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<SEC-DOCUMENT>0001137171-05-000341.txt : 20050322
<SEC-HEADER>0001137171-05-000341.hdr.sgml : 20050322
<ACCEPTANCE-DATETIME>20050322145703
ACCESSION NUMBER:		0001137171-05-000341
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20050322
DATE AS OF CHANGE:		20050322

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:		05696571

	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>report.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="Robert Ferguson">
<META NAME="date" CONTENT="03/21/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<p><br>
<br>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>FORM
6-K</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Report
of Foreign Private Issuer</b></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Pursuant
to Rule 13a-16 or 15d-16<br>
of the Securities Exchange Act of 1934</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For
the month of <b>March, 2005</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission
File Number &nbsp;<b>001-31522</b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table style="font-size:10pt" cellspacing="0" align="center">
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Eldorado
      Gold Corporation<br>
      </b>(Translation of registrant's name into English)</p>
    </td>
  </tr>
  <tr>
    <td width="640">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>1188-550
      Burrard Street</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Bentall
      5</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Vancouver,
      B.C.</b></p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Canada
      &nbsp;V6C 2B5<br>
      </b>(Address of principal executive offices)<br>
      </p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Form
20-F....[<b> &nbsp;&nbsp;</b>]..... Form 40-F...[.<b>X</b>.]...</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><b>Note:
</b>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits the submission in paper
of a Form&nbsp;6-K if submitted solely to provide an attached annual report to
security holders.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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): ____</p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36pt; font-family:Times New Roman"><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.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center">Yes
&nbsp;[ &nbsp;&nbsp;&nbsp;] &nbsp;No [ <b>X </b>]</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Signatures</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0">
    <tr>
      <td valign="top" width="319.2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:
        March 21, 2005</p>
      </td>
      <td valign="top" width="319.2">
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>ELDORADO
        GOLD CORPORATION</b></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><u>/s/
        Earl W. Price</u></p>
        <u>
        <p style="margin:0pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><br>
        </u></p>
        <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Earl
        W. Price, Chief Financial Officer</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="text-indent: 0; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center">2</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font color="#000000" size="2">
<BR>
<BR>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><img src="report002.gif" alt="[report002.gif]" align=right width="254" height="107"></font></P>
<font color="#000000" size="2">
<BR>
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-right:0.5pt solid #000000" valign=top width=343.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B><font color="#000000" size="2">December 31, 2004</font></B></P>
</TD><TD valign=top width=343.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Report to Shareholders</font></B></P>
</TD></TR>
<TR><TD style="border-right:0.5pt solid #000000" valign=top width=343.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=343.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Suite 1188, Bentall 5</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">550 Burrard Street</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Vancouver, British Columbia</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">V6C 2B5</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Phone: &nbsp;(604) 687-4018</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Fax: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 687-4026</font></B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
&nbsp;
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">1</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></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"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR></font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Management's Responsibility for Financial Reporting</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The financial statements and the information contained in the annual report have been prepared by and are the responsibility of Management of the Company. The financial statements have been prepared in accordance with accounting principles generally accepted in Canada and reconciled to accounting principles generally accepted in the United States as set out in note 14 and, where appropriate, reflect management's best estimates and judgements based on currently available information.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Audit Committee of the Board of Directors, consisting of three members, meets periodically with management and the independent auditors to review the scope and results of the annual audit and to review the financial statements and related financial reporting matters prior to submitting the financial statements to the Board for approval.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company has developed and maintains a system of internal control to provide reasonable assurance that financial information is accurate and reliable.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company's independent auditors, PricewaterhouseCoopers LLP were appointed by the shareholders and they have conducted an audit in accordance with Canadian generally accepted auditing standards and their report follows.</font></P>
<P style="margin:0pt; font-family:TimesNewRoman,Bold; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">&#147;Earl W. Price&#148;</font></I></B></P>
<B><I><P style="margin:0pt; padding-left:21.6pt; text-indent:266.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&#147;Paul N. Wright&#148;</font></I></B></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; text-indent:266.4pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Chief Financial Officer</font></P>
<P style="margin:0pt; padding-left:21.6pt; text-indent:266.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">President and Chief Executive Officer</font> </P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">March 17, 2005</font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman,Bold; font-size:11pt"><B><font color="#000000" size="2">AUDITORS' REPORT</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman,Bold; font-size:11pt"><B><font color="#000000" size="2">To the Shareholders of Eldorado Gold Corporation</font></B></P>
<P style="margin:0pt; font-family:TimesNewRoman,Bold; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We have audited the consolidated balance sheets of Eldorado Gold Corporation as at December 31, 2004 and 2003 and the consolidated statements of operations and deficit and cash flows for the years ended December 31, 2004, 2003 and 2002. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman; font-size:11pt" align=justify><font color="#000000" size="2">We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.</font></P>
<P style="margin:0pt; font-family:TimesNewRoman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2004 and 2003 and the results of its <FONT FACE="TimesNewRoman">operations and its cash flows for the years ended December 31, 2004, 2003 and 2002 in accordance with Canadian generally accepted accounting principles.</FONT></font></P>
<P style="margin:0pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2"><BR><BR></font></P>
<P style="margin:0pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
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<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman,Bold; font-size:11pt"><B><font color="#000000" size="2">Chartered Accountants</font></B></P>
<P style="margin:0pt; font-family:TimesNewRoman,Bold; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2">Vancouver, BC</font></P>
<P style="margin:0pt; line-height:13pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2">Canada</font></P>
<P style="margin:0pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2">February 11, 2005</font> </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">2</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
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<div align="center">
  <center>
<TABLE style="page-break-before:always; font-size:10pt" cellspacing=0><TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><font color="#000000" size="2">Eldorado Gold Corporation</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Consolidated Balance Sheets</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">As At December 31</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">(Expressed in thousands of U.S. dollars)</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=308.533 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom: 2 solid #000000" valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD valign=bottom width=28.8 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom: 2 solid #000000" valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">2003</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">ASSETS</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Current Assets</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.4 colspan=3><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Cash and cash equivalents</font></P>
</TD><TD valign=bottom width=29.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;135,390&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;105,465&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Accounts and other receivables</font> </P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;8,705&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,213&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">Inventories &nbsp;(Note 3)</font></TD><TD valign=bottom width=37></TD><TD valign=bottom width=30.867></TD><TD valign=bottom width=29.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD valign=bottom width=98.733 style="border-bottom: 1 solid #000000">
    <p align="right"><font color="#000000" size="2">5,927</font>
</TD><center><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD valign=bottom width=93.6 style="border-bottom: 1 solid #000000">
    <p align="right"><font color="#000000" size="2">5,623</font>
</TD></TR>
  <center>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;150,022&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;114,301&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Property, plant and equipment &nbsp;(Note 4)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;52,337&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;23,784&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Mineral properties and deferred development &nbsp;(Note 4)</font> </P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;22,676&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;32,287&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Investments and advances (Note 8)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,224&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,258&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Deferred loss (Note 6)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;329&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=29.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;226,259&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;171,959&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">LIABILITIES</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Current Liabilities</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.4 colspan=3><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Accounts payable and accrued liabilities</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=29.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;6,005&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;7,164&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;6,005&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;7,164&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Asset retirement obligation (Note 5)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;8,059&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;7,172&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Contractual severance obligation</font> </P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;636&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;318&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;Future income taxes &nbsp;(Note 9)</font></TD><TD valign=bottom width=37></TD><TD valign=bottom width=30.867></TD><TD valign=bottom width=29.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD valign=bottom width=98.733 style="border-bottom: 1 solid #000000">
    <p align="right"><font color="#000000" size="2">4,598</font>
</TD><center><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD valign=bottom width=93.6 style="border-bottom: 1 solid #000000">
    <p align="right"><font color="#000000" size="2">3,830</font>
</TD></TR>
  <center>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;19,298&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;18,484&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">SHAREHOLDERS' EQUITY</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Share capital &nbsp;(Note 7)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;508,373&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;444,665&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Contributed surplus</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,094&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,094&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Stock based compensation (Note 7)</font></P>
</TD><TD valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;5,138&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,418&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;Deficit</font></TD><TD valign=bottom width=37></TD><TD valign=bottom width=30.867></TD><TD valign=bottom width=29.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1 solid #000000" valign=bottom width=98.733>
    <p align="right"><font color="#000000" size="2">(307,644)</font>
</TD><center><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1 solid #000000" valign=bottom width=93.6>
    <p align="right"><font color="#000000" size="2">(293,702)</font>
</TD></TR>
  <center>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8 style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1 solid #000000" valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;206,961&nbsp;</font></P>
</TD><TD valign=bottom width=28.8 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font size="2" color="#FFFFFF">-</font></font></TD><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1 solid #000000" valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;153,475&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1.5pt solid #000000" valign=bottom width=29.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=98.733><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;226,259&nbsp;</font></P>
</TD><TD style="border-top-color: #000000; border-top-width: 0.5pt; border-bottom: 1.5pt solid #000000" valign=bottom width=28.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=93.6><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;171,959&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Commitments and Contingencies (Note 10)</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=627.333 colspan=7><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Approved by the Board</font></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; font-family:Times New Roman"><B><I><font color="#000000" size="2">&quot;Robert Gilmore&quot;</font></I></B></P>
</TD><TD valign=bottom width=221.133 colspan=3><P style="margin:0pt; font-family:Times New Roman"><B><I><font color="#000000" size="2">&quot;Paul Wright&quot;</font></I></B></P>
</TD></TR>
<TR><TD valign=bottom width=308.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=37><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=98.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=406.2 colspan=4><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Director</font></P>
</TD><TD valign=bottom width=127.533 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Director</font></P>
</TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:TimesNewRoman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">3</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font color="#000000" size="2">
<BR>
<BR>
<BR>
</font>
<div align="center">
  <center>
<TABLE style="page-break-before: always; font-size: 10pt" cellspacing=0 height="888"><TR><TD valign=bottom width=643.867 colspan=7 height="21"><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><font color="#000000" size="2">Eldorado Gold Corporation</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Consolidated Statements of Operations and Deficit</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">For The Years Ended December 31</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">(Expressed in thousands of U.S. dollars except per share amounts)</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"></TD><TD valign=bottom width=20.533 height="18"></TD><TD valign=bottom width=83.333 height="18"></TD><TD valign=bottom width=25.733 height="18"></TD><TD valign=bottom width=83.333 height="18"></TD><TD valign=bottom width=24.667 height="18"></TD><TD valign=bottom width=84.333 height="18"></TD></TR>
<TR><TD valign=bottom width=321.933 style="border-bottom: 2 solid #000000" height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 style="border-bottom: 2 solid #000000" height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 style="border-bottom: 2 solid #000000" height="18">
    <p align="right"><font color="#000000" size="2">&nbsp;2004</font></p>
  </TD><TD valign=bottom width=25.733 style="border-bottom: 2 solid #000000" height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 style="border-bottom: 2 solid #000000" height="18">
    <p align="right"><font color="#000000" size="2">&nbsp;2003</font></p>
  </TD><TD valign=bottom width=24.667 style="border-bottom: 2 solid #000000" height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 style="border-bottom: 2 solid #000000" height="18">
    <p align="right"><font color="#000000" size="2">&nbsp;2002</font></p>
  </TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Revenue</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Gold sales</font></P>
</TD><TD valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;33,153&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;36,814&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;34,051&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;Interest and other income</font></TD><TD valign=bottom width=20.533 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;2,762&nbsp;&nbsp;</font>
</TD><TD valign=bottom width=25.733 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">1,415&nbsp;</font>
</TD><TD valign=bottom width=24.667 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 height="18" align="right" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;5,245&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;35,915&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;38,229&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;39,296&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Expenses</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Operating costs</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;32,459&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;22,604&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;19,027&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Depletion, depreciation and amortization</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,431&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;10,321&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;10,699&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;General and administrative</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;5,531&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,961&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,238&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Exploration expense</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,136&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,956&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,078&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Interest and financing costs</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;25&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;569&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,156&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Loss (gain) on settlement of convertible debenture</font> </P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;227&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(463)</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Stock based compensation expense</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,720&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,418&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Accretion of asset retirement obligation</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;430&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;406&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;383&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;Foreign exchange (gain) loss</font></TD><TD valign=bottom width=20.533 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">(196)</font>
</TD><TD valign=bottom width=25.733 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">(6,494)</font>
</TD><TD valign=bottom width=24.667 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">1,046</font>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;50,536&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;35,968&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;36,164&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">(Loss) profit before the undernoted items</font></TD><TD valign=bottom width=20.533 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;(14,621)</font></TD><TD valign=bottom width=25.733 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">2,261</font></TD><TD valign=bottom width=24.667 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">3,132&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Writedown of assets</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(44,645)</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(415)</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="16"><font color="#000000" size="2">&nbsp;Gain (loss) on disposals of property, plant and equipment</font></TD><TD valign=bottom width=20.533 height="16" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="16" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;30</font></TD><TD valign=bottom width=25.733 height="16" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=83.333 height="16" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">(186)</font></TD><TD valign=bottom width=24.667 height="16" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 height="16" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">(205)</font></TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><B><font color="#000000" size="2">(Loss) profit before income taxes</font></B></TD><TD valign=bottom width=20.533 height="18"></TD><TD valign=bottom width=83.333 align="right" height="18"><font color="#000000" size="2">(14,591)</font></TD><TD valign=bottom width=25.733 align="right" height="18"></TD><TD valign=bottom width=83.333 align="right" height="18"><font color="#000000" size="2">(42,570)</font></TD><TD valign=bottom width=24.667 align="right" height="18"></TD><TD valign=bottom width=84.333 align="right" height="18"><font color="#000000" size="2">2,512</font></TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Tax recovery (expense) &nbsp;(Note 9)</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Current &nbsp;</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;1,406&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,107&nbsp;</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,121)</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Future &nbsp;</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(757)</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,570)</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;387&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">&nbsp;Net (loss) income for the year</font></B></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(13,942)</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(45,033)</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;1,778&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=643.867 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Deficit at the beginning of the year:</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;As previously reported</font></P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(293,702)</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(247,649)</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(249,785)</font></P>
</TD></TR>
<TR><TD valign=bottom width=342.467 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Change in accounting policy</font> </P>
</TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(1,020)</font></P>
</TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(662)</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;As restated</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(293,702)</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(248,669)</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(250,447)</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;Deficit at the end of the year</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(307,644)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(293,702)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(248,669)</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=83.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=24.667 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><font size="2"><font color="#000000">&nbsp;</font><B><font color="#000000" size="2">Weighted average number of shares outstanding</font></B>
    </font>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=20.533 height="17"><font size="2" color="#FFFFFF">-</font>
</TD></center><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17">
    <p align="right"><font color="#000000" size="2">&nbsp;257,643,212</font>
</TD><center><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=25.733 height="17"><font size="2" color="#FFFFFF">-</font>
</TD></center><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17">
    <p align="right"><font color="#000000" size="2">221,770,349&nbsp;</font>
</TD><center><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=24.667 height="17"><font size="2" color="#FFFFFF">-</font>
</TD></center><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84.333 height="17">
    <p align="right"><font color="#000000" size="2">147,597,481&nbsp;</font>
</TD></TR>
