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
<br>
<br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">11</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Capital (continued)</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">A
summary of the terms and status of Company's outstanding options under both
plans at September 30, 2003 and the changes for the period ending on that date
is presented below:</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</p>
<p>&nbsp;</p>
<table width="859" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="295">&nbsp;</td>
    <td align="center" colspan="3" width="357"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Nine
      month ended</font></b></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295">&nbsp;</td>
    <td align="center" colspan="3" width="357" style="border-bottom: 2 solid #000000"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">September
      30, 2003</font></b></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Options</font></b></td>
    <td align="center" width="169"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Outstanding</font></b></td>
    <td width="35">&nbsp;</td>
    <td align="center" width="149"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Weighted
      average</font></b></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295">&nbsp;</td>
    <td align="center" width="169" style="border-bottom: 2 solid #000000"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Options</font></b></td>
    <td width="35" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="149" style="border-bottom: 2 solid #000000"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">exercise
      price - Cdn.$</font></b></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="149">&nbsp;</td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Outstanding
      at the beginning of the period</font></td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4,425,000</font></td>
    <td width="35">&nbsp;</td>
    <td align="center" width="149"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.58</font></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Granted</font></td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1,735,000</font></td>
    <td width="35">&nbsp;</td>
    <td align="center" width="149"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.27</font></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Exercised</font></td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">(1,815,500)</font></td>
    <td width="35">&nbsp;</td>
    <td align="center" width="149"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.48</font></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="149">&nbsp;</td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Outstanding
      at the end of the period</font></td>
    <td align="center" width="169" style="border-top: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4,344,500</font></td>
    <td width="35" style="border-top: 2 solid #000000">&nbsp;</td>
    <td align="center" width="149" style="border-top: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.29</font></td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="149">&nbsp;</td>
    <td width="201">&nbsp;</td>
  </tr>
  <tr>
    <td width="295"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Options
      exercisable at period end</font></td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">3,797,833</font></td>
    <td width="35">&nbsp;</td>
    <td align="center" width="149"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.09</font></td>
    <td width="201">&nbsp;</td>
  </tr>
</table>
<p><font size="1" face="Arial,Arial,Helvetica,sans-serif">The following table
summarizes information about share options granted during the nine months ended
September 30, 2003.</font></p>
<table width="598" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="3" width="198"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Options
      granted - shares</font></b></td>
    <td width="170">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="209" colspan="2" rowspan="2" style="border-bottom: 2 solid #000000">
      <p style="margin-top: 0pt; margin-bottom: 0pt" align="center">&nbsp;<b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">Weighted
      average</font></b></p>
      <p style="margin-top: 0pt; margin-bottom: 0pt" align="center"><b><font size="1" face="Arial,Bold,Arial,Helvetica,sans-serif">exercise
      price - Cdn. $</font></b></p>
    </td>
  </tr>
  <tr>
    <td width="173" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="18" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="172" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="170"><font size="1" face="Arial,Arial,Helvetica,sans-serif">660,000</font></td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.96</font></td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="170"><font size="1" face="Arial,Arial,Helvetica,sans-serif">100,000</font></td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.25</font></td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="170"><font size="1" face="Arial,Arial,Helvetica,sans-serif">400,000</font></td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.13</font></td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="170"><font size="1" face="Arial,Arial,Helvetica,sans-serif">300,000</font></td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.90</font></td>
  </tr>
  <tr>
    <td width="171" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="16" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" width="170" style="border-bottom: 1 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">275,000</font></td>
    <td width="15" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="155" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="50" style="border-bottom: 1 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">3.65</font></td>
  </tr>
  <tr>
    <td width="173" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="18" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" width="172" style="border-bottom: 1 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1,735,000</font></td>
    <td width="17" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="157" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="52" style="border-bottom: 1 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.27</font></td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="170">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50">&nbsp;</td>
  </tr>
  <tr>
    <td width="171">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="170">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="155">&nbsp;</td>
    <td width="50">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<table width="859" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Stock
      Options</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="106" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="171" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="132" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
  <tr>
    <td width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Range
      Of Exercise</font></td>
    <td width="15">&nbsp;</td>
    <td colspan="2" width="113"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Number
      Outstanding At</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Weighted-Average
      Remaining</font></td>
    <td width="10">&nbsp;</td>
    <td align="right" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Weighted
      Average</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Price
      - Cdn. $</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="115" style="border-bottom: 2 solid #000000" colspan="2"><font size="1" face="Arial,Arial,Helvetica,sans-serif">September
      30, 2003</font></td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="171" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Contractual
      Life (years)</font></td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="right" width="132" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Exercise
      Price - Cdn $</font></td>
    <td width="191">&nbsp;</td>
    <td width="33"></td>
  </tr>
  <tr>
    <td width="161">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="104">&nbsp;</td>
    <td width="23">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="130">&nbsp;</td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.40
      to 0.40</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">200,000</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.23</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.40</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.50
      to 0.65</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">688,000</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.64</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.54</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.70
      to 0.80</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">10,000</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.34</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.80</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.24
      to 0.51</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">235,000</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.93</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.31</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.70
      to 1.46</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1,576,500</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">3.48</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.85</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.90
      to 3.65</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="right" width="106" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1,635,000</font></td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="171" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4.48</font></td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="132" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.29</font></td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.24
      to 3.65</font></td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="104"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4,344,500</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">3.22</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">1.29</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td width="161">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="104">&nbsp;</td>
    <td width="23">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="130">&nbsp;</td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td width="161">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="104">&nbsp;</td>
    <td width="23">&nbsp;</td>
    <td width="169">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="130">&nbsp;</td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Warrants</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="106" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="171" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="132" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
  <tr>
    <td width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Conversion
      Price -</font></td>
    <td width="15">&nbsp;</td>
    <td colspan="2" width="113"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Number
      Outstanding At</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Weighted-Average
      Remaining</font></td>
    <td width="10">&nbsp;</td>
    <td width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Weighted
      Average</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Cdn.
