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<SEC-DOCUMENT>0001137171-04-000969.txt : 20040728
<SEC-HEADER>0001137171-04-000969.hdr.sgml : 20040728
<ACCEPTANCE-DATETIME>20040727110904
ACCESSION NUMBER:		0001137171-04-000969
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040726
FILED AS OF DATE:		20040727

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:		04932542

	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>quarter.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</title>
<META NAME="author" CONTENT="Karen Gerrior">
<META NAME="date" CONTENT="07/26/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=justify><BR></P>
<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>July
26, 2004</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 &quot;home
      country&quot;), 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 &quot;Yes&quot; 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;July
      26, 2004</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;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
      Dawn Moss, Corporate Secretary</font></td>
  </tr>
</table>
<br>
<hr>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Book Antiqua; font-size:11pt" align="right">&nbsp;</P>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Book Antiqua; font-size:11pt" align="right">&nbsp;</P>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Book Antiqua; font-size:11pt" align="right"><img border="0" src="logo1.jpg" width="254" height="108"></P>
<P style="margin:0pt; padding-right:-3.6pt; font-family:Book Antiqua; font-size:11pt" align="right"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:-3.6pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt" align="left"><B>NEWS RELEASE &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ELD No. 04-08</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Book Antiqua; font-size:11pt"><B>TSX: ELD &nbsp;&nbsp;AMEX: EGO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;July 26, 2004</B></P>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Second Quarter 2004 Financial Results</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(all figures in US dollars)</P>
<P style="margin:0pt; font-family:Book Antiqua; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>VANCOUVER, BC - Eldorado Gold Corporation (&#147;Eldorado&#148;, the &#147;Company&#148;, or &#147;we&#148;) is pleased to announce its Second Quarter 2004 financial results. &nbsp;</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:Times New Roman; font-size:11pt" align=justify><B><U>Financial Results</U></B></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:Times New Roman; font-size:11pt" align=justify>During Q2 2004, Eldorado sold 17,424 ounces of gold at an average realized price of $396/oz. compared to the sale of 24,368 ounces of gold at an average realized price of $344/oz. in Q2 2003. &nbsp;For the six month period ended June 30, 2004 gold sales were 40,217 ounces at an average realized price of $403/oz compared to the first six months of 2003 of gold sales of 48,222 ounces at an average realized price of $350/oz. &nbsp;Revenue for Q2 2004 of $6.9 million decreased compared to Q2 2003 of $9.0 million. &nbsp;The decrease in revenues for Q2 2004 is the result of lower gold production in the quarter resulting from the Shaft Deepening Project at the S&#227;o Bento Mine (&#147;S&#227;o Bento&#148;). </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:Times New Roman; font-size:11pt" align=justify>Eldorado reports a net loss of $1.7 million for Q2 2004. &nbsp;The net loss is a result of a $1.7 million loss on foreign exchange as our currency mix weakened against the U.S. dollar. This compares to a Q2 2003 net income of $1.4 million of which the Company reported a gain on foreign exchange of $2.5 million.</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:Times New Roman; font-size:11pt" align=justify>Cash flow from operations in Q2 2004 was a $1.3 million loss compared to a cash generation of &nbsp;$0.1 million in Q2 2003. &nbsp;Cash flow from operations was negative in the Q2 as a result of lower gold production as completion of the shaft deepening development work took precedent over ore production. &nbsp;The majority of the waste development associated with the Shaft Project will be complete in August. &nbsp;At this time, additional capacity to handle ore will permit an increase in production in Q3. &nbsp;</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:Times New Roman; font-size:11pt" align=justify>The Company continues to maintain a strong balance sheet with cash and cash equivalents of $86.8 million as of June 30, 2004 and working capital of $91.4 million. &nbsp;The Company remains unhedged and debt free.</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:Times New Roman; font-size:11pt" align=justify><B><U>Sao Bento Mine</U></B></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:Times New Roman; font-size:11pt" align=justify>Gold production at S&#227;o Bento in Q2 2004 was 18,007 oz. at a cash operating cost of $303/oz. Lower gold production levels were due mainly to the interference with ore production relating to the shaft deepening activities and infrastructure development at depth, causing cash costs on a per ounce basis to increase. &nbsp;Also contributing to higher cash costs was an adverse change in the mineralogy of the ore mined, significantly increasing both cyanide and oxygen consumption rates. &nbsp;This change in mineralogy is related to an intrusive which intersects the ore body in the area scheduled for mining in 2004 and as such will detrimentally affect the operation throughout 2004.</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" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><U>Kisladag Project</U></B></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:Times New Roman; font-size:11pt" align=justify>The Kisladag Project continues to advance consistent with the plan to commence construction in Q3 2004. &nbsp;In Q2 2004, the Company completed all documentation and submitted the application for the Zoning Permit, approval of the Zoning Permit is expected in August. &nbsp;Application for the Construction Permit remains on schedule to permit construction to commence in Q3 2004.</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:Times New Roman; font-size:11pt" align=justify>The Company, through its engineer Hatch Associates delivered a Feasibility Cost Update to the capital cost estimate and operating performance of the Kisladag Project in mid May. &nbsp;This update incorporated recently announced changes to the Value Added Tax (&#147;VAT&#148;) law, changes in metal prices, energy costs, currency and refinement in engineering design. &nbsp;Subsequent to the Feasibility Cost Update the Turkish Parliament has passed two major pieces of legislation. &nbsp;Legislation exempting the production of gold in Turkey from VAT and amendments to the Mining Law have been passed by the Turkish Parliament. &nbsp;The changes to the VAT law positively impacts the project improving the internal rate of return to 43% at a $350/oz gold price.</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:Times New Roman; font-size:11pt" align=justify><B><U>Efemcukuru</U></B></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:Times New Roman; font-size:11pt" align=justify>Through Q2 2004, work continued in the preparation of the Environmental Impact Assessment (&#147;EIA&#148;) Report. &nbsp;This report is expected to be completed and submitted to the Ministry of the Environment (&#147;MOE&#148;) in Q3 2004. &nbsp;Upon approval of the study and receipt of the positive certificate from the MOE, the full feasibility work programme, including drilling, will commence. &nbsp;The project presently contains a defined high-grade resource in excess of 1 million ounces. &nbsp;As part of the feasibility work programme, drilling will be conducted to further expand this resource as previous drilling has not defined the limits of mineralization.</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:Times New Roman; font-size:11pt" align=justify><B><U>China Initiative</U></B></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:Times New Roman; font-size:11pt" align=justify>In Q2 2004, the Company signed a lease for office space in Beijing, the first step in acquiring a business license for a Representative Office of Eldorado in China. &nbsp;Eldorado continues to work with the China National Gold Corporation in acquiring three assets identified as being of interest to Eldorado. &nbsp;CNGC is proceeding with its due diligence and in obtaining the necessary regulatory approvals. </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:Times New Roman; font-size:11pt" align=justify><B><U>Exploration</U></B></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:Times New Roman; font-size:11pt" align=justify>As previously announced, Eldorado is conducting exploration programs in Brazil and Turkey. &nbsp;In both countries these programs are being advanced on schedule, and it is anticipated that results of the exploration program will be announced late in Q4 2004.</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:Times New Roman; font-size:11pt" align=justify><B>ON BEHALF OF</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>ELDORADO GOLD CORPORATION</B></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:Times New Roman; font-size:11pt" align=justify><B><I>&#147;Paul N. Wright&#148;</I></B></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:Times New Roman; font-size:11pt" align=justify>Paul N. Wright</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>President &amp; Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" 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.</I>