  <center>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">&nbsp;Basic (loss) income per share - U.S.$</font></B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.05)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.20)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">&nbsp;Basic (loss) income per share - CDN.$ - (yearly avg. rate)</font></B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.07)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.28)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;0.02&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=321.933 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">&nbsp;Diluted (loss) income per share - U.S.$</font></B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=20.533 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.05)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=25.733 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=83.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(0.20)</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=24.667 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=center><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84.333 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD></TR>
</TABLE>
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<TABLE style="font-size: 10pt" cellspacing=0 height="950" width="667"><TR><TD valign=bottom width=663 colspan=7 height="21"><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><font color="#000000" size="2">Eldorado Gold Corporation</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Consolidated Statements of Cash Flows</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">For The Years Ended December 31</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="18"><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">(Expressed in thousands of U.S. dollars)</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=338 height="17" style="border-bottom: 2 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=19 height="17" style="border-bottom: 2 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 align="right" height="17" style="border-bottom: 2 solid #000000"><font color="#000000" size="2">2004</font></TD><TD valign=bottom width=22 align="right" height="17" style="border-bottom: 2 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 align="right" height="17" style="border-bottom: 2 solid #000000"><font color="#000000" size="2">2003</font></TD><TD valign=bottom width=22 align="right" height="17" style="border-bottom: 2 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 align="right" height="17" style="border-bottom: 2 solid #000000"><font color="#000000" size="2">2002</font></TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Cash flows from operating activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Net (loss) income for the year</font></P>
</TD><TD valign=bottom width=17 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=82 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(13,942)</font></P>
</TD><TD valign=bottom width=20 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=82 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(45,033)</font></P>
</TD><TD valign=bottom width=20 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000"><font color="#000000" size="2">$</font></P>
</TD><TD valign=bottom width=82 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;1,778&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Items not affecting cash</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Depletion, depreciation and amortization</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,431&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;10,321&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;10,699&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Future income taxes</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;757&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,570&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(387)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Writedown of assets</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;28&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;44,929&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;415&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Loss on disposals of property, plant and equipment</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;8&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;205&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Loss (gain) on settlement of convertible debenture</font> </P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;227&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(463)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Interest and financing costs</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;127&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;249&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Amortization of hedging gain</font> </P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;329&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,286)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,550)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Stock based compensation expense</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,720&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,418&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Contractual severance expense</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;318&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;318&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Accretion of asset retirement obligation</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;430&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;406&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;383&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;&nbsp;Foreign exchange loss (gain)</font></TD><TD valign=bottom width=19 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">450</font>
</TD><TD valign=bottom width=22 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;(6,850)</font>
</TD><TD valign=bottom width=22 height="18" align="right" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84 height="18" align="right" style="border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;1,784</font>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(3,471)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;7,147&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;11,113&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;(Increase) decrease in accounts and other receivable</font> </P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(5,492)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(1,833)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;1,585&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;(Increase) decrease in inventories</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(304)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(607)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(425)</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;(Decrease) increase in accounts payable and accrued liabilities</font> </TD><TD valign=bottom width=17 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000" align="right"><font color="#000000" size="2">(1,159)</font>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000" align="right"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000" align="right"><font color="#000000" size="2">(1,061)</font>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000" align="right"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000" align="right"><font color="#000000" size="2">(2,985)</font>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(10,426)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;3,646&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;9,288&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Cash flow from investing activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Property, plant and equipment</font> </P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(22,772)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(9,391)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(5,334)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Proceeds from disposals of property, plant and equipment</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;357&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;64&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Mineral properties and deferred development</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(573)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,604)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,285)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Investments and advances</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,196)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;37&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Proceeds from disposals of investments and advances</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;70&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;&nbsp;Restricted cash</font></TD><TD valign=bottom width=17 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;-
    &nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;475</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(22,918)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(14,191)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;(7,043)</font></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Cash flow from financing activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Repayment of long-term debt</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(15,476)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Repayment of convertible debentures</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(7,150)</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="15"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;Issue of common shares:</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Voting - for cash</font></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;63,708&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;78,619&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;47,966&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;&nbsp;Other assets and deferred charges</font></TD><TD valign=bottom width=17 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(95)</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;63,708&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;71,469&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;32,395&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;&nbsp;Foreign exchange gain (loss) on cash held in foreign currency</font></TD><TD valign=bottom width=17 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD></center><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000">
    <p align="right"><font color="#000000" size="2">&nbsp;(439)</font>
</TD><center><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;6,914&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18" style="border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=82 height="18" style="border-bottom: 1 solid #000000"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,765)</font></P>
</TD></TR>
<TR><TD valign=bottom width=357 colspan=2 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Net increase (decrease) in cash and cash equivalents</font></B></P>
</TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;29,925&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;67,838&nbsp;</font></P>
</TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;32,875&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="17"><font color="#000000" size="2">Cash and cash equivalents at beginning of the year</font>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=19 height="17"><font size="2" color="#FFFFFF">-</font>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;105,465&nbsp;</font></P>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=22 height="17"><font size="2" color="#FFFFFF">-</font>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;37,627&nbsp;</font></P>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=22 height="17"><font size="2" color="#FFFFFF">-</font>
</TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,752&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Cash and cash equivalents at end of the year</font></B></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=19 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;135,390&nbsp;</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;105,465&nbsp;</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 1.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt" align=right><font color="#000000" size="2">&nbsp;37,627&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=17 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20 height="18"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82 height="18"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=663 colspan=7 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><B><font color="#000000" size="2">Supplemental cash flow information</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Interest paid</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=19 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;541&nbsp;</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;937&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=336 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">Income tax paid</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=19 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;166&nbsp;</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;242&nbsp;</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=22 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt"><font color="#000000" size="2">$</font></P>
</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=84 height="17"><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman; font-size:7.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;382&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">5</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">1.</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature of operations</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado Gold Corporation (&#147;Eldorado&#148;, or &#147;Company&#148;) is engaged in gold mining and related activities, including exploration and development, extraction, processing and reclamation. Gold, the primary product, is produced in Brazil. &nbsp;Development and construction of a mine and processing facility is underway in Turkey. &nbsp;Exploration activities are carried on in Brazil, Turkey and China.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company has not determined whether all its development properties contain ore reserves that are economically recoverable. The recoverability of the amount shown for mineral properties and deferred development is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing, licenses and permits to complete the exploration and development of its properties, and upon future profitable production or proceeds from the disposition of the properties. The amounts shown as mineral properties and deferred development represent net costs to date, less amounts amortized and/or written off, and do not necessarily represent present or future values.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:18pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">2.</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; padding-left:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Significant accounting policies</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Basis of consolidation</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The consolidated financial statements include the accounts of Eldorado and its subsidiaries. The consolidated financial statements have been prepared using accounting principles generally accepted in Canada. As described in note 14, these principles differ in certain material respects from accounting principles generally accepted in the United States.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Foreign currency translation</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado's subsidiaries are integrated operations. The financial statements and other transactions stated in foreign currencies are translated into U.S. dollars using the temporal method, as noted below:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman" color="#000000" size="2">Monetary assets and liabilities are translated at the exchange rate at the balance sheet dates;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman" color="#000000" size="2">Non-monetary assets are translated at historical rates;</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman" color="#000000" size="2">Revenue and expense items are translated at the average rate for the year except for depletion,</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font color="#000000" size="2">depreciation and amortization of property, plant and equipment which are translated at the same rate as the assets to which they relate; and</font></li>
  <li>
    <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Times New Roman" color="#000000" size="2">Translation gains and losses are included in operations.</FONT></li>
</ul>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Cash and cash equivalents</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Cash and cash equivalents include those short-term money market instruments which on acquisition have a term to maturity of three months or less. The Company limits its exposure to credit loss by placing its cash with institutions which are believed to be credit-worthy.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Inventories</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In-process inventories, including ore stockpiles when applicable, are valued at the lower of average production costs and net realizable value, after a reasonable allowance for further processing costs. Materials and supplies are valued at average cost and where appropriate less a provision for obsolescence.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Investments</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Investments in shares of other companies are carried at cost or at cost less amounts written off to reflect an impairment in value that is other than temporary.</font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">6</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Property, plant and equipment</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Property, plant and equipment are carried at cost, including costs associated with properties under development. Assets used in commercial production are subject to depreciation and depletion over their estimated useful lives, on the basis described below:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Mineral properties and capitalized development costs for an underground operation - where the mine operating plan calls for production from well defined ore reserves, the life of mine method is applied.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Buildings, machinery, mobile and other equipment - depreciated on a straight-line basis over the life of the mine.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Management of the Company regularly reviews the carrying value of each mineral property. &nbsp;&nbsp;Where information is available and conditions suggest impairment of long lived assets, estimated future net cash flows from each property are calculated using estimated future gold prices, proven and probable reserves, value beyond proven and probable reserves, operating, capital and reclamation costs and estimated proceeds from the disposition of assets on an undiscounted basis. &nbsp;If it is determined that the future cash flows are less than the carrying value and the fair value is less than the carrying value, a write-down to the estimated fair value is made with a charge to operations. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Management's estimates of mineral prices, recoverable proven and probable reserves, resources, &nbsp;operating capital and reclamation costs are subject to risks and uncertainties, which may affect the assessment of recoverability of mineral property costs. Although management has made its best estimate of these factors, it is possible that changes could occur in the near term, which could adversely affect management's estimate of the net cash flow to be generated from its properties.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Exploration and development</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Exploration costs are charged against operations as incurred until a mineral resource is established on a property, from which time exploration expenditures are capitalized.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Deferred financing charges</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Deferred financing charges consist of commissions and expenses related to establishing the related indebtedness and have been amortized to operations over the life of such indebtedness.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Asset Retirement Obligation</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The fair value of liabilities for asset retirement obligations is recognized in the period they are incurred. A corresponding increase to the carrying amount of the related asset is recorded and depreciated over the life of the asset. The amount of the liability is subject to re-measurement at each reporting period.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Revenue recognition</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Revenues from the sale of bullion are recognized when the goods have been delivered and title passes to the purchaser.</font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">7</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Use of estimates</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. &nbsp;Financial statement items subject to significant estimates include property, plant and equipment and related depletion, depreciation and amortization, the recoverability of mineral properties and deferred development costs, asset retirement obligations and stock based compensation. Actual results could differ from those estimates.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share option plan</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company uses fair-value accounting for awards of stock options to employees, officers and directors under the share option plans. Consideration paid for shares on exercise of the share options is credited to share capital.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Income taxes</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Future income taxes are recognized for the future income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Future income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in rates is included in operations in the period that includes the enactment date. A future income tax asset is recorded when the probability of the realization is more likely than not.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Earnings (loss) per share</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Earnings or loss per share are presented for basic and diluted net income (loss). A basic earnings per share is computed by dividing net income or loss by the weighted average number of outstanding common shares for the year. The computation of diluted earnings per share reflects the dilutive effect of the exercise of stock options and warrants outstanding as at year-end using the treasury stock method.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">3.</font> </B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Inventories</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=281.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=281.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=312.667 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">In process inventory</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1,913&nbsp;</font></P>
</TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1,584&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=281.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=312.667 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Materials and Supplies</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,014&nbsp;</font></P>
</TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,039&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=281.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=132.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=281.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=30.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$5,927&nbsp;</font></P>
</TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=132.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$5,623&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">8</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, Plant and Equipment and Mineral Properties</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=605.8 colspan=6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Property, plant and equipment</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=273.6 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">S&#227;o Bento mine</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$88,688&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$122,461&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Accumulated depreciation and depletion</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(63,998)</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(59,665)</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$24,690&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$62,796&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=273.6 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Write downs</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(39,758)</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$24,690&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$23,038&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Kisladag project, under construction</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$26,353&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Office furniture and equipment</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$3,076&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$2,430&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Accumulated depreciation</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(1,782)</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(1,684)</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1,294&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$746&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Total property, plant and equipment</font></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$52,337&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$23,784&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Mineral properties and deferred development</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$22,676&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$36,562&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=273.6 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Write downs</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(4,275)</font></P>
</TD></TR>
<TR><TD valign=bottom width=327.067 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Total mineral properties and deferred development</font></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$22,676&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$32,287&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=126.533><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=53.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=241.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$75,013&nbsp;</font></P>