      $</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="115" colspan="2" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">September
      30, 2003</font></td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="171" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Contractual
      Life (years)</font></td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td width="132" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">Conversion
      Price - Cdn. $</font></td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="161"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.00</font></td>
    <td width="15">&nbsp;</td>
    <td align="right" colspan="2" width="113"><font size="1" face="Arial,Arial,Helvetica,sans-serif">14,124,675</font></td>
    <td width="23">&nbsp;</td>
    <td align="center" width="169"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.12</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="130"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.00</font></td>
    <td width="189">&nbsp;</td>
    <td width="31">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4.10</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="right" colspan="2" width="115" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">12,500,000</font></td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="171" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.43</font></td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="132" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">4.10</font></td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
  <tr>
    <td align="center" width="163" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.00
      to 4.10</font></td>
    <td width="17" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="right" colspan="2" width="115" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">26,624,675</font></td>
    <td width="25" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="171" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">0.55</font></td>
    <td width="12" style="border-bottom: 2 solid #000000">&nbsp;</td>
    <td align="center" width="132" style="border-bottom: 2 solid #000000"><font size="1" face="Arial,Arial,Helvetica,sans-serif">2.99</font></td>
    <td width="191">&nbsp;</td>
    <td width="33">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:8pt">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">12</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
<br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Capital (continued)</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Had
the company determined compensation costs on this Plan based on the fair value
at the grant dates for those share options, the Company's net income and
earnings per share would have been reduced to the pro forma amounts indicated
below:</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="259.133">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Net
      income (loss) for the nine months</p>
    </td>
    <td valign="bottom" width="137.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">As
      reported</p>
    </td>
    <td valign="bottom" width="120">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,166</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="259.133">&nbsp;</td>
    <td valign="bottom" width="137.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Pro
      Forma</p>
    </td>
    <td valign="bottom" width="120">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,524</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="259.133">&nbsp;</td>
    <td valign="bottom" width="137.333">&nbsp;</td>
    <td valign="bottom" width="120">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="259.133">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Basic
      and Diluted earnings per share</p>
    </td>
    <td valign="bottom" width="137.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">As
      reported</p>
    </td>
    <td valign="bottom" width="120">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="259.133">&nbsp;</td>
    <td valign="bottom" width="137.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Pro
      Forma</p>
    </td>
    <td valign="bottom" width="120">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="259.133">&nbsp;</td>
    <td valign="bottom" width="137.333">&nbsp;</td>
    <td valign="bottom" width="120">&nbsp;</td>
  </tr>
</table>
<br>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
fair values of options included in the pro forma amounts presented above, have
been estimated using an option-pricing model. Assumptions used in the pricing
model are as follows:</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt">a)
average risk-free interest rate</p>
<p style="text-indent: 145pt; line-height: 10pt; font-family: Arial; font-size: 8pt; margin: 0pt">4.22%</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt">b)
expected life</p>
<p style="text-indent: 145pt; line-height: 10pt; font-family: Arial; font-size: 8pt; margin: 0pt">5
years</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt">c)
expected volatility</p>
<p style="text-indent: 145pt; line-height: 10pt; font-family: Arial; font-size: 8pt; margin: 0pt">50%</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">d)
expected dividends</p>
<p style="text-indent: 145pt; line-height: 10pt; font-family: Arial; font-size: 8pt; margin: 0pt" align="justify">nil</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:18pt; text-indent:-18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>5.</b></p>
<p style="margin:0pt; padding-left:18pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Segmented
Information</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify">All of
Eldorado's operations are related to the gold mining industry. In 2003 and
2002 Eldorado had one producing mine, Sao Bento, and had assets located in
North America, South America, Turkey and Australia.</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-top: 1.5pt solid #000000" valign="bottom" width="190.6" colspan="3">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Three
      months</b></p>
    </td>
    <td style="border-top:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-right: 2 solid #000000; border-top: 1.5pt solid #000000" valign="bottom" width="190.6" colspan="3">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Nine
      months</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="408.667">&nbsp;</td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-bottom: 1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt; color:#0000FF" align="center"><b>(unaudited)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Gold
      sales</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Sao
      Bento Mine</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;9,449</p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;8,411</p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;27,637</p>
    </td>
    <td valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;23,782</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;9,449</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;8,411</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;27,637</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;23,782</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Operating
      costs</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Sao
      Bento Mine</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6,052</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;4,715</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;16,887</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;13,565</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;6,052</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;4,715</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;16,887</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;13,565</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Depletion,
      depreciation and amortization</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Sao
      Bento Mine</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2,458</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2,262</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;7,373</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6,786</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;2,458</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;2,262</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;7,373</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;6,786</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Corporate
      expenses, net of interest and other income</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,623)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;814</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1,279</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1,854</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Exploration
      expense</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(519)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(633)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,139)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(901)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Write
      down of property, plant and equipment</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(359)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(555)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Write
      down of investments and advances</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;48</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(46)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Profit
      (loss) before income taxes</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;(1,155)</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;1,256</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,471</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,829</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Taxes</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Current</b></p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(104)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;118</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(305)</p>
    </td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(400)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4" align="right">&nbsp;</td>
    <td valign="bottom" width="17.8" align="right">&nbsp;</td>
    <td valign="bottom" width="86.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="408.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Net
      income (loss) for the period</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;(1,259)</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;1,374</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="86.4" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,166</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="17.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="86.4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,429</b></p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">13</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>5.</b></p>
<p style="margin:0pt; text-indent:36pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Segmented
Information (continued)</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="230" colspan="3" style="border-left: 2 solid #000000; border-top: 2 solid #000000">&nbsp;
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Three
      months ended</b></p>
      &nbsp;</td>
    <td style="border-top:1.5pt solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-right: 2 solid #000000; border-top: 1.5pt solid #000000" valign="bottom" width="230" colspan="3">&nbsp;
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Nine
      months ended</b></p>
      &nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-bottom: 2 solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="26">&nbsp;</td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-bottom: 1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="26">&nbsp;</td>
    <td style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Revenues
      by geographic area</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;North
      America</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;332</p>
    </td>
    <td valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;26</p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;842</p>
    </td>
    <td valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;137</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;South
      America</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;9,507</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;10,583</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;27,762</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;28,979</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Turkey</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;33</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;9,841</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;10,609</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;28,637</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;29,116</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Net
      income (loss) by geographic area</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;North
      America</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,220)</p>
    </td>
    <td valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(1,224)</p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2,116</p>
    </td>
    <td valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(2,641)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;South
      America</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;258</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2,700</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1,795</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6,459</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Turkey</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(295)</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(108)</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(695)</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(368)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Australia</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(2)</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(50)</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(21)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;(1,259)</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="26" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;1,374</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,166</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="26" align="center">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;3,429</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-top: 2 solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-top: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      months</b></p>
    </td>
    <td valign="bottom" width="26" style="border-top: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-top: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      months</b></p>
    </td>
    <td valign="bottom" width="23.267" style="border-top: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-right: 2 solid #000000; border-top: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267" style="border-left: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>ended</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8" style="border-right: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267" style="border-left: 2 solid #000000">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>Sept.