<I>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 &#147;Narrative Description of the Business &#150; Risk Factors&#148; in the</I><FONT FACE="Arial"><BIG> </BIG></FONT><I>Company&#146;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&#146;s properties and expectations of growth.</I> &nbsp;<I>We do not expect to update forward-looking statements continually as conditions change and yo
u are referred to the full discussion of the Company&#146;s business contained in the Company&#146;s reports filed with the securities regulatory authorities.</I></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; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Eldorado Gold Corporation&#146;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:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Contact:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Nancy E. Woo, Manager Investor Relations </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Eldorado Gold Corporation</P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Phone: 604.601.6650 or 1.888.353.8166</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1188 &#150; 550 Burrard St., </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Fax: 604.687.4026</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Vancouver, BC V6C 2B5</P>
<P style="margin:0pt; text-indent:432pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Email: nancyw@eldoradogold.com </P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Web site: www.eldoradogold.com</P>
<P style="margin:0pt; padding-right:-9.5pt; font-family:Times New Roman; font-size:11pt">Request for information packages:
<FONT COLOR=#0000FF><U>info@eldoradogold.com</U></FONT></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE style="border:1pt solid #000000" cellspacing=0 align=center><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>&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>June 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 valign=bottom width=102.8 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: 2 solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>2004</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>2003</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><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>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</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;86,754 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</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;105,465 </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>&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; color:#0000FF" align=right>&nbsp;4,145 </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;3,213 </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>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</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:#0000FF" align=right>&nbsp;5,342 </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:#0000FF" align=right>&nbsp;5,623 </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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;96,241 </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;114,301 </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>&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; color:#0000FF" align=right>&nbsp;28,231 </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;23,784 </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>&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; color:#0000FF" align=right>&nbsp;44,111 </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;32,287 </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>&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; color:#0000FF" align=right>&nbsp;1,224 </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;1,258 </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 style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=27.4><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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;169,807 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;171,630 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>LIABILITIES</B></P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Current Liabilities</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;4,845 </P>
</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;7,164 </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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;4,845 </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;7,164 </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">&nbsp;Asset retirement obligation</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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;7,387 </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;7,172 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Contractual severance obligation</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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;477 </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;318 </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;(loss)</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><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;(329)</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>&nbsp;</TD><TD valign=bottom width=102.8>&nbsp;</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,939 </P>
</TD><TD valign=bottom width=27.4 style="border-bottom: 1 solid #000000">&nbsp;</TD><TD valign=bottom width=102.8 style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,830 </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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;14,648 </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;18,155 </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"><B>SHAREHOLDERS' EQUITY</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">&nbsp;Share capital &nbsp;</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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;445,235 </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;444,665 </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>&nbsp;</TD><TD valign=bottom width=102.8>&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; color:#0000FF" align=right>&nbsp;1,094 </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;1,094 </P>
</TD></TR>
<TR><TD valign=bottom width=415.533><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Stock based compensation</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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;4,868 </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;1,418 </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>&nbsp;</TD><TD valign=bottom width=102.8>&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; color:#0000FF" align=right>&nbsp;(296,038)</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;(293,702)</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 style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=102.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;155,159 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</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:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;153,475 </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><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><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;169,807 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</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>&nbsp;171,630 </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=102.8>&nbsp;</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></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><font size="2">&quot;Paul N. Wright&quot;</font></I></B></P>
</TD><TD valign=bottom width=27.4><font size="2">&nbsp;</font></TD><TD valign=bottom width=102.8><font size="2">&nbsp;</font></TD><TD valign=bottom width=27.4><font size="2">&nbsp;</font></TD><TD valign=bottom width=231 colspan="3"><P style="margin:0pt; font-family:Arial"><B><I><font size="2">&quot;Robert Gilmore&quot;</font></I></B><font size="2">&nbsp;</font></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: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><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></TR>
</TABLE>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE style="border:1pt solid #000000" cellspacing=0 align=center><TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>Eldorado Gold Corporation</B></P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=533 colspan="4"><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Statements of Operations and Deficit</B>&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=651 colspan="6"><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>(Expressed in thousands of U.S. dollars except per share amounts)</B>&nbsp;</P>
</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=207 colspan="3">
    <p align="right"><font size="1">&nbsp;Three months ended&nbsp;</font></p>
  </TD><TD valign=bottom width=28.8><font size="1">&nbsp;</font></TD><TD valign=bottom width=208 colspan="3"><font size="1">&nbsp;</font><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right><font size="1">Six months ended&nbsp;</font></P>
  </TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>June 30,</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>June 30,</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>June 30,</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>June 30,</P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&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>2004</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=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=28.8>&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>2004</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=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2003</P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&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>(Unaudited)</P>