</TD><TD valign=bottom width=45.267><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-bottom:2pt double #000000" valign=bottom width=126.533><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$56,071&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">In 2004 the Kisladag project costs incurred to December 31, 2003 of $10,120 were transferred from mineral properties and deferred development to property, plant and equipment.</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">5.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Asset Retirement Obligation</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2003, the Company obtained an independent study to evaluate the fair value of the expected closure costs of the Company's S&#227;o Bento mine. The total undiscounted amount of the estimated closure costs as determined by the study total $9,822. In assessing the carrying amount for the asset retirement obligation management used the following key assumptions in deriving our reported figures.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;Mine closure date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2007</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Credit adjusted risk-free rate: &nbsp;&nbsp;6%</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">At the present time, the Company has concluded that there are no asset retirement obligations associated with the Turkish properties.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">6.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Deferred Loss</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The deferred loss is a result of liquidating the Company's hedge position and was accounted for as an adjustment to revenue in 2004.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<p>
<font color="#000000" size="2">
<BR>
</font>
</p>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">9</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized and Issued Share Capital</font></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado's authorized share capital consists of an unlimited number of voting and non-voting common shares with no par value. &nbsp;At December 31, 2004 the Company has nil non voting shares outstanding. &nbsp;The details of the voting common shares issued and outstanding are as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=273.6><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Shares Issued</font></B></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Amount</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=273.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares &nbsp;at beginning of the year</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;206,204,010&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$366,046&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for exercised stock options</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,189,500&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,301&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for cash consideration - Financing</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;25,000,000&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;52,822&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for cash consideration - Warrants</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;19,567,666&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;24,496&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=273.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Shares at December 31, 2003</font></P>
</TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;253,961,176&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$444,665&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=273.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=273.6><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=273.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares &nbsp;at beginning of the year</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;253,961,176&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$444,665&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for exercised stock options</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,592,500&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,536&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for cash consideration - Financing</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;20,700,000&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;62,140&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Shares for cash consideration - Warrants</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;10,100&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;32&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=273.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Shares at December 31, 2004</font></P>
</TD><TD valign=bottom width=42.133><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=95.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;276,263,776&nbsp;</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=85.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$508,373&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">On August 25, 2003, the Company completed a financing of 25,000,000 units at a price of Cdn$3.10 per unit with a syndicate of underwriters for gross proceeds of Cdn$77,500,000 ($55,320). &nbsp;Net proceeds after payments of all expenses relating to the offering were Cdn$73,999,000 ($52,822). &nbsp;Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. &nbsp;Each warrant entitles the holder thereof to acquire one common share at a price of Cdn$4.10 until August 25, 2004. &nbsp;On August 16, 2004 the warrants were extended to expire on August 25, 2005.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">During 2003 a total of 19,567,666 shares were issued for the exercise of warrants. A total of 19,520,416 shares were issued for the exercise of warrants from the December 23, 2002 financing. Proceeds of $24,352 were received and 65,950 warrants expired unexercised. &nbsp;A total of 47,250 shares were issued upon exercise of the warrants issued with the August 25, 2003 financing and proceeds of $144 were received, 12,452,750 warrants remain outstanding at December 31, 2003.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">During 2004 an additional 10,100 shares were issued for the above warrants and proceeds of $32 were received, 12,442,650 warrants remain outstanding at December 31, 2004.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">On November 12, 2004, the Company completed a financing of 20,700,000 shares at a price of Cdn$3.75 per share with a syndicate of underwrites for gross proceeds of Cdn$77,625,000 ($65,083). &nbsp;Net proceeds after payments of all expenses relating to the offering were Cdn$74,103,000 ($62,140). &nbsp;&nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">10</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share option plan</font></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">As at December 31, 2004, the Company has a share option plan as described below. The Company accounts for its grants under those plans in accordance with the fair value based method of accounting for stock based compensation. Compensation costs charged against net income in 2004 for the plans were $3,720.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company established a share option plan (the &#147;Plan&#148;) in June 1994. &nbsp;&nbsp;Amendments to the Plan were approved in June 1995, June 1996, May 2000 and May 2004. &nbsp;The Board of Directors administered the Plan whereby from time to time, share option grants were provided for up to a total of 12,741,463 share options to directors, officers, employees, consultants or advisors. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">At the Annual Meeting of Shareholders held on April &nbsp;30, 2003, the Company received approval from the &nbsp;shareholders for the implementation of a share option plan to provide for grants of options to officers and directors of the Company separate from the Plan. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The shareholders resolved that the Plan be amended to remove the eligibility of directors and officers of the Company for grants of share options under the Plan. &nbsp;A separate share option plan for Officers and Directors was established (the &#147;D &amp; O Plan&#148;). &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">The Plan</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Board of Directors administers the Plan, whereby it may from time to time grant share options to employees, consultants or advisors of the Company. Under the Plan 12,741,463 Common Shares (the &#147;Optioned Shares&#148;) are reserved, set aside and made available for issue provided that in no event shall options be granted entitling any single individual to purchase in excess of one half of one percent (0.5%) of the then outstanding common shares. All share options granted under the Plan shall expire not later than tenth anniversary of the date the options were granted. &nbsp;The exercise price of an option is determined by the Board of Directors, but shall not be less than the quoted price of the common shares of the Company on the Toronto Stock Exchange on the last business day before the date on which the option is granted.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">The D &amp; O Plan</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Board of Directors administers the D &amp; O Plan, whereby it may from time to time grant share options to directors &amp; officers of the Company. &nbsp;Under the D &amp; O Plan 7,000,000 common shares are reserved, set aside and made available for issue. The total number of shares that may be reserved for issuance to any one optionee pursuant to options shall not exceed 1% of the shares of the Company outstanding on a non-diluted basis on the grant date of the options. &nbsp;All share options granted under the D &amp; O Plan shall expire not later than tenth anniversary of the date the options were granted. &nbsp;The exercise price of an option is determined by the Board of Directors, but shall not be less than the quoted price of the common shares of the Company on the Toronto Stock Exchange on the last business day before the date on which the option is granted.</font></P>

<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">11</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">A summary of the terms and status of Company's outstanding options at December 31, 2004 and 2003 and the changes for the years ending on those dates is presented below:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;Options (Cdn$)</font></B></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Outstanding</font></B></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Weighted Average</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=205.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Options</font></B></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Exercise Price</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=205.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Outstanding options as at January 1, 2003</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,425,000&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$0.58&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Granted</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;2,120,000&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;2.58&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercised</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(3,189,500)</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;0.58&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Outstanding options as at December 31, 2003</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,355,500&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1.82&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=205.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercisable options as at December 31, 2003</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;2,593,833&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1.47&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=205.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=205.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Outstanding options as at January 1, 2004</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,355,500&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1.82&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Granted</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,875,000&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3.67&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercised</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(1,592,500)</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1.25&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Outstanding options as at December 31, 2004</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;5,638,000&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$3.25&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=205.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=156.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=362.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercisable options as at December 31, 2004</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,729,666&nbsp;</font></P>
</TD><TD valign=bottom width=40.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=111.067><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$3.21&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The following table summarises information about share options granted during the twelve months ended December&nbsp;31, 2004:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=606.8 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">Weighted average</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=606.8 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">exercise price</font></B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">Shares</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=507.067 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">Cdn$</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=99.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=381.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=125.467><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,390,000</font></P>
</TD><TD valign=bottom width=381.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=125.467><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3.70&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=99.733 align="right"><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;120,000</font></P>
</TD><TD valign=bottom width=381.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=125.467><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3.75&nbsp;</font></P>
</TD></TR>
  </center>
<TR><TD valign=bottom width=99.733 align="right"><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;175,000&nbsp;</font></P>
</TD><center><TD valign=bottom width=381.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=125.467><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3.05&nbsp;</font></P>
</TD></TR>
  </center>
<TR><TD style="border-bottom: 1 solid #000000" valign=bottom width=99.733 align="right"><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;190,000</font></P>
</TD><center><TD valign=bottom width=381.6 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=125.467><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3.74&nbsp;</font></P>
</TD></TR>
  </center>
<TR><TD valign=bottom width=99.733 align="right"><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,875,000</font></P>
</TD><center><TD valign=bottom width=381.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=125.467><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3.67&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">12</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">As at December 31, 2004, options to purchase up to 4,831,821 (December 31, 2003 &#150; 6,165,358) shares remained available to be granted under both Plans. Summaries of the Company's options outstanding, exercise prices and expiry dates are presented below.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=618.067 colspan=7><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Stock Options (Cdn$)</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Range of</font> </P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Number</font></P>
</TD><TD valign=bottom width=167.6 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Weighted-Average</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Weighted</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Exercise Prices</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Outstanding at</font></P>
</TD><TD valign=bottom width=167.6 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Life&nbsp;</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Average
    Exercise</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">($)</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">December 31, 2004</font></P>
</TD><TD valign=bottom width=167.6 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Remaining</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Price ($)</font></TD></TR>
<TR><TD valign=bottom width=122.4></TD><TD valign=bottom width=22.6></TD><TD valign=bottom width=129.6></TD><TD valign=bottom width=51.4></TD></center><TD valign=bottom width=116.2>
    <p align="right"><font color="#000000" size="2">(years)</font></TD><center><TD valign=bottom width=46.267></TD><TD valign=bottom width=129.6 align="right"></TD></TR>
<TR><TD valign=bottom width=122.4 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=22.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=129.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=51.4 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=116.2 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=46.267 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD><TD valign=bottom width=129.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">&nbsp;-</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Less than 0.41</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">45,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.74</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.25</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.51 to 0.60</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">50,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.41</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.51</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.61 to 0.70</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">100,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.15</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.70</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.71 to 0.80</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">79,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.84</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.72</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">1.21 to 1.80</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">195,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.73</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.43</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">1.81 to 2.70</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">669,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.19</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.99</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">2.71 to 4.05</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4,325,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4.10</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.67</font></P>
</TD></TR>
<TR><TD style="border-bottom: 1 solid #000000" valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Greater than 4.05</font></P>
</TD><TD valign=bottom width=22.6 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">175,000</font></P>
</TD><TD valign=bottom width=51.4 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.84</font></P>
</TD><TD valign=bottom width=46.267 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4.43</font></P>
</TD></TR>
<TR><TD valign=bottom width=145 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Total</font></P>
</TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">5,638,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=116.2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">3.82</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">3.25</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=609.867 colspan=7><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Stock Options (Cdn$)</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Range of</font> </P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Number</font></P>
</TD><TD valign=bottom width=159.4 colspan=2><P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=right><font color="#000000" size="2">Weighted-Average</font></P>
</TD><TD valign=bottom width=46.267>
    <p style="text-indent: 0; margin-top: 0; margin-bottom: 0"><font color="#000000" size="2">&nbsp;</font></p>
  </TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Weighted</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Exercise Prices</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Outstanding at</font></P>
</TD><TD valign=bottom width=159.4 colspan=2><P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=right><font color="#000000" size="2">Life</font></P>
</TD><TD valign=bottom width=46.267>
    <p style="text-indent: 0; margin-top: 0; margin-bottom: 0"><font color="#000000" size="2">&nbsp;</font></p>
  </TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Average Exercise</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">($)</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">December 31, 2003</font></P>
</TD><TD valign=bottom width=159.4 colspan=2><P style="font-family: Times New Roman; text-indent: 0; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=right><font color="#000000" size="2">Remaining</font></P>
</TD><TD valign=bottom width=46.267>
    <p style="text-indent: 0; margin-top: 0; margin-bottom: 0"><font color="#000000" size="2">&nbsp;</font></p>
  </TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;Price ($)</font></TD></TR>
<TR><TD valign=bottom width=122.4 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD valign=bottom width=22.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD valign=bottom width=129.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD valign=bottom width=51.4 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD valign=bottom width=108 style="border-bottom: 1 solid #000000"><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">(years)</font></P>
  </TD><TD valign=bottom width=46.267 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD><TD valign=bottom width=129.6 style="border-bottom: 1 solid #000000"><font color="#FFFFFF" size="2">-</font></TD></TR>
<TR><TD valign=bottom width=122.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Less than 0.41</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">160,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.77</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.26</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.41 to 0.50</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">208,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.28</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.50</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.51 to 0.60</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">50,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.77</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.51</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.61 to 0.70</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">205,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.43</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.69</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">0.71 to 0.80</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">547,500</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.07</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">0.71</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">1.21 to 1.80</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">255,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.73</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.43</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">1.81 to 2.70</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1,270,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4.14</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">2.02</font></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">2.71 to 4.05</font></P>
</TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">485,000</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4.75</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.60</font></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Greater than 4.05</font></P>
</TD><TD valign=bottom width=22.6 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">175,000</font></P>
</TD><TD valign=bottom width=51.4 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom: 1 solid #000000" valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">4.84</font></P>
</TD><TD valign=bottom width=46.267 style="border-bottom: 1 solid #000000"><font size="2"><font color="#000000">&nbsp;</font><font color="#FFFFFF">-</font></font></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.60</font></P>
</TD></TR>
<TR><TD valign=bottom width=145 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Total</font></P>
</TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3,355,500</font></P>
</TD><TD valign=bottom width=51.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=108><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">3.62</font></P>
</TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">1.82</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Prior to 2003 the Company did not recognize expense for the fair value of options granted to employees and directors. &nbsp;Had the Company determined compensation costs based on the fair value at the grant dates for those share options consistent with the fair value method of accounting for stock-based compensation, the Company's net earnings and earnings per share would have been reduced to the pro forma amounts indicated below:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">13</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin-top:11pt; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=232.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=93.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=55.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=129.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=557.467 colspan=5><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">December 31, 2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=232.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=55.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=232.467><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Net earnings for the period</font></P>
</TD><TD valign=bottom width=195.4 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">As reported</font></P>
</TD></center><TD valign=bottom width=129.6 align="right"><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    1,778&nbsp;</font></P>
</TD></TR>
  <center>
<TR><TD valign=bottom width=232.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=195.4 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Pro forma</font></P>
</TD></center><TD valign=bottom width=129.6 align="right"><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    1,302&nbsp;</font></P>
</TD></TR>
  <center>