      30</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-right: 2 solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>December
      31</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-left: 2 solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-right: 2 solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-bottom: 2 solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="26">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="102.8">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="bottom" width="23.267">&nbsp;</td>
    <td style="border-right: 2 solid #000000; border-bottom: 1.5pt solid #000000" valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Segment
      assets</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Sao
      Bento Mine</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;74,002</p>
    </td>
    <td valign="bottom" width="26" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;75,025</p>
    </td>
    <td valign="bottom" width="23.267" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;73,406</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Total
      assets for reportable segments</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;74,002</b></p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;75,025</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;73,406</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Mineral
      properties and deferred development</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;35,881</p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;32,184</p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;32,958</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Other</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;82,007</p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6,960</p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;33,768</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;191,890</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;114,169</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;140,132</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Assets
      by geographic area</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">&nbsp;</td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;North
      America</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;80,877</p>
    </td>
    <td valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6,126</p>
    </td>
    <td valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;33,023</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;South
      America</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;74,162</p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;75,136</p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;73,637</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Turkey</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;36,844</p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;32,902</p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;33,468</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>&nbsp;&nbsp;&nbsp;Australia</b></p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;7</p>
    </td>
    <td valign="bottom" width="26" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;5</p>
    </td>
    <td valign="bottom" width="23.267" align="right">&nbsp;</td>
    <td valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;4</p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="308.533">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;191,890</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="26" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;114,169</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="23.267" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>$</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="bottom" width="102.8" align="right">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right"><b>&nbsp;140,132</b></p>
    </td>
    <td valign="bottom" width="26">&nbsp;</td>
    <td valign="bottom" width="102.8">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">14</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts)</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>6.</b></p>
<p style="margin:0pt; text-indent:36pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Supplementary
Cash Flow Information</b></p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733">&nbsp;</td>
    <td valign="bottom" width="157.667">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-top: 2 solid #000000" valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      months ended</b></p>
    </td>
    <td style="border-right: 1.5pt solid #000000; border-top: 2 solid #000000" valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Sept.
      30</b></p>
    </td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Sept.
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733" style="border-left: 2 solid #000000">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td style="border-right:1.5pt solid #000000" valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom: 2 solid #000000" valign="bottom" width="434.733">&nbsp;</td>
    <td style="border-left: 2 solid #000000; border-bottom: 1.5pt solid #000000" valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
    <td style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#FF0000" align="center"><b>(unaudited)</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733">&nbsp;</td>
    <td valign="bottom" width="157.667">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Financing
      activities</b></p>
    </td>
    <td valign="bottom" width="194.733">&nbsp;</td>
    <td valign="bottom" width="157.667">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733">&nbsp;</td>
    <td valign="bottom" width="157.667">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Long
      term debt backend fees accrual</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (135)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Increase
      in long term debt</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;135</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      accrual on convertible debentures</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;127</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;139</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Convertible
      debentures</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;(127)</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;1,724</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Loss
      (Gain) on conversion of debenture</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;(463)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Shares
      to be issued for convertible debenture</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;(1,706)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;Equity
      portion of convertible debenture</p>
    </td>
    <td valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;306</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td valign="bottom" width="194.733">&nbsp;</td>
    <td valign="bottom" width="157.667">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="434.733">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="194.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - &nbsp;&nbsp;</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign="bottom" width="157.667">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;
      $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      - &nbsp;&nbsp;</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>7.</b></p>
<p style="margin:0pt; text-indent:36pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Commitments
and Contingencies</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Interest
on withholding taxes</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Sao
Bento Mineracao may have a liability relating to interest and penalties on
accrued but unpaid withholding tax on gold loans. &nbsp;The Company believes
there are no grounds to the claim and will defend its position vigorously.