</TD><TD valign=bottom width=27.4>&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>(Unaudited)</P>
</TD><TD valign=bottom width=28.8>&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>(Unaudited)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Gold sales</P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</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;6,894 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=center>$</P>
</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;9,022 </P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=center>$</P>
</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;15,867 </P>
</TD><TD valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;18,188 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Interest and other income</P>
</TD><TD valign=bottom width=28.8>&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;365 </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=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=28.8>&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;1,332 </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=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;608 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;7,259 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;9,348 </P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;17,199 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;18,796 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,250 </P>
</TD><TD valign=bottom width=27.4>&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;5,785 </P>
</TD><TD valign=bottom width=28.8>&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;11,515 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;10,835 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,064 </P>
</TD><TD valign=bottom width=27.4>&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;2,565 </P>
</TD><TD valign=bottom width=28.8>&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;2,123 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,129 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,124 </P>
</TD><TD valign=bottom width=27.4>&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;991 </P>
</TD><TD valign=bottom width=28.8>&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;2,369 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;2,029 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;798 </P>
</TD><TD valign=bottom width=27.4>&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;370 </P>
</TD><TD valign=bottom width=28.8>&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;1,725 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;620 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=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=27.4>&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;188 </P>
</TD><TD valign=bottom width=28.8>&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><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;380 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Stock based compensation expense</P>
</TD><TD valign=bottom width=28.8>&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;134 </P>
</TD><TD valign=bottom width=27.4>&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;193 </P>
</TD><TD valign=bottom width=28.8>&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;3,450 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;915 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Accretion expense</P>
</TD><TD valign=bottom width=28.8>&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;108 </P>
</TD><TD valign=bottom width=27.4>&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;101 </P>
</TD><TD valign=bottom width=28.8>&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;215 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;203 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Gain on disposal of investments and advances</P>
</TD><TD valign=bottom width=28.8>&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><TD valign=bottom width=27.4>&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=28.8>&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;(37)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><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=388.067><P style="margin:0pt; 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=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=27.4>&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;94 </P>
</TD><TD valign=bottom width=28.8>&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><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;94 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;Foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=28.8>&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;1,715 </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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,469)</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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,951 </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=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(4,736)</P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;10,193 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;7,818 </P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;23,311 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;15,469 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=90.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=90.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=28.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=90.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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 style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(2,934)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,530 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=28.8>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(6,112)</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,327 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=90.467>&nbsp;</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=90.467>&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=90.467>&nbsp;</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=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;58 </P>
</TD><TD valign=bottom width=27.4>&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;(83)</P>
</TD><TD valign=bottom width=28.8>&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;1,903 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(201)</P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;&nbsp;&nbsp;Future</P>
</TD><TD valign=bottom width=28.8>&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;1,203 </P>
</TD><TD valign=bottom width=27.4>&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=28.8>&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;1,873 </P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><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=388.067><P style="margin:0pt; 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; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(1,673)</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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,447 </P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(2,336)</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; 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=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,126 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&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=90.467>&nbsp;</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=90.467>&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=90.467>&nbsp;</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=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(294,365)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(246,990)</P>
</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(293,702)</P>
</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(248,669)</P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</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;(296,038)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(245,543)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</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;(296,038)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(245,543)</P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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: 2 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;254,698,452 </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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;212,756,916 </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=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;254,467,638 </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=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;211,364,448 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=28.8>&nbsp;</TD><TD valign=bottom width=90.467>&nbsp;</TD><TD valign=bottom width=27.4>&nbsp;</TD><TD valign=bottom width=91.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; 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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(0.01)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</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; 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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(0.01)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=27.4><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;0.02 </P>