<TR><TD valign=bottom width=232.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=93.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=55.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=46.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=129.6 align="right"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=232.467><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Basic and diluted earnings per share</font></P>
</TD><TD valign=bottom width=195.4 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">As reported</font></P>
</TD></center><TD valign=bottom width=129.6 align="right"><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    0.01&nbsp;</font></P>
</TD></TR>
  <center>
<TR><TD valign=bottom width=232.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=195.4 colspan=3><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Pro forma</font></P>
</TD></center><TD valign=bottom width=129.6 align="right"><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    0.01&nbsp;</font></P>
</TD></TR>
</TABLE>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The fair values of options included in the pro forma amounts presented above and used in the determination of compensation cost for 2003 and 2004 have been estimated using an option-pricing model. Assumptions used in the pricing model are as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=315.8 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">December 31,
      2004</font></B></P>
</TD></center><TD valign=bottom width=131.667>
    <p align="right"><font size="2"><font color="#000000">&nbsp;</font><B><font color="#000000">December 31,
    2003</font></B></font></p>
  </TD><TD valign=bottom width=131.667>
    <p align="right"><font size="2"><font color="#000000">&nbsp;</font><B><font color="#000000">December 31, 2002</font></B></font></p>
  </TD></TR>
  <center>
<TR><TD valign=bottom width=184.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=131.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=131.667><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=131.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=315.8 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Ranging
    from</font></P>
</TD>
  </center>
<TD valign=bottom width=131.667>
  <p align="right"><font color="#000000" size="2">&nbsp;Ranging from</font></p>
</TD><TD valign=bottom width=131.667>
  <p align="right"><font color="#000000" size="2">&nbsp;Ranging from</font></p>
</TD></TR>
  <center>
<TR><TD valign=bottom width=184.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Average risk-free interest rate</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2.5% to 3.5%</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">3.76% to 4.32%</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.24% to 4.71%</font></P>
</TD></TR>
<TR><TD valign=bottom width=184.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Expected life</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">3 years</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">5 years</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">5 years</font></P>
</TD></TR>
<TR><TD valign=bottom width=184.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Expected volatility</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">0.500000</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">0.500000</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">0.500000</font></P>
</TD></TR>
<TR><TD valign=bottom width=184.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Expected dividends</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">nil</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">nil</font></P>
</TD><TD valign=bottom width=131.667><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">nil</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The following table summarizes information about the warrants outstanding as at December 31, 2004 and 2003.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Outstanding</font></P>
</TD><TD valign=bottom width=146.067 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Weighted</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Warrants</font></P>
</TD><TD valign=bottom width=146.067 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">Average</font></P>
</TD></TR>
<TR><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=70.933></TD><TD valign=bottom width=97.733></TD><TD valign=bottom width=32.933></TD><TD valign=bottom width=113.133>
    <p align="right"><font color="#000000" size="2">Exercise Price</font></TD></TR>
<TR><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=72></TD><TD valign=bottom width=70.933></TD><TD valign=bottom width=97.733></TD><TD valign=bottom width=32.933></TD><TD valign=bottom width=113.133>
    <p align="right"><font color="#000000" size="2">(Cdn$)</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=97.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Warrants outstanding at January 1, 2003</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;19,586,368&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">1.68</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Granted during - 2003</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;12,500,000&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.10</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercised</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(19,567,668)</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">1.69</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Expired</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(65,950)</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2.00</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Warrants outstanding and exercisable at December 31, 2003</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;12,452,750&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.10</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=97.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Warrants outstanding at January 1, 2004</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;12,452,750&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.10</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Granted during - 2004</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exercised</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(10,100)</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.10</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Expired</font></P>
</TD><TD valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Warrants outstanding and exercisable at December 31, 2004</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=97.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;12,442,650&nbsp;</font></P>
</TD><TD valign=bottom width=32.933><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">4.10</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">At December 31, 2004 there were 12,442,650 outstanding and exercisable warrants with a weighted average remaining contractual life of 0.65 years.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">14</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:11pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">7.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Share Capital (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder rights plan</font></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">On March 8, 1995, the Board of Directors of Eldorado adopted a Shareholder Rights Plan, which was approved by the shareholders at the Annual General meeting on June 5, 1995. &nbsp;Under the terms of the plan, rights are attached to the common shares. &nbsp;The rights become marketable and exercisable only upon the occurrence of certain specified events. &nbsp;If a person or group acting in concert acquires or announces its intention to acquire 20% or more of the outstanding common shares in a non-permitted bid, each right, on exercise, entitles the holders (other than the acquiring person or group) to purchase common shares of Eldorado at half the current market price per common share.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The rights are not triggered by a &#147;permitted bid&#148; which is, in effect, a bid made to all shareholders for all of the voting shares by way of a bid circular. &nbsp;Such an offer must remain outstanding for at least 75 days and must be accepted by shareholders holding at least 50% of the outstanding shares that are not held by the bidder. &nbsp;At any time prior to the rights becoming exercisable, the Board of Directors may redeem all the rights at $.00001 per right.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) per share</font></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Net income (loss) per share was calculated on the basis of the weighted average number of shares outstanding for the year which amounted to 257,643,212 (2003 &#150; 221,770,349, 2002 &#150; 147,597,481). <A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A>Diluted net income (loss) per share reflects the dilutive effect of the exercise of stock options and warrants outstanding as at year-end using the treasury stock method. The effect of common stock options and warrants on the net loss per share in 2004 and 2003 was not reflected as to do so would be anti dilutive. &nbsp;The number of shares for the diluted net income per share calculation for 2002 was 149,395,784.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">8.</font></B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Financial Instruments</font></B></P>
<P style="margin:0pt; text-indent:144pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2"><BR></font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><I><font color="#000000" size="2">Fair value of financial instruments</font></I></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">At December 31, 2004 and 2003, the fair value of cash, and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective carrying values.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The aggregate estimated fair value of the Company's investments at December 31, 2004 was $987 (2003 - $1,817).</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">15</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">9.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Taxes</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Details of income tax expense related to operations are as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=545.067 colspan=7><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Income Taxes</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=92.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=545.067 colspan=7><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman"><font color="#000000" size="2">Recovery (Expense)</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=144 colspan=2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman"><font color="#000000" size="2">Current</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=92.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Canada</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(26)</font></P>
</TD><TD valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(41)</font></P>
</TD><TD valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$45&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Foreign</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,432&nbsp;</font></P>
</TD><TD valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,148&nbsp;</font></P>
</TD><TD valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(1,166)</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=92.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=144 colspan=2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman"><font color="#000000" size="2">Future</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=92.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Canada</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><font color="#000000" size="2">Foreign</font></P>
</TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(757)</font></P>
</TD><TD valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(3,570)</font></P>
</TD><TD valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;387&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=85.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=92.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=85.333><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$649&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=92.533><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(2,463)</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=79.2><P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(734)</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The reconciliation of the combined Canadian federal and provincial statutory income tax rates to the effective tax rate on earnings before taxes and other items is as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=72></TD><TD valign=bottom width=196.467></TD><TD valign=bottom width=84.333 align="right"><font color="#000000" size="2">%</font></TD><TD valign=bottom width=84.333 align="right"><font color="#000000" size="2">%</font></TD><TD valign=bottom width=86.4 align="right"><font color="#000000" size="2">%</font></TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Statutory Rate</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(35.62)</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(37.62)</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;39.62&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Losses not recognized</font> </P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;27.75&nbsp;</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">45.79</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">142.43</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Foreign income subject to different tax rates</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(8.71)</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(17.70)</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(218.25)</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Foreign exchange</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;26.15&nbsp;</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;21.37&nbsp;</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;16.50&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Loss not previously recognized</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(8.61)</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(3.72)</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Non-deductible expense and other items</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(5.41)</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(2.33)</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;48.93&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=196.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=268.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Effective income tax rate</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(4.45)</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=84.333><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;5.79&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" valign=bottom width=86.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;29.23&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado and its subsidiaries have tax losses from prior years, which are available to offset taxable income of future years. These tax losses expire as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Year of expiry</font></B></P>
</TD><TD valign=bottom width=80.2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2008</font></B></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2009</font></B></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2010</font></B></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2011</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=122.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=80.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=79.2><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=122.4><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Amount</font></P>
</TD><TD valign=bottom width=80.2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$4,010&nbsp;</font></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$6,725&nbsp;</font></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$5,792&nbsp;</font></P>
</TD><TD valign=bottom width=79.2><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$4,958&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In addition, the Brazilian subsidiaries have losses of $135,602 which can be used to offset taxable income and $120,511 which can be used to offset income for social contribution tax. &nbsp;These losses have no expiry date and can be used to offset 30% of income in any
one year.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">16</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">9.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Taxes (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Significant components of Eldorado's future income tax assets (liability) at December 31 were as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=358.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=99.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Tax losses</font></P>
</TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$53,634&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$59,010&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Liabilities</font></P>
</TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,062)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,840)</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Mineral properties</font></P>
</TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;7,705&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;5,127&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Capital assets</font></P>
</TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;9,090&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;12,671&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Undistributed earnings of a subsidiary</font></P>
</TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(271)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(260)</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Other</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,032&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;2,749&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$71,128&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$75,457&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Valuation allowance</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(75,726)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(79,287)</font></P>
</TD></TR>
<TR><TD valign=bottom width=358.933><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Future income tax liability</font></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=99.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(4,598)</font></P>
</TD><TD style="border-bottom:2pt double #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(3,830)</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">10.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Commitments and Contingencies</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">The Company's contractual obligations at December 31, 2004, including payments due for each of the periods indicated, are summarized as follow:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=148.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=313.667 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Payments due in</font></B></P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=148.133><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Contractual obligations</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2005</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2006</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2007</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2008</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2009</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">2010 +</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=center><B><font color="#000000" size="2">Total</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=148.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=148.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Operating leases</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$279&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$216&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$171&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$171&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$175&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$950&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1,962&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=148.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Capital expenditures</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;18,320&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;18,320&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=148.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Purchases obligations</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;8,082&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;6,607&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;6,607&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;6,209&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;27,505&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=148.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=148.133><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Total</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$26,681&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$6,823&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$6,778&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$6,380&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$175&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$950&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$47,787&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">11.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Guarantee</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">S&#227;o Bento Minera&#231;ao has made a guarantee deposit of approximately $529 relating to a tax case. The Company estimates that this amount will be refunded once the tax case has been settled.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">17</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">12.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">Segmented Information</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">All of Eldorado's operations are related to the gold mining industry. &nbsp;In 2004, 2003 and 2002 Eldorado had a single producing mine, S&#227;o Bento, with mining and exploration assets located in South America and Turkey. In 2003, the Company began exploration activities in China.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=291 colspan="5" style="border-left: 2 solid #000000; border-right: 2 solid #000000; border-top: 2 solid #000000">
      <p align="center"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">Twelve months ended</font></B></p>
    </TD></TR>
<TR><TD valign=bottom width=134.733></TD><TD valign=bottom width=128.533></TD><TD valign=bottom width=38.067></TD><TD valign=bottom width=13.333></TD><TD valign=bottom width=15.4></TD><TD valign=bottom width=84.333 align="right" style="border-left: 2 solid #000000"><B><font color="#000000" size="2">December
    31</font></B></TD><TD valign=bottom width=16.467 align="right"></TD><TD valign=bottom width=87.4 align="right"><B><font color="#000000" size="2">December
    31</font></B></TD><TD valign=bottom width=20.533 align="right"></TD><TD valign=bottom width=84.333 align="right" style="border-right: 2 solid #000000"><B><font color="#000000" size="2">December
    31</font></B></TD></TR>
<TR><TD valign=bottom width=134.733 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=128.533 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=38.067 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=13.333 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=15.4 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 align="right" style="border-left: 2 solid #000000; border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">2004</font></B></TD><TD valign=bottom
 width=16.467 align="right" style="border-bottom: 2 solid #000000"><font size="2" color="#FFFFFF">-</font><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4 align="right" style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">2003</font></B></TD><TD valign=bottom width=20.533 align="right" style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 align="right" style="border-right: 2 solid #000000; border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">2002</font></B></TD></TR>
<TR><TD valign=bottom width=623.133 colspan=10><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Gold sales</font></P>
</TD></TR>
<TR><TD valign=bottom width=314.667 colspan=4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;S&#227;o Bento Mine</font></P>
</TD><TD valign=bottom width=15.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;33,153&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;36,814&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;34,051&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;33,153&nbsp;</font></B></P>
</TD><TD valign=bottom width=16.467 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;36,814&nbsp;</font></B></P>
</TD><TD valign=bottom width=20.533 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;34,051&nbsp;</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=623.133 colspan=10><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Operating costs</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;S&#227;o Bento Mine</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;32,459&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;22,604&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;19,027&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Accretion of asset retirement obligation</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;430&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;406&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;383&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;32,889&nbsp;</font></B></P>
</TD><TD valign=bottom width=16.467 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;23,010&nbsp;</font></B></P>
</TD><TD valign=bottom width=20.533 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;19,410&nbsp;</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=623.133 colspan=10><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Depletion, depreciation and amortization</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;S&#227;o Bento Mine</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4,333&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;10,192&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;9,396&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;4,333&nbsp;</font></B></P>
</TD><TD valign=bottom width=16.467 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;10,192&nbsp;</font></B></P>