&nbsp;If an unfavorable ruling were to occur the Company estimates the liability
to be a maximum of $1,100.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">15</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial">&nbsp;</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="center"><b>PRODUCTION HIGHLIGHTS
<sup>1</sup></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">First</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">Quarter</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">2003</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">Second</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">Quarter</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">2003</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center"><b>Third</b></p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center"><b>Quarter</b></p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center"><b>2003</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">Third</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">Quarter</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">2002</p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center"><b>First</b></p>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b>Nine
      Months</b></p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center"><b>2003</b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">First</p>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center">Nine
      Months</p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="center">2002</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; font-family:Times New Roman; font-size:10.5pt"><br>
      </p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><b><u>Gold
      Production</u></b></p>
    </td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Ounces
      produced</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">21,831</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">26,772</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>23,327</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">28,469</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>71,930</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">73,134</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Cash
      Operating Cost ($/oz)</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">215</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">230</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>245</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">185</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>231</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">184</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total
      Cash Cost ($/oz)<sup>2</sup></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">222</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">237</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>253</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">189</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>237</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">189</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total
      Production Cost ($/oz)<sup>3</sup></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">330</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">343</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>375</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">259</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>349</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">285</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Realized
      Price ($/oz - sold)<sup> 4</sup></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">356</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">344</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>358</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">305</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>353</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">302</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; font-family:Times New Roman; font-size:10.5pt"><br>
      </p>
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><b><u>Sao
      Bento Mine, Brazil</u></b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Ounces
      produced</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">21,831</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">26,772</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>23,327</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">28,469</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>71,930</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">73,134</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Tonnes
      to Mill</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">92,104</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">94,497</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>93,824</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">100,185</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>280,425</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">286,046</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Grade
      (grams / tonne)</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">9.55</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">8.95</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>9.31</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">8.87</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>9.27</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">9.30</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Cash
      Operating Cost ($/oz)</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">215</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">230</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>245</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">185</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>231</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">184</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total
      Cash Cost ($/oz)<sup>2</sup></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">222</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">237</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>253</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">189</p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>237</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">189</p>
    </td>
  </tr>
  <tr>
    <td style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="204">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total
      Production Cost ($/oz)<sup>3</sup></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">330</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">343</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>375</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; font-family:Times New Roman" align="right">259</p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right"><b>349</b></p>
    </td>
    <td style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign="top" width="76">
      <p style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align="right">285</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">1</p>
<p style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cost
figures calculated in accordance with Gold Institute Format</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">2</p>
<p style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cash
Operating Costs plus royalties and the cost of off-site administration.</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">3</p>
<p style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Total
Cash Cost plus depreciation, amortization and reclamation.</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:90pt; text-indent:-18pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">4</p>
<p style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Excludes
amortization of deferred gain.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">16</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Please
review this report with the Consolidated Financial Statements and accompanying
Notes. All monetary amounts are in United States dollars unless otherwise noted.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
Management's Discussion and Analysis ("MD&amp;A") contains certain "Forward-Looking
Statements" within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements of
historical fact, included herein, including without limitation statements
regarding potential mineralization and reserves, exploration results and future
plans and objectives of Eldorado Gold Corporation ("Eldorado", the "Company"
or "we") are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements.</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Summary</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Consolidated
net earnings for the three months ended September 30, 2003 and three months
ended September 30, 2002 was a loss of $1,259 ($0.01 per share), compared with a
profit of $1,374 ($0.01 per share). &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">In the
nine months and the third quarter of 2003, Eldorado's net earnings were
impacted by foreign currency exchange gains of $4,252 (2002-$237 in exchange
loss) and a foreign exchange loss of $484 (2002 - $150), respectively. &nbsp;The
company has cash of $85,195 of which $34,218 or 40% is held in Canadian dollars.
&nbsp;For the nine months of 2003, the Canadian dollar has strengthened to the
US dollar from 1.5776 to 1.3499, creating a gain on foreign exchange of $4,978
offset by the strengthening of the Brazilian Real against the US dollar from
3.5356 to 2.9257, resulting in a exchange loss of $680 and a small loss of $46
due to the Australian dollar strengthening against the U.S. dollar. During the
third quarter 2003, the Canadian dollar weakened from 1.3475 to 1.3499 resulting
in a exchange loss for the 3<sup>rd</sup> quarter of $80 and $404 exchange loss
during the third quarter 2003 due to the Brazilian Real weakening from 2.8428 to
2.9257.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Cash
flow from operations decreased by $2,933 and $2,602 to $3,143 and $1,815 in the
nine months and third quarter of 2003, compared with $6,076 and $4,417 in the
corresponding periods in 2002. &nbsp;The decrease primarily reflects an increase
in the cash operating costs, non mine operating costs (including exploration and
resource development). The company ended the period with $85,195 in cash and
short-term investments.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">The
company completed a financing of 25,000,000 units at CDN$3.10 per unit for gross
proceeds of CDN$77,500 -U.S.$55,320. The company received at closing CDN
$74,400 - U.S.$53,109 of the gross receipts. The net proceeds of the offering
will be used to complete the construction of the Kisladag Mine in Turkey and for
general corporate purposes. Based on the anticipated exercise of the Cdn$2.00
warrants expiring December 23, 2003 the company expects to have adequate funding
for its capital needs. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">The
company redeemed its outstanding convertible debt of $7,150 on September 29,
2003 for $7,395 including $245 of interest. &nbsp;The redemption of this debt
eliminated all outstanding indebtedness of the company.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Eldorado
realized an average price of $353 per ounce of gold sold in the nine months of
2003 and $358 per ounce of gold in the third quarter of 2003 versus the average
spot prices of $354 and $363 per ounce. &nbsp;The company remains totally
unhedged. &nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Gold
production in the nine months of 2003 was 71,930 ounces; a decrease of 1.6%
compared with the prior year period due to the shaft-deepening project at the
Sao Bento Mine. &nbsp;The shaft-deepening project is on schedule and is planned
for completion in the first quarter of 2005. &nbsp;Gold production will be
negatively impacted over the construction period compared to historic production
rates as the operation manages the removal of additional waste caused by the
shaft deepening. &nbsp;The company continues to forecast gold production for
2003 and 2004 of 95,000 ounces of gold.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Compared
to the prior year nine months period, Eldorado Gold's cash cost and total
costs increased by 25% and 22% to $231 and $349 per ounce of gold. &nbsp;The
increase in unit cost is attributable to the increased haulage obtained below
the existing shaft bottom, decrease in gold production and a strengthening of
the Brazilian currency.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado
completed a Kisladag optimization study in the 3<sup>rd</sup> quarter. &nbsp;The
study, based on identical geological resources, mineable reserve and
metallurgical recoveries incorporated in the Feasibility Study, has successfully
demonstrated the opportunities to both improve the financial performance of the
Project and accelerate the expansion of the Project to full production levels.