</TD></TR>
<TR><TD valign=bottom width=388.067><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>&nbsp;Basic and Diluted Income (loss) per share - CDN.$</B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</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; 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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=90.467><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;0.01 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</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; 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; line-height:9pt; font-family:Arial; font-size:7pt" align=center>$</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=91.867><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;0.03 </P>
</TD></TR>
</TABLE>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE style="border: 1pt solid #000000" cellspacing=0 align=center height="1111"><TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>Eldorado Gold Corporation</B></P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="33"><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=17.8 height="33">&nbsp;</TD><TD valign=bottom width=184 colspan="3" height="33">&nbsp;<P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>Three months ended&nbsp;</P>
  </TD><TD valign=bottom width=17.8 height="33">&nbsp;</TD><TD valign=bottom width=189 colspan="3" height="33">&nbsp;<P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>Six months ended&nbsp;</P>
  </TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>June 30,</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>June 30,</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>June 30,</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>June 30,</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2004</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=80.867 height="21"><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 height="21">&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2004</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>2003</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>(Unaudited)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="14"><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=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD valign=bottom width=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,673)</P>
</TD><TD valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">$</P>
</TD><TD valign=bottom width=80.867 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,447 </P>
</TD><TD valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">$</P>
</TD><TD valign=bottom width=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,336)</P>
</TD><TD valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align="right">$</P>
</TD><TD valign=bottom width=85 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,126 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Items not affecting cash</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,064 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;2,565 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;2,123 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,129 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Future income taxes</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,203)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,873)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#FF0000" align=right>&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;86 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Writedown of investments and advances</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;94 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;94 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Amortization of hedging (gain ) loss</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(635)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;329 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,315)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Stock based compensation expense</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;134 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;193 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,450 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;915 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Contractual severance expense</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;79 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;159 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><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=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Accretion expense</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;108 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;101 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;215 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;203 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Foreign exchange loss (gain)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;669 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(3,059)</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;1,185 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(5,489)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(822)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;747 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,252 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;2,749 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase) in accounts receivable </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(163)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(832)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(932)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(879)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;(Increase) decrease in inventories</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(146)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(334)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;281 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(327)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(152)</P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=80.867 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;545 </P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,319)</P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=85 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(215)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(1,283)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;126 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;282 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;1,328 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(3,591)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(2,741)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(6,570)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(4,647)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,430)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(619)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(11,824)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,414)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">&nbsp;&nbsp;Investments and advances</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><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 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(35)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(136)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom-style: solid; border-bottom-width: 1" height="21"><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-style: solid; border-bottom-width: 1" height="21">&nbsp;</TD><TD valign=bottom width=80.867 style="border-bottom-style: solid; border-bottom-width: 1" height="21"><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-style: solid; border-bottom-width: 1" height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom-style: solid; border-bottom-width: 1" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;69 </P>
</TD><TD valign=bottom width=17.8 style="border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</TD><TD valign=bottom width=85 style="border-bottom-style: solid; border-bottom-width: 1" height="21"><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=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(5,021)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(3,496)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(18,360)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(6,197)</P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;120 </P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=80.867 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;158 </P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=87.733 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;570 </P>