</TD><TD valign=bottom width=20.533 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-top: 1 solid #000000; border-bottom: 1 solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;9,396&nbsp;</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Corporate expenses, net of interest and other income</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(2,696)</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;2,250&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,498)</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">(Loss) gain on settlement of convertible debenture</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(227)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;463&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Stock based compensation expense</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,720)</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,418)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Exploration expense</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(4,136)</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,956)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,078)</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Writedown of assets</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(44,645)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(415)</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Gain (loss) on disposals of property, plant and equipment</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;30&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(186)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(205)</font></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=262 colspan="2"><font color="#000000" size="2">(Loss) profit before income taxes</font></TD><TD valign=bottom width=38.067></TD><TD valign=bottom width=13.333></TD><TD valign=bottom width=15.4 style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=84.333 align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><B><font color="#000000" size="2">&nbsp;(14,591)</font></B></TD><TD valign=bottom width=16.467 align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=87.4 align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><B><font color="#000000" size="2">&nbsp;(42,570)</font></B></TD><TD valign=bottom width=20.533 align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=
84.333 align="right" style="border-top: 1 solid #000000; border-bottom: 1 solid #000000"><B><font color="#000000" size="2">2,512</font></B></TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=623.133 colspan=10><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Tax recovery (expense)</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Current</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;1,406&nbsp;</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,107&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,121)</font></P>
</TD></TR>
<TR><TD valign=bottom width=330.067 colspan=5><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Future</font></P>
</TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(757)</font></P>
</TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,570)</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;387&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=134.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=128.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=38.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=13.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=16.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=84.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=314.667 colspan=4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt"><font color="#000000" size="2">Net (loss) income for the year</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=15.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;(13,942)</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=16.467><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;(45,033)</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=20.533><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=84.333><P style="margin:0pt; line-height:10.5pt; font-family:Times New Roman; font-size:8.5pt" align=right><B><font color="#000000" size="2">&nbsp;1,778&nbsp;</font></B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">18</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">12.</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Segmented Information (continued)</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=top width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-left:1.5pt solid #000000; border-top:1.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">Year ended</font> </B></P>
</TD><TD style="border-top: 2 solid #000000" valign=bottom width=136.733 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">Year ended&nbsp;</font> </B></P>
</TD><TD valign=bottom width=28.8 style="border-top: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=104.933 style="border-right: 2 solid #000000; border-top: 2 solid #000000">
    <p align="right"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">Year ended</font> </B></p>
  </TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-left:1.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">December 31,</font> </B></P>
</TD><TD valign=bottom width=136.733 colspan=2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">December 31,&nbsp;</font> </B></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933 style="border-right: 2 solid #000000">
    <p align="right"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">December
    31,</font></B></p>
  </TD></TR>
<TR><TD valign=bottom width=230.4 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=22.6 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-left: 1.5pt solid #000000; border-bottom: 2 solid #000000" valign=bottom width=106.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=27.733 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-bottom: 2 solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=28.8 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-right: 1.5pt solid #000000; border-bottom: 2 solid #000000" valign=bottom width=104.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=630.4 colspan=7><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">Segment assets</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;S&#227;o Bento - Consolidated</font></P>
</TD><TD valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;91,877&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;43,408&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">Total assets for reportable segments</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;91,877&nbsp;</font></B></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;43,408&nbsp;</font></B></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Turkey - Consolidated</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;55,089&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;37,174&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Canada</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;79,293&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;91,377&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;226,259&nbsp;</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;171,959&nbsp;</font></B></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=630.4 colspan=7><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">Revenues by geographic area</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;North America</font></P>
</TD><TD valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=106.933 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;(1,664)</font></P>
</TD><TD valign=bottom width=27.733 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=109 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;1,216&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;108&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;South America</font></P>
</TD><TD valign=bottom width=106.933 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;(34,104)</font></P>
</TD><TD valign=bottom width=27.733 align="right"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;36,993&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;39,184&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Turkey</font></P>
</TD><TD valign=bottom width=106.933 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;(147)</font></P>
</TD><TD valign=bottom width=27.733 align="right"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF"><font color="#000000" size="2">&nbsp;20&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;4&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.933 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><B><font color="#000000" size="2">&nbsp;(35,915)</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.733 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109 align="right"><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><B><font color="#000000" size="2">&nbsp;38,229&nbsp;</font></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:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;39,296&nbsp;</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=630.4 colspan=7><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">Net (loss) income by geographic area</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;North America</font></P>
</TD><TD valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(8,031)</font></P>
</TD><TD valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,273&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(4,971)</font></P>
</TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;South America</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(4,326)</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(40,628)</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;7,279&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Turkey</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,585)</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(5,678)</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(530)</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;(13,942)</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;(45,033)</font></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:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;1,778&nbsp;</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=22.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=106.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=630.4 colspan=7><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">Assets by geographic area</font></P>
</TD></TR>
<TR><TD valign=bottom width=230.4><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;North America</font></P>
</TD><TD valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;79,293&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;91,377&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;South America</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;91,877&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;43,408&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=253 colspan=2><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;Turkey</font></P>
</TD><TD valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;55,089&nbsp;</font></P>
</TD><TD valign=bottom width=27.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;37,174&nbsp;</font></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=230.4><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=22.6><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.933><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;226,259&nbsp;</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=27.733><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=center><B><font color="#000000" size="2">$</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; line-height:11.5pt; font-family:Times New Roman; font-size:9.5pt" align=right><B><font color="#000000" size="2">&nbsp;171,959&nbsp;</font></B></P>
</TD><TD valign=bottom width=28.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=104.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">19</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">13. &nbsp;&nbsp;&nbsp;&nbsp;Supplementary cash flow information</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">The Company conducted non-cash investing and financing activities as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=315.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82.267><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=80.2><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD valign=bottom width=18.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067><P style="margin:0pt; font-family:Times New Roman" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=607.733 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Financing activities</font></P>
</TD></TR>
<TR><TD valign=bottom width=315.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=15.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=82.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=80.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=18.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=331.133 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Long term debt fee accrual</font></P>
</TD><TD valign=bottom width=82.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=80.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=18.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    56&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=607.733 colspan=7><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Settlement of convertible debentures and accrued</font></P>
</TD></TR>
<TR><TD valign=bottom width=331.133 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;interest in exchange for shares</font></P>
</TD><TD valign=bottom width=82.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=20.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=80.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=18.533><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;
    1,686&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">20</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin-top:0pt; margin-bottom:10.1pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">14.</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Significant differences from United States accounting principles</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Canadian generally accepted accounting principles (Canadian GAAP) vary in certain significant respects from the principles and practices generally accepted in the United States (U.S. GAAP). The effect of the principal measurement differences on the Company's consolidated financial statements are quantified below and described in the accompanying notes:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=309 colspan="3" style="border-left: 2 solid #000000; border-right: 2 solid #000000; border-top: 2 solid #000000">
      <p align="center"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">Twelve months ended December 31,</font></B><font color="#000000" size="2">&nbsp;</font></p>
    </TD></TR>
<TR><TD valign=bottom width=350.733 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=25.733 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-left: 1.5pt solid #000000; border-bottom: 2 solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Net (loss) earnings for the period</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;reported under Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(13,942)</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$(45,033)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$1,778&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Add (deduct)</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Property, plant and equipment costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;14,915&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(14,915)</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exploration costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(509)</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;671&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,285)</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Deferred gain amortization - Canadian GAAP (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,395)</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Forward gold sales contracts - U.S. GAAP (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,869&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Accretion on convertible</font> </P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;debentures (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;127&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;177&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Accretion on asset retirement obligation - U.S. GAAP (d)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;383&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Depletion, depreciation and amortization (d)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;362&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Future income tax</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(387)</font></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Loss (gain) on settlement of convertible</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;debentures - Canadian GAAP (c)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;227&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(463)</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Net (loss) earnings before change in accounting policy</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(14,451)</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(29,093)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(15,876)</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Cumulative effect adjustment - asset retirement obligation (d)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(1,020)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Net (loss) earnings for the period</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;under U.S. GAAP before extraordinary items</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(14,451)</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(30,113)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(15,876)</font></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Gain on settlement of convertible</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;debentures - U.S. GAAP (c)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;294&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Net (loss) earnings for the period after</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;extraordinary items but before comprehensive</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;income adjustments</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(14,451)</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(30,113)</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$(15,582)</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Net (loss) earnings per common</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;share - U.S. GAAP before and after</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;extraordinary items</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Basic and diluted</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(0.06)</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(0.14)</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(0.10)</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=687.067 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Other comprehensive income</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Opening balance</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$233&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$1,957&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$5,195&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Gold sales contracts (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,286)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,238)</font></P>
</TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Unrealized gain on investments (e)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;562&nbsp;</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=350.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=25.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=109><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=376.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Closing balance</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$233&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=109><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$233&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$1,957&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">21</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
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<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
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<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=300 colspan="3" style="border-left: 2 solid #000000; border-right: 2 solid #000000; border-top: 2 solid #000000">
      <p align="center"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">Year ended December 31,</font></B></p>
    </TD></TR>
<TR><TD valign=bottom width=328.133 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=31.867 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-left: 1.5pt solid #000000; border-bottom: 2 solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Shareholders* equity reported under</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$206,961&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$153,475&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$118,471&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Cumulative adjustments to shareholders* equity</font></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;add (deduct)</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Property, plant and equipment costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;(14,915)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Exploration costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(15,874)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(15,365)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(16,036)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Forward gold sales contracts (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Deferred gain (loss) on gold sales contracts (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(329)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,957&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Accretion on convertible debentures (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,036&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;909&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Contributed surplus</font> </P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,094)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Equity portion of convertible debentures (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,094)</font></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Loss (gain) on settlement of convertible</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;debentures - Canadian GAAP (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(236)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(463)</font></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Gain on settlement of convertible</font> </P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;debentures - U.S. GAAP (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;294&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;294&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Asset retirement obligation (d)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;1,020&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Unrealized gain (loss) on investments (e)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(237)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;562&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Future income tax</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Shareholders* equity under U.S. GAAP</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$190,850&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$138,343&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$90,143&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Total assets reported under</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$226,259&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$171,959&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$142,411&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Add (deduct)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Property, plant and equipment costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(17,194)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Exploration costs (a)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(15,874)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(15,365)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(16,036)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Forward gold sales contracts (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Investments (e)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(237)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;562&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Total assets under U.S. GAAP</font></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$210,148&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$157,156&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$109,181&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Total liabilities reported under</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">&nbsp;&nbsp;Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$19,298&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$18,484&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#FF0000" align=right><font color="#000000" size="2">&nbsp;$23,940&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Add (deduct)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Deferred gain on gold sales contracts (b)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;329&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(1,957)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Convertible debentures (c)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;354&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Asset retirement obligation - net (d)</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,299)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">&nbsp;&nbsp;Future income tax</font></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B><font color="#000000" size="2">Total liabilities under U.S. GAAP</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$19,298&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$18,813&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$19,038&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">22</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
<BR>
</font>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; padding-left:21.6pt; font-family:Times New Roman; font-size:9pt"><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=300 colspan="3" style="border-left: 2 solid #000000; border-right: 2 solid #000000; border-top: 2 solid #000000">
      <p align="center"><font color="#000000" size="2">&nbsp;</font><B><font color="#000000" size="2">Year
      ended December 31,</font></B><font color="#000000" size="2">&nbsp;</font></p>
    </TD></TR>
<TR><TD valign=bottom width=328.133 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD valign=bottom width=31.867 style="border-bottom: 2 solid #000000"><font color="#000000" size="2">&nbsp;&nbsp;</font><font size="2" color="#FFFFFF">-</font></TD><TD style="border-left:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2004</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2003</font></B></P>