&nbsp;The accelerated ramp up to full production in year 2 will form the base
plan for the Project going forward. In the third quarter the company announced
an increase in the gold reserve base at its Turkish Kisladag development project
by 521,000 ounces. &nbsp;The drilling program increased minable reserves by 11%
for total reserves of 5.1 million ounces. Construction of the Kisladag project
is anticipated to cost $58,800 with expenditures beginning after receipt of
permitting which is expected in the 1<sup>st</sup> Quarter of 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">During
the 3<sup>rd</sup> quarter the company signed a Framework agreement with the
China National Gold Group Corporation ("CNGC"), whereby Eldorado was granted
the exclusive right to review certain mining operations and exploration projects
owned by CNGC.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">As
at September 30, 2003, the Company had 238,481,201 Common Shares outstanding.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">17<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Third
Quarter 2003 Financial Performance &nbsp;</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado's
unaudited net income for the third quarter of 2003 was a loss of $1,259 ($0.01
per share) compared to a profit of $1,374 ($0.01 per share) in the third quarter
of 2002. &nbsp;The Company's negative financial results for the third quarter
of 2003 was mainly driven by a loss of $484 in foreign exchange, a loss of $227
on the redemption of the convertible debentures, higher production costs of $521
and other costs of $27. &nbsp;The loss on foreign exchange is a result of the
Brazilian real &nbsp;weakening versus the US dollar. &nbsp;The Brazilian real in
the 3<sup>rd</sup> quarter weakened from 2.8428 to 2.9257 as at September 30,
2003.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">As
the U.S. dollar has weakened against most currencies the company has adopted a
natural hedge position regarding currency hedging. &nbsp;The company is
currently holding 40% of its cash in Canadian dollars. &nbsp;As the US dollar
weakens against the Canadian dollar the company records a gain on its Canadian
dollar holdings. &nbsp;The offset is that as the US dollar weakens against the
Brazilian Real and Turkish lira an increase in cost at our operations occurs.
&nbsp;It is the strategy of the company to manage the gain in Canadian dollars
to offset the loss of increased costs in Brazil and Turkey</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">For
the third quarter 2003 gold revenues were $9,449 compared to $8,411 for the
third quarter of 2002. The increased revenues are the result of the sale of
24,850 ounces of gold at a realized price of $358 per ounce (excluding a total
hedging gain of $560) compared to sale of 24,529 ounces of gold at a realized
price of $305 per ounce (excluding a total hedging gain of $927 in 2002).
Interest and other income for the 3<sup>rd</sup> Quarter of 2003 and nine months
of 2003 have dropped when compared to the similar period of 2002. This reduction
reflects the receipt of business interruption insurance in connection with the
completion of the #2 Autoclave repair in 2002.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado's
unaudited net income for the first nine months of 2003 was a profit of $3,166
($0.01 per share) compared to $3,429 ($0.03 per share) in the first nine months
of 2002. &nbsp;The Company's positive financial results for the nine months of
2003 was mainly driven by a gain of $4,252 in foreign exchange compared to loss
on foreign exchange of $237 in the first nine months of 2002. The gain on
foreign exchange is a result of the Canadian dollar strengthening versus the US
dollar. At September 30, 2003, Eldorado held $85,195 in cash; of this amount 40%
is held in Canadian dollars.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">For
the first nine months 2003 gold revenues were $27,637 compared to $23,782 for
the first nine months of 2002. The increase in revenues is the result of the
sale of 73,072 ounces of gold at a realized price of $353 per ounce (excluding a
total hedging gain of $1,875) compared to sale of 69,697 ounces of gold at a
realized price of $302 per ounce (excluding a total hedging gain of $2,764 in
2002).</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Sao
Bento</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">In
the third quarter of 2003, Sao Bento Mine produced 23,327 ounces of gold at cash
costs of $245/oz. compared to 28,469 ounces at cash costs of $185/oz. in the
third quarter of 2002. &nbsp;Lower gold production in the quarter compared with
the previous year reflects the revised production schedule necessitated by the
Shaft Deepening Project underway. &nbsp;The development necessary to complete
this project impacts the mine's ability to produce at normal rates and will
continue to affect the mine's production until the deepening shaft is
commissioned in Q1 2005. &nbsp;&nbsp;Lower gold production has in turn caused an
increase in our cash costs per ounce ($245/oz. in the 3<sup>rd</sup> quarter of
2003 vs. $185/oz. in the 3<sup>rd</sup> quarter of 2002). &nbsp;Also
contributing to higher cash costs was the appreciation of the Brazilian
currency, the Real, during 2003. The Real closed the first nine months of 2003
trading at 2.92 per US dollar, which represents an appreciation of 17% since the
beginning of the year. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Given
the appreciation of the Brazilian currency and our announcement on April 2, 2003
of our decision to deepen the shaft, which will have an impact on our production
schedule during the next 15 months, the Company revised its production and cost
forecast for 2003 and 2004. The new forecast calls for a gold production of
95,000 oz in 2003 with cash costs of $230/oz. &nbsp;Similar levels of production
and cash costs are expected for 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="335" colspan="4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Thousands
      of U.S. dollars except share amounts</p>
      &nbsp;</td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">&nbsp;</td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="101.467">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      Months</b></p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      Months</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="101.467">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="101.467">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">&nbsp;</td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">&nbsp;</td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Gold
      Revenue</p>
    </td>
    <td valign="bottom" width="101.467">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$9,449</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$8,411</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$27,637</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$23,782</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Net
      Income (loss)</p>
    </td>
    <td valign="bottom" width="101.467">&nbsp;</td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$(1,259)</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$1,374</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$3,166</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$3,429</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="197" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Net
      Income per share (loss)&nbsp;</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$(0.01)</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$0.01</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$0.01</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$0.03</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="197" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Cash
      Flow from operations&nbsp;</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$1,815</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$4,417</p>
    </td>
    <td valign="bottom" width="34.267">&nbsp;</td>
    <td valign="bottom" width="104.2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$3,143</p>
    </td>
    <td valign="bottom" width="35.6">&nbsp;</td>
    <td valign="bottom" width="111.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$6,076</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Interest
and other income decreased by $1,806 over the third quarter of 2002, a result of
recording $2,065 of cash received from the autoclave repair insurance refund in
2002 offset by higher interest income of $259 in 2003.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">18</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Production
Sao Bento Mine</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="435" colspan="4">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Production
      Highlights (All figures in U.S. Dollars)</p>
      &nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      Months</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      Months</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Gold
      Production</b></p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Ounces</p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;23,327</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;28,469</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;71,930</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;73,134</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Cash
      Operating Cost ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;245</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;185</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;231</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;184</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      Cash Cost ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;253</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;189</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;237</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;189</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      Production Cost ($/oz)</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;375</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;259</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;349</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;285</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Sao
      Bento Mine, Brazil&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Ounces</p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;23,327</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;28,469</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;71,930</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;73,134</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Ore