</TD><TD valign=bottom width=17.8 style="border-bottom: 1 solid #000000" height="21">&nbsp;</TD><TD valign=bottom width=85 style="border-bottom: 1 solid #000000" height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,161 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;120 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;158 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;570 </P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,161 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(692)</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;3,079 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;(1,203)</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5,519 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(6,876)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(133)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;(18,711)</P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;3,811 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><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=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;93,630 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=80.867 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;41,571 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;105,465 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="21">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=85 height="21"><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=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="14"><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=17.8 height="14"><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=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;86,754 </P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=80.867 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;41,438 </P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;86,754 </P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=85 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align=right>&nbsp;41,438 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="21"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt"><B>Supplemental cash flow information</B></P>
</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=80.867 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=87.733 height="21">&nbsp;</TD><TD valign=bottom width=17.8 height="21">&nbsp;</TD><TD valign=bottom width=85 height="21">&nbsp;</TD></TR>
<TR><TD valign=bottom width=346.933 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Interest paid</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="14"><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=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=80.867 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;295 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="14"><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=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=85 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;295 </P>
</TD></TR>
<TR><TD valign=bottom width=346.933 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">Income tax paid</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;74 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=80.867 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;5 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=87.733 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;74 </P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=17.8 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt" align="right">$</P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=85 height="14"><P style="margin:0pt; line-height:9pt; font-family:Arial; font-size:7pt; color:#0000FF" align=right>&nbsp;15 </P>
</TD></TR>
</TABLE>
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<P style="margin-top:12pt; margin-bottom:3pt; font-family:Arial; font-size:12pt" align=center><B>PRODUCTION HIGHLIGHTS <SUP>(</SUP></B><FONT FACE="Times New Roman"><B><SUP>1)</SUP></B></FONT><BR></P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman"><BR></P>
<div align="center">
  <center>
<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=210>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>First</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Quarter</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2004</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Second</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Quarter</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2004</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Second</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Quarter</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>First</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Six Months</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>2004</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>First</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Six Months</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>2003</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=210><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=78>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=96>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=90>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><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=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,158</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>18,007</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>26,772</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>39,165</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>48,603</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP> 5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>276</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>303</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>288</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>223</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>284</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>310</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>237</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>296</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>341</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>376</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>350</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>357</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>345</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=210><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=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>408</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>396</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>344</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>403</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>350</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><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>S&#227;o Bento Mine, Brazil</U></B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96>&nbsp;</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><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=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>21,158</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>18,007</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>26,772</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>39,165</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>48,603</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><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=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>90,586</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>84,595</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>94,497</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>175,181</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>186,601</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><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=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8.18</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>8.37</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8.95</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>8.27</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9.25</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Cash Operating Cost ($/oz)<SUP> 5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>276</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>303</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>288</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>223</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total Cash Cost ($/oz)<SUP>2,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>284</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>310</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>237</P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>296</B></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>230</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=210><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt">&nbsp;&nbsp;Total Production Cost ($/oz)<SUP>3,5</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>341</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>376</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>350</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B>357</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>345</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><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 Standard</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 foreign exchange gain or loss, depreciation, amortization and reclamation expenses. &nbsp;Total Production Costs for 2003 have been revised to include Section 3110 of the Canadian Institute of Chartered Accountants (CICA 3110 - Asset Retirement Obligation).</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 or loss.</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">5</P>
<P style="margin:0pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">Cash operating, total cash and total production costs are non-GAAP measures that do not have any standardized meaning as prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other entities. &nbsp;Please see section &#147;Non-GAAP Measures&#148; of the MD&amp;A</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; padding-left:31.5pt; font-family:Times New Roman">&nbsp;</P>
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`
end

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