</TD><TD style="border-right:1.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><B><font color="#000000" size="2">2002</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash flows from operating activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Net earnings (loss) under Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(10,426)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$3,646&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$9,288&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Exploration costs</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(509)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(3,604)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;(2,285)</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash flows from operating activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;under U.S. GAAP</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$(10,935)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$42&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$7,003&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash flows from investing activities under</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;Canadian GAAP</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(22,918)</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(14,191)</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(7,043)</font></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Exploration costs</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;509&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;3,604&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;2,285&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash flows from investing activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;under U.S. GAAP</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$(22,409)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$(10,587)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$(4,758)</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash flows from financing activities</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;under Canadian and U.S. GAAP</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$63,708&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$71,469&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$32,395&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Foreign exchange loss on cash</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;held in foreign currency</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(439)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$6,914&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$(1,765)</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Increase (decrease) in cash and</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">cash equivalents</font></B></P>
</TD><TD valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$29,925&nbsp;</font></P>
</TD><TD valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$67,838&nbsp;</font></P>
</TD><TD valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$32,875&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash and cash equivalents -</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;Beginning of period</font></B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$105,465&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$37,627&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$4,752&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Cash and cash equivalents -</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">End of period</font></B></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$135,390&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$105,465&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$37,627&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=328.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=31.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=100.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=113.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=87.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">Additional supplementary cash</font> </B></P>
</TD></TR>
<TR><TD valign=bottom width=661.333 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><B><font color="#000000" size="2">&nbsp;&nbsp;flow information</font></B></P>
</TD></TR>
<TR><TD valign=bottom width=360 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Forward gold sales contracts</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=100.8><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=113.133><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    - &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=87.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt; color:#0000FF" align=right><font color="#000000" size="2">&nbsp;$100&nbsp;</font></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">a)</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Property, plant and equipment and exploration costs</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Exploration costs are accounted for in accordance with Canadian GAAP as disclosed in Note&nbsp;2. For U.S. GAAP purposes, the Company expenses all exploration costs incurred relating to unproven mineral properties. When proven and probable reserves are determined for a property and upon completion of a feasibility study, subsequent exploration and development costs on the property are capitalized.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2003 the Company reported a write-down under Canadian GAAP at its S&#227;o Bento mine. In 2002 the Company recorded a write down at its S&#227;o Bento mine of $14,915 due to the exclusion of inferred resources per SFAS 144 which was reversed in 2003.</font> </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">b)</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Forward gold sales contracts and foreign exchange purchase commitments</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Derivative instruments</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">For U.S. GAAP, the Company adopted Statement of Financial Accounting Standards No. 133 (SFAS No. 133) effective January 1, 2001. SFAS&nbsp;No. 133 requires that all derivatives be recorded on the balance sheet as either assets or liabilities at their fair value. Changes in a derivative's fair value are recognized in the earnings of the current period unless specific hedge accounting criteria are met. Management has currently not designated any of the Company's financial instruments as hedges for U.S. GAAP purposes under SFAS No. 133. Gains from hedges previously closed out are classified in other comprehensive income on transition to SFAS No. 133.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">A similar guidance has been introduced in Canada, Accounting Guideline 13, &#147;Hedging Relationships&#148;, (AcG 13) which is effective for the years beginning July 1, 2003. AcG 13 addresses the identification, designation, documentation, and effectiveness of hedging transactions for the purposes of applying hedge accounting. It also establishes conditions for applying or discontinuing hedge accounting. Under the new guideline, the Company will be required to document its hedging transactions and explicitly demonstrate that the hedges are sufficiently effective in order to continue accrual accounting for positions hedged with derivatives. The effect of adopting this guideline has not yet been determined.</font></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">c)</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Convertible debentures</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Canadian GAAP requires that a portion of the convertible debentures be classified as equity. The difference between the carrying amount of the debentures and their face value is accreted over the life of the debt and charged to earnings (loss) for the year. Under U.S. GAAP the debentures would be classified as a liability at their face value.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">A portion of the convertible debentures was settled during 2002, resulting in a gain of $463 under Canadian GAAP. Under U.S. GAAP, the gain on settlement would have been $294 and would be classified as an extraordinary item. During 2003 the outstanding balance was paid resulting in a loss of $227 under Canadian GAAP. Under US GAAP there would be no gain or loss on repayment of the outstanding convertible debentures.</font></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">d)</font></B></P>
<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">Asset retirement obligation</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">SFAS No. 143, &#147;Accounting for Asset Retirement Obligations&#148; was issued in June 2001. This statement addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. It requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. FAS 143 requires no restatement of prior year balances and the cumulative effect is included in the net loss for the year. Under SFAS 143, the cumulative effect for the change in accounting policy is recorded into loss for the period.</font></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">e)</font></B></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">Investments</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Under US GAAP, marketable securities would be divided between held-to-maturity securities and available-for-sale securities. These securities classified as available-for-sale would be recorded at market value and the unrealized gain or loss would be recorded as a separate component of shareholders equity.</font></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expressed in thousands of U.S. dollars except per share amounts</font></P>
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<P style="margin-top:0pt; margin-bottom:10.1pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">New accounting pronouncements</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In January 2003, the Financial Accounting Standards Board or &#147;FASB&#148; issued Interpretation No. 46, Consolidation of Variable Interest Entities, and an Interpretation of Accounting Research Bulletin No. 51 (&#147;FIN 46&#148;). FIN 46 establishes accounting guidance for consolidation of variable interest entities by the primary beneficiary. FIN 46 applies to any business enterprise, public or private, that has a controlling interest, contractual relationship or other business relationship with a variable interest entity. In December 2003, the FASB issued Interpretation No. 46R (&#147;FIN 46 R&#148;) which supersedes FIN 46 and is effective for all Variable Interest Entities (&#147;VIEs&#148;) created after February 1, 2003 at the end of the first interim or annual reporting period ending December 15, 2003. FIN 46R is applicable to all VIEs created prior to February 1, 2003
 by public entities at the end of the first interim or annual reporting period ending after March 15, 2004. The Company has determined that it has no VIEs.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In December 2004, the FASB issued SFAS 153 &#150; Exchanges of Non-Monetary Assets &#150; An amendment of APB 29. &nbsp;This statement amends APB 29, which is based on the principle that exchanges of non-monetary assets should be measured at the fair value of the assets exchanged with certain exceptions. SFAS 153 eliminates the exception for non-monetary exchanges of similar productive assets and replaces it with a general exception for exchanges of non-monetary assets that do not have commercial substance. A non-monetary exchange has commercial substance if the future cash flows of the entity are expected to change significantly as a result of the exchange. &nbsp;This statement is effective for non-monetary asset exchanges occurring in fiscal periods beginning on or after June 15, 2005.</font> </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Emerging Issues Task Force (&#147;EITF&#148;) formed a committee (&#147;Committee&#148;) to evaluate certain mining industry accounting issues, including issues arising from the application of SFAS No. 141, &#147;Business Combinations&#148; (&#147;SFAS No. 141 &#148;) and SFAS No. 142, &#147;Goodwill and Other Intangible Assets&#148; (&#147;SFAS No.142&#148;) to business combinations within the mining industry, accounting for goodwill and other intangibles and the capitalization of costs after the commencement of production, including deferred stripping. The issues discussed also included whether mineral interests conveyed by leases represent tangible or intangible assets and the amortization of such assets.</font> </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The EITF reached a consensus, subject to ratification by the Financial Accounting Standards Board (&#147;FASB&#148;), that mineral interests conveyed by leases should be considered tangible assets. The EITF also reached a consensus, subject to ratification by the FASB, on other mining related issues involving impairment and business combinations.</font> </P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The FASB ratified the consensus of the EITF on other mining related issues involving impairment and business combinations. The FASB also ratified the consensus of the EITF that mineral interests conveyed by leases should be considered tangible assets subject to the finalization of a FASB Staff Position (&#147;FSP&#148;) in this regard. These issues did not have an impact on the Company's financial statements since it did not change its accounting.</font> </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The FASB also issued a FASB Staff Position (&#147;FSP&#148;) amending SFAS No. 141 and SFAS No. 142 to provide that certain mineral use rights are considered tangible assets and that mineral use rights should be accounted for based on their substance. &nbsp;The FSP is effective for the first reporting period beginning after April 29, 2004, with early adoption permitted. &nbsp;This FSP did not have an impact on the Company's financial statements. Management's Discussion &amp; Analysis of Financial Condition and Results of Operations</font></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">This Management's Discussion and Analysis (MD&amp;A) reviews the business of Eldorado Gold Corporation (&#147;Eldorado&#148;, &#147;we&#148; or &#147;the Company&#148;), and compares the Company's financial results for 2004 with those of 2003 and 2002. For a comprehensive understanding of Eldorado's financial condition and results of operations, you should read the MD&amp;A together with the consolidated financial statements and accompanying notes. Unless otherwise noted, all monetary amounts are in United States dollars.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The MD&amp;A has been prepared effective December 31, 2004 and contains certain &#147;Forward-Looking Statements&#148; within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements included here, other than statements of historical fact, and including without limitation statements regarding potential mineralization and reserves, exploration results and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that these statements will prove to be accurate, and actual results and future events could differ materially from them.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado's Consolidated Financial Statements are prepared in accordance with Canadian Generally Accepted Accounting Principles (&#147;GAAP&#148;) and are filed with appropriate regulatory authorities in Canada and the United States.</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">1. 2004 &#150; The Year in Review</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado is a gold producer based in Vancouver, Canada. We own and operate the S&#227;o Bento Gold Mine (the &#147;S&#227;o Bento mine&#148;, or &#147;S&#227;o Bento&#148;) in Brazil and are constructing the Kisladag Mine Project (the &#147;Kisladag mine&#148;) in Turkey. We also explore for and/or acquire precious mineral properties for exploration and develop gold mineralized properties into mines.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Reserves and Resources</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our 2004 exploration drilling program at the S&#227;o Bento mine did not establish the continuity of the mineralization below the intrusive at the 34<SUP>th</SUP> level of the mine. Infill drilling above the intrusive in an area previously defined as probable reserve has resulted in a reduced estimate of probable reserves in this area. This loss of reserves has reduced the mine life of the S&#227;o Bento operation which is now forecast to end in late 2007 or early 2008. &nbsp;Based upon drilling results and the impact on reserves we have charged certain development costs of $8.07 million to operating costs in 2004. &nbsp;We are pursuing the acquisition of additional ore reserves and/or mill feed in the immediate area to extend the life of the S&#227;o Bento mine operations.</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Net Loss for the Year</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The consolidated net loss for 2004 was $13.94 million or ($0.05) per share compared with a net loss of $45.03 million or ($0.20) per share in 2003 and a profit of $1.78 million or $0.01 per share in 2002. The loss in 2004 is due to lower gold sales and higher operating costs at the S&#227;o Bento Mine.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Gold Sales</font> </I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, we sold 81,913 ounces of gold for $33.15 million, including $0.33 million in net hedging loss amortization. The average realized selling price was $405 per ounce, or $409 per ounce excluding the hedging loss amortization. This compares to 2003 gold sales of 95,544 ounces, which sold at a realized average price of $385 per ounce, or $361 per ounce excluding $2.29 million in hedging gain amortization. The average spot price in 2004 was $409 (2003: $363) per ounce.</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Improved Balance Sheet &amp; Equity Financing</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado is in a strong financial position. During 2004, we raised net of fees $62.14 million in equity financings, and at December 31, 2004, we held $135.39 million in cash and short-term deposits. We remain debt free and hedge free. We have sufficient funds to construct the $63.10 million Kisladag mine,</font> </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">carry out our planned exploration programs in Turkey and Brazil and pursue new opportunities in China and elsewhere.</font> </P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Kisladag Mine Construction Underway</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, we acquired all the public and private land, updated the Feasibility Study to reflect 2004 projected costs, completed the permitting process and obtained all approvals from the Turkish authorities for constructing the Kisladag mine.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In the fourth quarter, we began installing site services and completing two process water wells. In December, we began earthwork excavation for constructing the first phase of the leach pad. Kisladag mine construction will be completed in the fourth quarter of 2005, with commissioning leading to startup as planned by the end of 2005.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We expect the Kisladag mine to begin producing gold at an annualized rate of 164,000 ounces in its first year of operations, increasing in year two to 240,000 ounces. Cash operating costs are expected to be $165 per ounce for a planned mine life of 14 years.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Lower Production at S&#227;o Bento Mine</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, production at the S&#227;o Bento mine was 82,024 ounces of gold at a cash cost of $294 per ounce. Production in 2004 was negatively impacted by the high level of waste handling, poor ground conditions and the presence of the metabasite intrusive that intersects the orebody in the area mined in 2004.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Ongoing Exploration in Brazil and Turkey</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We focused our 2004 exploration activities on Brazil and Turkey, completing detailed mapping, sampling and initial drill programs at various sites in these two countries. &nbsp;The work done in 2004 will set the stage for more detailed programs in 2005 and beyond.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Social Initiatives in Brazil and Turkey</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our S&#227;o Bento mine won an Environmental Preservation Award (the 7th Premio de Excelencia da Industria Mineral e Metalurgica Brasileira) from the Brazilian publication <I>Minerios &amp; Minerales</I>. This Award recognizes our environmental management program, which includes the creation of a protected park area on the mine site.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In the region near the Kisladag mine, we installed a water distribution system that is delivering potable water to more than 1,000 local residents in nine villages for the first time. We also funded a mobile health clinic &#150; a vehicle fully equipped with medical supplies and personnel that travels to local communities to provide an invaluable health resource for residents.</font> </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><font color="#000000" size="2">2. Outlook</font> </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Production</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2005, we are forecasting production of 72,000 ounces at our S&#227;o Bento mine, at a cash cost of $320 per ounce. We will complete the shaft-deepening project at the S&#227;o Bento mine in the third quarter of 2005 and we will expand the mine's ventilation system.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Development</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We expect to complete the construction of the Kisladag mine in Turkey, on time and on budget in December 2005.</font></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><font color="#000000" size="2">Certain litigation continues by third parties against T&#252;prag and the Turkish Ministry of Forestry and Environment seeking to cancel the Kisladag Environmental Positive Certificate for Kisladag on the basis of an alleged threat to the environment. &nbsp;The Company is confident with both the methodology of the Environmental Impact Assessment (&#147;EIA&#148;) Report and T&#252;prag's compliance with all procedural steps</font> </P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">taken in obtaining the Kisladag Environmental Positive Certificate. &nbsp;The Company continues to believe that ultimately such litigation shall be successfully defended.</font></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><font color="#000000" size="2">As part of the EIA process for our Efem&#231;ukuru project a public meeting was held at the town of Efem&#231;ukuru on February 2, 2005 by the Turkish Ministry of the Environment to obtain input from local residents about our proposed mine. The meeting was well attended providing excellent dialogue with and input from the local residents. &nbsp;We will address the questions and concerns of local residents in our EIA study, which we are finishing for submission to the Ministry of Environment in the 2<SUP>nd</SUP> quarter of 2005. Once we receive a positive certificate, we will prepare a Feasibility Study and continue obtaining the necessary permits to construct and operate the mine. We currently have the data we need to prepare the Feasibility Study, and we expect to complete it by the second quarter of 2006. Our development schedule for the Efem&#231;ukuru project, following appro
val of the EIA, anticipates that the mine will begin producing gold in late 2007.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Certain litigation continues to be ongoing by third parties against T&#252;prag and the Turkish Ministry of Energy and Natural Resources seeking to cancel the mineral license for the Efem&#231;ukuru project on the basis of an alleged threat to the water quality in the local catchment area. &nbsp;In the course of the litigation against the Ministry and T&#252;prag concerning the Efem&#231;ukuru project, a lower administrative court has issued an injunction which, while in effect, would bar the commencement of mining activities at the Efem&#231;ukuru project. &nbsp;The Company is confident that it will prevail in the case when it is heard in the higher courts. &nbsp;It is not anticipated that a delay in the overall project will occur as a consequence of the legal proceedings. &nbsp;Permitting activities are continuing</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Exploration</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our exploration program for the coming year is focused on Brazil, China and Turkey.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Brazil</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Total exploration expenditures in Brazil for 2005 are budgeted at $4.10 million, which will be allocated to the Tartarugalzinho, Cassipore and Piaba projects.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In February 2005 Eldorado contracted Amec Americas to examine the viability of the Piaba project in North East Brazil. &nbsp;This project is 50% held by Eldorado and hosts a significant resource in weathered and fresh rock. &nbsp;The purpose of the study is to allow Eldorado to make an informed decision on whether further work is warranted on the project given current gold prices.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><I><font color="#000000" size="2">China</font></I></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">On January 11, 2005, we signed a Memorandum of Understanding with Shandong Gold Corporation (&#147;Shandong&#148;) outlining possible joint ventures on one advanced exploration property and two development projects. &nbsp;Shandong is a publicly traded company listed on the Shanghai Exchange with assets in excess of $362 million. &nbsp;Shandong's revenue is derived from the production and sale of gold, silver, sulfur concentrate ore and gold &amp; silver jewelry. &nbsp;&nbsp;Located in eastern China's Shandong Province, China's largest gold producing region claiming approximately a quarter of China's total gold production and 60% of the domestic industry's total gold profits, they produced approximately 150,000 ounces of gold in 2004 from two underground mines. On November 21, 2004 Shandong signed an acquisition agreement for its third underground mine. &nbsp;The acquisition was ap