      tonnes</p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;93,824</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;100,185</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;280,425</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;286,046</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Grade
      (grams/tonne)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;9.31</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;8.87</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;9.27</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;9.30</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Cash
      Operating Cost ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;245</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;185</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;231</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;184</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      Cash Cost ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;253</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;189</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;237</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;189</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      Production Cost ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;375</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;259</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;349</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;285</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Gold
      Sold</b></p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Ounces</p>
    </td>
    <td valign="bottom" width="218">&nbsp;</td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;24,850</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;24,529</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;73,072</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;69,697</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="314" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Realized
      Price ($/oz)&nbsp;</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;358</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;305</p>
    </td>
    <td valign="bottom" width="23.267">&nbsp;</td>
    <td valign="bottom" width="98.733">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;353</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="100.067">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;302</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Gold
production in the third quarter of 2003 for the Sao Bento mine was 23,327
ounces. &nbsp;This compares to third quarter 2002 gold production at Sao Bento
of 28,469 ounces. &nbsp;Third quarter 2003 cash costs at Sao Bento were $245
per ounce compared to $185 per ounce in 2002. Higher cash costs were due mainly
to lower gold production and costs associated with the shaft deepening project
which impact the rate and distance the ore must travel to the shaft and
increased manhours. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Royalty
and production taxes increased in the 3<sup>rd</sup> Quarter by $4.00/oz. This
increase is a result of higher gold prices and timing of sales. Depletion and
Depreciation per ounce has increased as a result of lower production &nbsp;in
the 3<sup>rd</sup> Quarter 2003 compared to 3<sup>rd</sup> Quarter 2002.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">In
the third quarter of 2003 Sao Bento mined 93,824 tonnes of ore at a grade of
9.31 grams per tonne. &nbsp;This compares to 100,185 tonnes of ore in the third
quarter of 2002 at a grade of 8.87 grams per tonne. &nbsp;With the mine
production being drawn from beneath the existing shaft bottom, mining costs
increase as a result of increased truck haulage distances. &nbsp;In order to
mitigate this characteristic and enable access to deepen resources the company
is proceeding with its plan to deepen its shaft beyond the existing mining
operations.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Gold
production in the first nine months of 2003 for the Sao Bento mine was 71,930
ounces. &nbsp;This compares to first nine months 2002 gold production at Sao
Bento of 73,134 ounces, or a slight difference of 1.7%. In the first nine months
of 2003 Sao Bento mined 280,425 tonnes of ore at a grade of 9.27 grams per
tonne. &nbsp;This compares to 286,046 tonnes of ore mined in the first nine
months of 2002 at a grade of 9.30 grams per tonne.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">First
nine months 2003 cash costs at Sao Bento were $231 per ounce compared to $184
per ounce in 2002. The difference is made up mainly of $14/oz. business
interruption and $4/oz inventory credit in 2002, as well as $29/oz. higher
mining and processing costs in 2003. Year-to-date cash costs of $231/oz. are in
line with our forecast of $230/oz. for 2003.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Sao
Bento's reclamation provision has remained the same as the company considers
the current accrual sufficient to cover the reclamation expenses. The company
has employed an external engineering consulting company to develop a
comprehensive study to estimate the closure costs of the Sao Bento Mine. This
study is being completed to comply with the Asset Retirement Obligations.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">19</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b>Consolidated
      Gold Production Cost per Ounce</b>&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>3rd
      Quarter</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      months</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>Nine
      Months</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2003</b></p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Direct
      mining expenses&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$245</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$168</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$224</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;$197</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Inventory
      change</p>
    </td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(2)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;13</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(4)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Third
      party smelting, refining and transportation&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;5</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;3</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;5</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;3</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Vancouver
      Costs</p>
    </td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(3)</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;1</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;2</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">By-product
      credits</p>
    </td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Business
      Interruption credit&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(14)</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Cash
      operating cost per ounce&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$245</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$185</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$231</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$184</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Royalties
      and Production taxes&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;8</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;4</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;6</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;5</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      cash costs per ounce&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$253</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$189</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$237</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$189</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">&nbsp;</td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Depreciation/Depletion</p>
    </td>
    <td valign="bottom" width="245.467">&nbsp;</td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;105</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;79</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;103</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;93</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Exchange
      (Gain)/ Loss&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;17</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;(9)</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;9</p>
    </td>
    <td valign="bottom" width="17.8">&nbsp;</td>
    <td valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;3</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Reclamation
      and mine closure&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt; color:#0000FF" align="right">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="bottom" width="341" colspan="2">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt">Total
      production costs per ounce&nbsp;</p>
    </td>
    <td valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$375</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$259</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="19.2">&nbsp;</td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="108.333">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$349</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="17.8">&nbsp;</td>
    <td style="border-bottom:2pt double #000000" valign="bottom" width="96">
      <p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="right">&nbsp;$285</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Kisladag</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">During
the third quarter $1,173 was spent on the Kisladag project and $2,790 spent for
the nine months ended September 30, 2003. The company in the third quarter
completed the infill drilling at Kisladag adding additional reserves and
resources to the project. &nbsp;As at September 30, 2003 the project has 5.1
million reserves and 7.2 million of measured and indicated resources. &nbsp;Upon
receipt of the Environmental Certificate in the 2<sup>nd</sup> quarter of 2003,
the company is working to complete the acquisition of the privately held land
&nbsp;&nbsp;which constitutes approximately 25% of the total land package
required for the project. &nbsp;It is the company's objective to complete the
acquisition of the privately held land by the end of the 1st quarter of 2004.