proved by their shareholders on December 28, 2004.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Members of our management team toured Shandong's operations early in 2005 and were impressed by the modern, efficient nature of their mines and the professionalism of Shandong's management, both at the corporate level and in the mines. &nbsp;</font></P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Turkey</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our 2005 exploration budget for Turkey is $1.70 million, which will be divided among the Pontide Belt, Biga Peninsula and Demir Joint Venture. This budget allows for preliminary drilling on several projects, and we will allocate additional funds as needed. &nbsp;We have our own drilling rigs, processing lab and technicians thereby allowing us to do substantial exploration activities economically.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">3. Exploration Activity in 2004</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, we focused our exploration activities on Turkey, Brazil and China, spending a total of $4.14 million.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Turkey</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our exploration activities in Turkey centered on three areas: the Western Pontides, the Demir Joint Venture and the Biga Peninsula.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In the Western Pontides, we control 145,200 hectares in 42 exploration licenses that are 100% owned by our subsidiary, T&#252;prag. The targets in this area are large, bulk tonnage, high sulfidation-type precious metal systems and low sulfidation-type precious metal vein systems. In 2004, we undertook a range of activities &#150; including mapping and sampling &#150; to provide drill targets for the year ahead.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our 50/50 Demir Joint Venture consists of 27 licenses covering a total of 58,642 hectares. This property, discovered during a reconnaissance program in 2001 and 2002, includes a porphyry-style gold-molybdenum-copper deposit that has alteration styles similar to those at Kisladag. In 2004, we completed the permitting and construction of six kilometers of roads through the center of the anomaly for mapping, sampling and drill access. Results from the sampling will guide our drill program for 2005.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In the Biga Peninsula area of western Turkey, we control 25 exploration licenses covering 38,244 hectares. Reconnaissance work will continue in 2005 and we may carry out additional drilling.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Brazil</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, we pursued several exploration opportunities and obtained mineral licenses on two properties in northern Brazil's Amapa State and another in Rio Grande do Norte State.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our land position at Amapa State totals 120,000 hectares and our work program in 2004 focused on geologic mapping, stream and soil sampling and geophysics to define drill targets. These properties host large geochemical gold anomalies as well as artisanal gold mining, in the same rock formations that host major deposits in Venezuela, Surinam and Guyana.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In Rio Grande do Norte State results from a 4 hole exploration program in the Bonfim area were negative, and the property was subsequently dropped.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">4. Review of Financial Results</font></B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Net (Loss) Income</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004, the consolidated net loss was $13.94 million or ($0.05) per share, compared with a net loss of $45.03 million or ($0.20) per share in 2003 and a profit of $1.78 million or $0.01 per share in 2002.</font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Revenues</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company's revenues consist of sales of gold bullion. Gold bullion was sold in 2004 to a number of large institutions.</font></P>
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<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=309.6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">REVENUE - ($000)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=309.6><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=309.6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Gold</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$33,482&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$34,528&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$30,501&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=309.6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Effects of hedging</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(329)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;2,286&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,550&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=309.6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Total gold sales</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$33,153&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$36,814&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$34,051&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=309.6><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Interest and other income</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;2,762&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,415&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;5,245&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=309.6><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$35,915&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$38,229&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$39,296&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Interest and Other Income</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Interest and other income for 2004 was $2.76 million, which includes $1.75 million in interest on cash and short-term money market investments and the balance of $1.01 million in other income and credits. This compares to 2003 interest and other income of $1.41 million, which includes $1.20 million in interest on cash and short-term money market investments and $0.21 million in other income and credits. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Expenses</font></I></B></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">EXPENSES - ($000)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=70.933><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Operating costs</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$32,459&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$22,604&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$19,027&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Depletion, depreciation and amortization</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,431&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;10,321&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;10,699&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">General and administrative</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;5,531&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,961&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,238&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Exploration expense</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;4,136&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,956&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,078&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Stock based compensation expense</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;3,720&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,418&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Foreign exchange (gain) loss</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(196)</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;(6,494)</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,046&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><P style="margin:0pt; font-family:Times New Roman"><font color="#000000" size="2">Other</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;455&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,202&nbsp;</font></P>
</TD><TD valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;1,076&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=300.333><font color="#000000" size="2">&nbsp;</font></TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$50,536&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$35,968&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=70.933><P style="margin:0pt; font-family:Times New Roman" align=right><font color="#000000" size="2">&nbsp;$36,164&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Depletion, depreciation and amortization</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Depletion, depreciation and amortization expense dropped in 2004 due to the 2003 write down of the S&#227;o Bento mine asset value. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">General and Administrative Expenses</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The higher administrative expense in 2004 reflects the continued growth of our company as we hired additional staff to support our exploration department and our China initiative. The addition of four new employees in our exploration department and the dramatic increase in the value of the Canadian dollar accounts for the majority of the increase compared to 2003. &nbsp;&nbsp;&nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Fees paid to PricewaterhouseCoopers LLP totaling $381 thousand are included in the general and administrative expenses for 2004. These include audit services of $147 thousand, audit related activities of $62 thousand and taxation services of $172 thousand. &nbsp;&nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">30</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Exploration Expense</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The significant increase in our exploration activities in Brazil, Turkey and China accounted for the increase in spending. In Brazil, we established an exploration office in Belo Horizonte to coordinate exploration activities throughout the country.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom: 1 solid #000000" valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">Exploration activities by country -
      ($000)</font></P>
</TD><TD valign=bottom width=86.4 style="border-bottom: 1 solid #000000">
      <p align="right"><font color="#000000" size="2">&nbsp;2004</font></p>
    </TD></TR>
<TR><TD valign=bottom width=399.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=29.8><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=86.4><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Brazil</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$1,392&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Turkey</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;1,679&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">China</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;708&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Canada - exploration administration</font></P>
</TD><TD valign=bottom width=86.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;357&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=428.867 colspan=2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Total</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=86.4><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$4,136&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Stocked-Based Compensation Expense</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company uses fair-value accounting for awards of stock options to employees, officers and directors under its share option plans. The cost of the options granted using fair-value accounting resulted in an expense of $1.42 million in 2003. In 2004, an additional 3,875,000 options were granted to Eldorado employees, officers and directors resulting in an expense of $3.72 million.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">Foreign exchange (gain) loss</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2003 the Canadian dollar strengthened against the U.S. dollar by 21.6% resulting in a $6.49 million foreign exchange gain on Canadian funds held. &nbsp;In 2004 the Canadian dollar strengthened against the U.S. dollar by 7.2% resulting in a foreign exchange gain of $0.20 million.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Income Taxes</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Current tax recovery for 2004 was $1.41 million compared to a tax recovery of $1.11 million in 2003 and a tax expense of $1.12 million in 2002. The recovery in 2004 and 2003 resulted from completing the restructuring of our inter-company debt over the two year period.</font></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><font color="#000000" size="2">Future income tax expense of $0.76 million in 2004, compared to a future income tax expense of $3.57 million in 2003 and $0.39 million in 2002, relates to a future tax liability recorded due to the appreciation of the Brazilian Real, which results in a gain on inter-company debt and therefore creates a future income tax liability. If the Brazilian Real weakens in the future, this deferred tax liability will be reversed.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">31</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">5. Review of Mining Operations</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">S&#227;o Bento Mine</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=524.6 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Operating Data&#185;</font></P>
</TD></TR>
<TR><TD valign=bottom width=524.6 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Gold Production</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ounces</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;82,024&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;95,049&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;103,533&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Cash Operating Costs ($/oz)5</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$294&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$234&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$184&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total Cash Costs ($/oz)2,5</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$302&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$241&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$189&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total Production Costs ($/oz)3,5</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$358&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$364&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$282&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Realized Price ($/oz sold)4</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$409&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$361&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$306&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=524.6 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">S&#227;o Bento Mine</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Tonnes to Mill</font> </P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;366,729&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;374,130&nbsp;</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;381,295&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Average Mill Grade (grams/tonne)</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;7.81&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">8.50</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">8.93</font></P>
</TD></TR>
<TR><TD valign=bottom width=290.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Average Recovery Rate (%)</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;89.10&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">92.00</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">92.60</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:8pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:8pt"><font color="#000000" size="2"><SUP>1</SUP>
Cost figures calculated in accordance with the Gold Institute Standard.</font></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:8pt"><font color="#000000" size="2"><SUP>2</SUP>
Cash Operating Costs, plus royalties and the cost of off-site administration.</font></P>
<P style="margin:0pt; padding-left:45pt; text-indent:-9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><SUP>3</SUP> Total Cash Cost, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses. Total Production Costs for 2003 have been revised to include Section 3110 of the Canadian Institute of Chartered Accountants (CICA 3110 - Asset Retirement Obligation).</font></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><SUP>4</SUP> Excludes amortization of deferred gain or loss.</font></P>
<P style="margin:0pt; padding-left:45pt; text-indent:-9pt; font-family:Times New Roman"><font color="#000000" size="2"><B><SUP>5</SUP> </B>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. Please see the section &#147;Non-GAAP Measures&#148; of the MD&amp;A.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Gold production at our S&#227;o Bento mine in Brazil was 16 percent lower in 2004 than 2003 and total cash costs were 25 percent higher. As the mine deepens, it is more challenging to sustain historical production levels and cash costs per ounce have increased as a result of lower gold production levels, higher oxygen and cyanide consumption and increased energy costs. &nbsp;Higher oxygen and cyanide consumption were driven by higher pyrrhotite content in the ore, arising from the presence of a metabasite intrusive that intersected the orebody at the area scheduled for mining in 2004.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In 2004 we continued to advance our shaft-deepening project at the S&#227;o Bento mine which will be completed in August 2005 at an approximate cost of $12.00 million. This project includes deepening the concrete-lined shaft by 270 meters from the 23<SUP>rd</SUP> to the 28<SUP>th</SUP> level, providing a bottom working elevation approximately 1,300 meters below surface. The shaft-deepening project has created more challenging work conditions due to a high level of waste handling, poor ground conditions and the presence of a metabasite intrusive that intersects the ore body in the area scheduled for mining.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">During the year, we also completed 2,791 meters of infill drilling and 17,612 meters of exploration drilling at the S&#227;o Bento mine. A total of 8,945 meters were drilled below the mine's deeper intrusive, at approximately the 32<SUP>nd</SUP> level. This drilling was unsuccessful in re-establishing continuity of the mineralization below the intrusive.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">32</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=519.4 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">S&#227;o Bento Mine</font></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Gold Production and Cost per Ounce</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=66.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=60.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Direct mining expense</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$287&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$227&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$186&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Currency hedging</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Inventory change</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;1&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;4&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Refining and selling costs</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;6&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;5&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;3&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Vancouver costs</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;2&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;1&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;1&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">By-product credits</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(1)</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Business interruption credit</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(10)</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Cash operating costs per ounce</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$294&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$234&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$184&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=66.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=60.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Royalties and production taxes</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;8&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;7&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;5&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Total cash costs per ounce</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$302&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$241&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$189&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=72><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=66.867><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=60.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Depletion, depreciation and amortization</font> </P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;53&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;107&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;87&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Foreign exchange (gain) loss</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(3)</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;12&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;6&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Accretion of asset retirement expense</font></P>
</TD><TD valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;6&nbsp;</font></P>
</TD><TD valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;4&nbsp;</font></P>
</TD><TD valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=319.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Total production costs per ounce</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=72><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$358&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=66.867><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$364&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=60.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$282&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">6. Financial Conditions and Liquidity</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Cash from Operations</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The decrease from 2003 to 2004 resulted primarily from higher cash operating costs at the S&#227;o Bento mine and lower gold sales. &nbsp;Both higher cash operating costs and lower gold sales are a direct result of the continued congestion at the bottom of the mine as a consequence of the construction related to the shaft deepening and the requirement to handle waste and haul ore to the surface for processing.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Investing Activities</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Over the last three years, we have invested the following in property, plant and equipment:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Capital Expenditures - ($000)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">S&#227;o Bento Mine</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$5,717&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$8,973&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$5,334&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Kisladag project, under construction</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$16,233&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$3,437&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$2,209&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">T&#252;prag - others</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;842&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;57&nbsp;</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;4&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$17,075&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$3,494&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$2,213&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Vancouver and others</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;553&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;528&nbsp;</font></P>
</TD><TD valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;72&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=322.933><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Total</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$17,628&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$4,022&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=74.067><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$2,285&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">At the S&#227;o Bento mine, our capital expenditures were primarily related to the shaft-deepening project, underground ventilation and underground development. Capital expenditures at the Kisladag mine were primarily related to land acquisition and the costs related to obtaining final permits.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">33</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Financing Activities</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado remains debt free and unhedged.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Proceeds from the issue of common shares</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">In November 2004, we completed a financing for a total of $62.14 million net of fees. Over the past three years, we have raised $157.50 million net of fees in public financings, which has been used to eliminate debt and fund our ongoing operations and development.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Proceeds from the issue of common shares - ($000)</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">2003</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">2002</font></P>
</TD></TR>
<TR><TD valign=bottom width=332.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=81.267><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Public Financing</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$62,140&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$52,822&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$42,536&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Warrants Conversion</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;32&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;24,496&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;5,008&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Options Exercised</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;1,536&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;1,301&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;468&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Return to Treasury</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;(46)</font></P>
</TD></TR>
<TR><TD valign=bottom width=332.2><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Total Cash Raised</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$63,708&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$78,619&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=81.267><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$47,966&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We believe Eldorado has the cash available and the ability to generate sufficient amounts of cash from operations in the short and long term to maintain planned production. We also believe that we will be able to raise capital as needed in the capital markets as opportunities for expansion arise.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Cash Resources and Liquidity</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">At December 31, 2004, we had cash and short-term investments of $135.39 million resulting in working capital of $144.02 million, compared with $105.47 million and $107.14 million, respectively, at the beginning of the year. The significant increase in working capital resulted primarily from our completion of the $62.14 million net of fees financing in November 2004 which was offset, to a certain degree, by expenditures for property, plant and equipment.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">7. Contractual Obligations</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our contractual obligations on December 31, 2004, including payments due for each of the periods indicated, are summarized as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=142.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=313.667 colspan=5><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Payments due in</font></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=142.933><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Contractual obligations</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2005</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2006</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2007</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2008</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2009</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2010 +</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">Total</font></P>