&nbsp;&nbsp;Upon completion of the land acquisition and receipt of the final
permits the company plans to commence construction of the Kisladag mine.</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">An
optimization study was completed during the 3<sup>rd</sup> quarter on the
project. &nbsp;The study, based on the identical geological resources, mineable
reserve and metallurgical recoveries incorporated in the feasibility study, has
successfully demonstrated the opportunities to both improve the financial
performance of the project and to accelerate the expansion of the project to
full production levels. &nbsp;The accelerated ramp up to full production in year
2 will form the base plan for the project going forward. Principal changes that
have been incorporated in the optimization study resulting in an improved
performance include:</p>
<p style="margin-top:0pt; margin-bottom:-10pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">1)</p>
<p style="margin:0pt; text-indent:36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Initial
contract mining period reduced from 4 years to 2 years</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">1)</p>
<p style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Initial
capital cost increased by $3.6 million provides for owner drill and blast
operation to commence in year 1 with mining contractor activities limited to
load and haul functions.</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">2)</p>
<p style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Plant
expansion to 10 million tonnes per annum ("Mtpa") capacity is completed
during year 1 of operations and funded by internally generated cash flows at a
cost of $13.5 million.</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">3)</p>
<p style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Owner
operated fleet commences production in year 3 utilizing mining fleet purchased
in year 2 at a cost of $17.1 million from funds internally generated.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>General
Administration</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">General
and administrative costs for the third quarter of 2003 were $1,035 (nine months
$3,064) compared to $827 (nine months $2,203) for the third quarter of 2002.
&nbsp;&nbsp;The company continues to add to the corporate staff as it increases
its activities. &nbsp;Exploration opportunities in China, mine construction in
Turkey an additional investor relations will result in higher administrative
costs for the remainder of 2003 and 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Exploration</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Exploration
costs for the third quarter of 2003 were $519 (nine months $1,139) compared to
$633 (nine months $901) for the third quarter of 2002 due to increased
activities in Brazil and Turkey. The Company continues its exploration program
in Turkey and Brazil and is forecasting expenditures for the year in excess of
$1.5 million.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">In
the 3<sup>rd</sup> quarter Eldorado signed an agreement with China National Gold
Group Corporation ("CNGC") to review certain mining operations and
exploration projects owned by CNGC. In addition the company and CNGC in
conjunction will review third party mining operations and exploration projects
in China that may be of interest to both parties. Early in the 4<sup>th</sup>
quarter the company is planning on commencing the China review with both
Eldorado and CNGC representatives.</p>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">20</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Financial
Condition and Liquidity</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Cash
flow from operating activities &nbsp;</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Operations
after changes in working capital generated cash flow of $3,143 during the nine
months of 2003 compared to $6,076 in the nine months of 2002. &nbsp;Cash flow
from operations has been reduced compared to 2002 as result of higher
productions cost at the Sao Bento Mine. &nbsp;These higher cost are forecasted
to continue throughout 2004 as the shaft deepening project progresses.
&nbsp;Completion of the shaft deepening project is planned for 2005 at which
time production cost will decrease improving the cash flow from the Sao Bento
Mine.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Cash
flow from investing activities &nbsp;</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Investing
activities were $10,137 in the nine months of 2003 compared to $6,056 in the
nine months of 2002. Capital expenditures during the nine months of 2003 on
property, plant and equipment was $7,169 of which $6,900 related to Sao Bento
and $2,923 on mineral properties and deferred development of which $2,790
related to the Kisladag Project and $101 of others. To date $1,032 has been
spent on the shaft-deepening project. &nbsp;For the remainder of 2003 an
additional $2,000 of spending is forecast for the deepening project. &nbsp;The
total cost of the project is $12,000 with completion in 2005</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Cash
flow from financing activities &nbsp;</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Financing
activities were $49,367 in the nine months of 2003 compared to $6,235 in the
nine months of 2002. Increase in cash during the nine months of 2003 was from
the August 23, 2003 financing of $52,822 and exercise of employee stock options
of $594 and warrants of $3,101 offset by $7,150 redemption of the convertible
debentures on September 29, 2003.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Risk
Factors</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Gold
Price Volatility</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
profitability of the Company's operations is significantly affected by changes
in the gold price. &nbsp;The gold price can fluctuate widely and is affected by
numerous factors beyond the Company's control, including industrial and jewelry
demand, inflation and expectations with respect to the rate of inflation, the
strength of the U.S. dollar and of other currencies, interest rates, gold sales
by central banks, forward sales by producers, global or regional political or
economical events, and production and cost levels in major gold-producing
regions such as South Africa. &nbsp;In addition, the gold price is sometimes
subject to rapid short-term changes because of speculative activities. &nbsp;The
supply of gold consists of a combination of new production from mining and
existing stocks of bullion and fabricated gold held by governments, public and
private financial institutions, industrial organizations and private
individuals. &nbsp;As the amounts produced in any single year constitute a small
portion of the total potential supply of gold, typical variations in current
production do not necessarily have a significant impact on the supply of gold or
its price.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Impact
of Hedging Activities</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Hedging
activities are intended to protect the Company from the fluctuations of the
price of gold and to minimize the effect of declines in gold prices on results
of operations for a period of time. &nbsp;Although hedging activities may
protect a company against low gold prices, they may also limit the price that
can be realized on gold that is subject to forward sales and call options where
the market price of gold exceeds the gold price in a forward sale or call option
contract. Currently the Company has no gold hedges.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Reserve
and Resource Estimates</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