</TD></TR>
<TR><TD valign=bottom width=142.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=142.933><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Operating leases</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$279&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$216&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$171&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$171&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$175&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$950&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$1,962&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=142.933><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Capital expenditures</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;18,320&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;18,320&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=142.933><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Purchases obligations</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;8,082&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;6,607&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;6,607&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;6,209&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;27,505&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=142.933><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=62.733><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=142.933><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Total</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$26,681&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$6,823&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$6,778&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$6,380&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$175&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$950&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=62.733><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=right><font color="#000000" size="2">&nbsp;$47,787&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Capital expenditures in 2005 of $18,320 relate to purchases for the construction of the Kisladag mine.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">34</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">8. Summary of Quarterly Results and 4<SUP>th</SUP> Quarter Review</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt" align=center><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=233.467><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=74.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=75.067><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=77.133><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=73><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=top width=233.467 style="border: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-top: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">4th Quarter</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-top: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">3rd Quarter</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-top: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2nd Quarter</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-top: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">1st Quarter</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2004</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2004</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2004</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2004</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Revenue</font> </P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,560&nbsp;</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,156&nbsp;</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$7,259&nbsp;</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,940&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Net income (loss) 1</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(10,263)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(1,343)</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(1,673)</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(663)</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Basic (loss) Income per share - U.S.$</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.04)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.01)</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Diluted (loss) Income per share - U.S.$</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.04)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.01)</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">4th Quarter</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">3rd Quarter</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2nd Quarter</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">1st Quarter</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Revenue</font> </P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2003</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2003</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2003</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">2003</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Net income (loss) 1</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,592&nbsp;</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,841&nbsp;</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,348&nbsp;</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$9,448&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(46,528)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$(1,631)</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$1,447&nbsp;</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;$1,679&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Basic (loss) Income per share - U.S.$</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.21)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.01)</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt"><font color="#000000" size="2">Diluted (loss) Income per share - U.S.$</font></P>
</TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.21)</font></P>
</TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;(0.01)</font></P>
</TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0" align="center"><P style="margin:0pt; line-height:12.5pt; font-family:Times New Roman; font-size:10.5pt" align=center><font color="#000000" size="2">&nbsp;0.01&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=233.467 style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=74.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=75.067 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=77.133 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=73 style="border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=532 colspan="5" style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="2"><sup>1 Net Income (loss) figures have been restated for the quarters to reflect the non-cash</sup></font></TD></TR>
<TR><TD valign=bottom width=532 colspan="5" style="border-left: 1 solid #C0C0C0; border-right: 1 solid #C0C0C0; border-bottom: 1 solid #C0C0C0"><font color="#000000" size="1">year end adjustments in fiscal 2003.</font></TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">9. Critical Accounting Estimates</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company utilizes certain critical accounting estimates as follows:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Reserves and Resources</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Mineral reserves have been calculated in accordance with National Instrument 43-101, as required by Canadian Securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934, as interpreted by the Staff of the Securities and Exchange Commission), applies different standards in order to classify mineralization as a reserve. &nbsp;The project mineral reserves are classified as such under both Canadian and US regulatory authorities.</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">&nbsp;<BR>
Cautionary note to U.S. investors concerning estimates of inferred mineral resources: &nbsp;We advise U.S. investors that while this term is recognized and required by National Instrument 43-101 under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. &nbsp;&#147;Inferred Mineral Resources&#148; have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. &nbsp;It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. &nbsp;Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility or other economic study. &nbsp;U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists or is economically or legally mineable. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Recoverable Values</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Where information is available and conditions suggest impairment of long lived assets, estimated future net cash flows from each property are calculated using estimated future gold prices, proven and probable reserves, value beyond proven and probable reserves, operating, capital and reclamation costs and estimated proceeds from the disposition of assets on an undiscounted basis. &nbsp;</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">35</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Gold Price</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company estimates the future price of gold based on historical trends and published forecasted estimates. &nbsp;Presently the Company's five-year plan assumes the following prices:</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=127.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2005</font></P>
</TD><TD valign=top width=67.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2006</font></P>
</TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2007</font></P>
</TD><TD valign=top width=67.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2008</font></P>
</TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">2009</font></P>
</TD></TR>
<TR><TD valign=top width=127.2><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.4><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=67.333><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=top width=127.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Gold price (US$/oz)</font></P>
</TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400</font> </P>
</TD><TD valign=top width=67.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375</font> </P>
</TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375</font> </P>
</TD><TD valign=top width=67.4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375</font> </P>
</TD><TD valign=top width=67.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350</font> </P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The resulting average price is $375 per ounce.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Operating Costs</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company reports its operating costs in accordance with the Gold Institute Standard. Future operating costs however include estimates of currency foreign exchange and inflation trends.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Stock Based Compensation</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company in determining the fair-value for awards of stock options to employees, officers and directors estimates among other things stock volatility and risk-free rate.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Asset Retirement Obligation</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The Company in assessing the carrying value of the asset retirement obligation estimates among other things the mine closure date and the credit adjusted risk free rate.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">10. Risks and Uncertainties</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Gold Price</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado's profitability is linked to the price of gold as our revenues are derived primarily from gold mining. Gold prices are affected by numerous factors beyond our control, including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand and political and economic conditions. Worldwide gold production levels also affect gold prices, and the price of gold is occasionally subject to rapid short-term changes due to speculative activities.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Exploration and Development</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The costs and results of our exploration and development programs affect Eldorado's profitability and value. Since mines have limited lives based on proven reserves, we actively seek to replace and expand our reserves, primarily through acquisitions, exploration and development of our existing operations and recognizance exploration. Exploration for minerals involves many risks and may not result in any new economically viable mining operations or yield new reserves to replace and expand current reserves. Determination of reserves is a process of estimation and, as such, reserve calculations are subject to the assumptions and limitations of the estimation process.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Acquiring title to mineral properties is a detailed and time-consuming process. We take steps, in accordance with industry standards, to verify and secure legal title to mineral properties in which we have or are seeking an interest. Although we take every precaution to ensure that legal title to our properties is properly recorded in the name of Eldorado, there can be no assurance that such title will ultimately be secured on every property. &nbsp;The legal title to our properties is dependent on the appropriate application of the laws in the countries in which we operate.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Capital and Operations</font> </I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our exploration, development and operations are located in Brazil, Turkey and China and face potential political risks in these countries. As well, the business of gold mining involves many operational risks and hazards. Through high operational standards, an emphasis on hiring and training appropriately skilled</font> </P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">36</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">personnel and operational improvements, we work to reduce the risks associated with our projects. We also maintain adequate insurance to cover normal business risk.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">As we currently have only one producing mine, any adverse development affecting S&#227;o Bento would have a negative impact on our financial performance.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We also rely on a number of key employees. Our success depends on attracting and retaining qualified personnel in a competitive labour environment.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We have sufficient financial resources to undertake our planned exploration and development program. Further exploration and development of mineral resource properties or acquisitions beyond this may require additional capital. Accordingly, the continuing development of our projects will depend on our ability to obtain financing through joint venture projects, debt financing and equity financing or other means. There is no assurance that we will be successful in obtaining the required financing.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Environment</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Our activities are subject to extensive federal, provincial, state and local laws and regulations governing environmental protection and employee health and safety. We must obtain governmental permits and provide associated financial assurance to carry on certain activities. We are also subject to various reclamation-related conditions imposed under federal, state or provincial air, water quality and mine reclamation rules and permits.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">While we have budgeted for future capital and operating expenditures to maintain compliance with environmental laws and permits, any changes to these laws in the future could adversely affect Eldorado's financial condition, liquidity or results of operations.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Laws and Regulations</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado's mining operations and exploration activities are subject to extensive federal, provincial, state and local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters. These laws and regulations are subject to change, which may restrict our ability to operate. We draw on the expertise and commitment of our management team, advisors, employees and contractors to ensure compliance with current laws, and we foster a climate of open communication and co-operation with regulatory bodies.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Legal Proceedings</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">The nature of our business subjects us to regulatory investigation, claims, lawsuits and other proceedings in the ordinary course of business. We cannot predict the outcome of these legal proceedings with certainty.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Currency Fluctuations</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">We operate in numerous countries &#150; including the US, Canada, Brazil and Turkey &#150; and we are therefore affected by currency fluctuations in these jurisdictions.</font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U><font color="#000000" size="2">&nbsp;</font></U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Political Risk</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Eldorado conducts operations in a number of countries outside of North America, namely Brazil, Turkey and China. These operations are potentially subject to a number of political, economic and other risks which may have an impact on our future operations and financial position.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><font color="#000000" size="2">11. &nbsp;Non-GAAP Measures</font></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">Throughout this document, we have provided measures prepared according to Canadian Generally Accepted Accounting Principles (GAAP), as well as some non-GAAP performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by GAAP, they</font> </P>
<font color="#000000" size="2">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">37</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B><font color="#000000" size="2">MANAGEMENT'S DISCUSSION AND ANALYSIS</font></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Year ended December 31, 2004, 2003 and 2002</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">are unlikely to be comparable to similar measures presented by other companies. We provide these non-GAAP measures as they are used by some investors to evaluate Eldorado's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP. We have defined the non-GAAP measures below and reconciled them to reported GAAP measures.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B><I><font color="#000000" size="2">Unit costs</font></I></B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">A reconciliation of cash operating costs calculated in accordance with the Gold Institute Standard to the cost of sales is included below:</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=369.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=121.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=top width=95.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Reconciliation of Cash Operating Costs per Ounce 1</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">2004</font></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">2003</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=121.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Gold Ounces Sold</font></P>
</TD><TD valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;81,913&nbsp;</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;95,544&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=121.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=586.267 colspan=3><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Cash Operating Cost - ($000)</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Operating costs</font></P>
</TD><TD valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$32,459&nbsp;</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$22,604&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Royalty expense and production taxes</font></P>
</TD><TD valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(634)</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(652)</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Effects of inventory adjustments</font></P>
</TD><TD valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;332&nbsp;</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;405&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Expense of certain development costs</font></P>
</TD><TD valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;(8,075)</font></P>
</TD><TD valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;- &nbsp;&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Cash Operating Cost</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$24,082&nbsp;</font></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:1.5pt solid #000000" valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$22,357&nbsp;</font></P>
</TD></TR>
<TR><TD valign=bottom width=369.267><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=121.333><font color="#000000" size="2">&nbsp;</font></TD><TD valign=bottom width=95.667><font color="#000000" size="2">&nbsp;</font></TD></TR>
<TR><TD valign=bottom width=369.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font color="#000000" size="2">Cash Operating Cost per ounce</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=121.333><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$294&nbsp;</font></P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=bottom width=95.667><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right><font color="#000000" size="2">&nbsp;$234&nbsp;</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">&#185; Cash operating costs are calculated in accordance with The Gold Institute Standard. Cash costs &nbsp;&nbsp;&nbsp;</font></P>
<P style="margin:0pt; padding-left:6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2">are derived from amounts included in the Statement of Operations and include the S&#227;o Bento mine site operating costs excluding the above.</font> </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:4.6pt; margin-bottom:4.6pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:5.5pt; font-family:Times New Roman; font-size:11pt" align=justify><font color="#000000" size="2"><BR></font></P>
<font color="#000000" size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2">38</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><font color="#000000" size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<br>
<br>
<p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Form
52-109FT2<br>
Certification of Interim Filings During Transition Period</b></p>
<p style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><br>
</p>
<p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">I,
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold
Corporation certify that:</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">1.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">I
have reviewed the annual filings (as this term is defined in Multilateral
Instrument 52-109 <i>Certification of Disclosure in Issuers' Annual and
Interim Filings)</i> of Eldorado Gold Corporation (the "Issuer") for the
year ending December 31, 2004.</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">2.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Based
on my knowledge, the annual filings do not contain any untrue statement of a
material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under
which it was made, with respect to the period covered by the annual filings; and</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">3.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Based
on my knowledge, the annual financial statements together with the other
financial information included in the annual filings fairly present in all
material respects the financial condition, results of operations and cash flows
of the Issuer, as of the date and for the periods presented in the annual
filings.</p>
<p style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Date:</p>
<p style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">March
21, 2005</p>
<table style="font-size:10pt" cellspacing="0">
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="343.2">
      <p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify"><i>"Paul
      N. Wright"</i></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.2">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Paul
      N. Wright</p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">President
      &amp; Chief Executive Officer</p>
    </td>
  </tr>
</table>
<p style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><br>
</p>
<br>
<br>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<br>
<br>
<p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Form
52-109FT2<br>
Certification of Interim Filings During Transition Period</b></p>
<p style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><br>
</p>
<p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">I,
Earl W. Price, Chief Financial Officer of Eldorado Gold Corporation certify
that:</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">1.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">I
have reviewed the annual filings (as this term is defined in Multilateral
Instrument 52-109 <i>Certification of Disclosure in Issuers' Annual and
Interim Filings)</i> of Eldorado Gold Corporation (the "Issuer") for the
year ending December 31, 2004.</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">2.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Based
on my knowledge, the annual filings do not contain any untrue statement of a
material fact or omit to state a material fact required to be stated or that is
necessary to make a statement not misleading in light of the circumstances under
which it was made, with respect to the period covered by the annual filings; and</p>
<p style="margin-top:12pt; margin-bottom:-14pt; padding-left:36pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">3.</p>
<p style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Based
on my knowledge, the annual financial statements together with the other
financial information included in the annual filings fairly present in all
material respects the financial condition, results of operations and cash flows
of the Issuer, as of the date and for the periods presented in the annual
filings.</p>
<p style="margin-top:12pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Date:</p>
<p style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">March
21, 2005</p>
<table style="font-size:10pt" cellspacing="0">
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="343.2">
      <p style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify"><i>"Earl
      Price"</i></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.2">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Earl
      W. Price</p>
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="justify">Chief
      Financial Officer</p>
    </td>
  </tr>
</table>
<p style="margin-top:12pt; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><br>
</p>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
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