proven and probable reserve figures set forth by the Company are estimates, and
there is no certainty that the indicated levels of gold production will be
realized. &nbsp;Reserve estimates may require revision based on various factors
such as actual production experience, market price fluctuations of gold,
production costs or recovery rates. &nbsp;Mineral resources, which are not
mineral reserves, do not have demonstrated economic viability. Certain reserve
and resource estimates, Efemcukuru, Kaymaz, Kucukdere and Piaba were made before
NI&nbsp;43-101 came into force and may vary materially from estimates made in
accordance with NI&nbsp;43-101.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Production
Estimates</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Estimates
of future production for the Sao Bento Mine and for the Company as a whole are
derived from the Company's five-year mining plans. &nbsp;The plans are
developed based on, among other things, mining experience, reserve estimates,
assumptions regarding ground conditions and physical characteristics of ores
(such as hardness and presence or absence of certain metallurgical
characteristics) and estimated rates and costs of production. &nbsp;Actual
production may vary from estimates for a variety of reasons, including risks and
hazards of the types discussed previously, actual ore mined varying from
estimates in grade and metallurgical and other characteristics, mining dilution,
cave-ins, strikes and other actions by labour at unionized locations,
restrictions imposed by government agencies and other factors. &nbsp;Estimates
of production from properties not yet in production or from operations that are
to be expanded are based on similar factors (including, in some instances,
feasibility studies prepared by Company personnel and/or outside consultants)
but it is possible that actual cash operating costs and economic returns will
differ significantly from those currently estimated. It is not unusual in new
mining operations to experience unexpected problems during the start-up phase.
&nbsp;Delays often can occur in the commencement of production.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">21</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Management
Discussion and Analysis</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">3rd
Quarter ended September 30, 2003 and 2002 (in thousands of U.S. dollars except
per share and per ounce amounts<i>)</i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
<br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Risk
of Sovereign Investments</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Virtually
all of the Company's activities and investments are located in foreign
countries. &nbsp;The Company's material foreign investments include operations
in Brazil and exploration and development projects in Brazil and Turkey.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">These
investments are subject to the risks normally associated with conducting
business in foreign countries. &nbsp;Some of these risks are more prevalent in
countries which are less developed or have emerging economies, including
uncertain political and economical environments, as well as risks of war and
civil disturbances or other risks which may limit or disrupt a project, restrict
the movement of funds or result in the deprivation of contract rights or the
taking of property by nationalization or appropriation without fair
compensation, risk of adverse changes in laws or policies of particular
countries, increases in foreign taxation, delays in obtaining or the inability
to obtain necessary governmental permits, limitations on ownership and
repatriation of earnings and foreign exchange controls and currency devaluation.
&nbsp;Although the Company is not currently experiencing any significant or
extraordinary problems in foreign countries arising from such risks, there can
be no assurance that such problems will not arise in the future.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">In
the countries where the Company has operations or conducts exploration and
development activities, the relevant governments own the mineral rights or
certain portions of such rights. &nbsp;Such governments have entered into
contracts with the Company and its subsidiaries, or granted permits or
concessions that enable them to conduct operations or development and
exploration activities on such lands. &nbsp;Notwithstanding such arrangements,
the Company's ability to conduct its operations or development and exploration
activities on such lands is subject to changes in government policy over which
the Company has no control. &nbsp;If such a change were to occur that affected
the right of the Company or any of its subsidiaries to conduct operations or
development and exploration activities, it could have a material adverse effect
on the results of the Company's operations.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><b><i>Mining/Operations
Risks</i></b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
business of gold mining is subject to a number of risks and hazards including
environmental hazards, industrial accidents, labour disputes, encountering
unusual or unexpected geologic formations or other geological or grade problems,
unanticipated changes in metallurgical characteristics and gold recovery,
encountering unanticipated ground or water conditions, cave-ins, &nbsp;flooding,
rock bursts, periodic interruptions due to inclement or hazardous weather
conditions, and other acts of God or unfavorable operating conditions and
bullion losses. &nbsp;Such risks could result in damage to, or destruction of,
mineral properties or processing facilities, personal injury or death, loss of
key employees, environmental damage, delays in mining, monetary losses and
possible legal liability.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><b>Outlook</b></p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
company continues to move forward with its Kisladag project. &nbsp;A decision to
commence construction of Phase I is planned for the first quarter of 2004.
&nbsp;The Project has been planned as conventional open pit, heap leach gold
mine, constructed and operated in two successive Phases. &nbsp;A mine production
rate of 5 Mtpa of ore has been set for the first year of the mine life ("Phase
I"). &nbsp;Annual ore production will increase to 10 Mtpa in 2007, remaining
at that level until the end of the mine life ("Phase II"). &nbsp;The
estimated capital cost for construction and sustaining the operations over the
life of the mine are initial capital of $58,800, expansion capital of $30,700
and sustaining capital of $47,500. The company continues to complete the tasks
necessary to enable construction to commence in the first quarter of 2004.
&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Eldorado
completed a $53,109 financing in the third quarter of 2003. &nbsp;These funds
combined with the funds held by the company prior to the financing and the
projected conversion of warrants due on December 23, 2003 will leave the company
with forecast cash balance at year end of $100,000. &nbsp;These funds cover the
construction costs of the Kisladag project and shaft deepening at Sao Bento
Mine. &nbsp;The company cash projections going forward support completion of
Phase II of the Kisladag project and construction of the Efemcukuru Mine in
Turkey with internally generated cash. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">The
company continues to forecast production of 95,000 ounces of gold at cash cost
of $230 per ounce for 2003 from our Sao Bento Mine.</p>
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="center">22</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
</p>
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