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<SEC-DOCUMENT>0001176256-08-001243.txt : 20081114
<SEC-HEADER>0001176256-08-001243.hdr.sgml : 20081114
<ACCEPTANCE-DATETIME>20081114161717
ACCESSION NUMBER:		0001176256-08-001243
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081114
FILED AS OF DATE:		20081114
DATE AS OF CHANGE:		20081114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		081191574

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
		BUSINESS PHONE:		604-669-9397

	MAIL ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6knrnov14.htm
<DESCRIPTION>REPORT OF FOREIGN ISSUER FOR THE MONTH OF NOVEMBER, 2008
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Filed by EDF Electronic Data Filing Inc. (604) 879-9956 - Silvercorp Metals Inc. - Form 6-K</TITLE>
<META NAME="date" CONTENT="11/14/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0px; padding-top:4px; border-top:3px solid #000000" align=center><BR></P>
<P style="margin:0px" align=center><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. &nbsp;20549</B></P>
<P style="line-height:14pt; margin-top:16px; margin-bottom:0px; font-size:12pt" align=center><B>FORM 6-K</B></P>
<P style="margin-top:11.133px; margin-bottom:0px" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
<P style="margin-top:11.133px; margin-bottom:0px" align=center><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF <BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin-top:11.133px; margin-bottom:0px" align=center>November 14, 2008 </P>
<P style="margin-top:11.133px; margin-bottom:0px" align=center>Commission File No. 0001340677</P>
<P style="line-height:14pt; margin-top:13.333px; margin-bottom:0px; font-size:14pt" align=center><B><U>SILVERCORP METALS INC.<BR>
</U></B><FONT style="font-size:10pt">(Translation of registrant's name into English)</FONT></P>
<P style="line-height:14pt; margin-top:15.533px; margin-bottom:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Suite 1378 - 200 Granville Street</B></P>
<P style="margin:0px" align=center><B><U>Vancouver, BC Canada &nbsp;V6C 1S4 </U></B></P>
<P style="margin:0px" align=center>(Address of principal executive office)</P>
<P style="margin-top:11.133px; margin-bottom:0px">[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>
<P style="margin-top:11.133px; margin-bottom:0px">Form 20-F&nbsp;[ ] &nbsp;Form 40-F&nbsp;&nbsp;[ X ]</P>
<P style="margin-top:11.133px; margin-bottom:0px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)&nbsp;[ ]</P>
<P style="margin-top:11.133px; margin-bottom:0px"><B>Note:</B> Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P style="margin-top:11.133px; margin-bottom:0px">Indicate by check mark if the registrant is &quot;submitting&quot; the Form 6-K in paper as permitted by Regulation S-T &quot;Rule&quot; 101(b)(7) &nbsp;[ ]</P>
<P style="margin-top:11.133px; margin-bottom:0px"><B>Note: &nbsp;</B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 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 6-K submission or other Commission filing on EDGAR.</P>
<P style="margin-top:11.133px; margin-bottom:0px">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:11.133px; margin-bottom:0px">Yes &nbsp;&nbsp;[ ] &nbsp;&nbsp;No&nbsp;[X]</P>
<P style="margin-top:11.133px; margin-bottom:0px">If &quot;Yes&quot; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</P>
<P style="margin-top:11.133px; margin-bottom:0px">&nbsp;</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:11.133px; margin-bottom:13.333px" align=center>&nbsp;</P>
<P style="margin:0px"><B>SIGNATURE</B></P>
<P style="margin-top:11.133px; margin-bottom:0px">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:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px">Dated: November 14, 2008</P>
<P style="margin:0px; text-indent:288px"><B>SILVERCORP METALS INC.</B></P>
<P style="margin-top:11.133px; margin-bottom:0px; padding-left:240px; text-indent:48px"><U>/s/ Lorne Waldman</U></P>
<P style="margin:0px; padding-left:240px; text-indent:48px">Lorne Waldman</P>
<P style="margin:0px; padding-left:240px; text-indent:48px">Corporate Secretary</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center>EXHIBIT INDEX</P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=139.2></TD><TD width=904.867></TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0px"><U>EXHIBIT</U></P>
</TD><TD valign=top width=904.867><P style="margin:0px"><U>DESCRIPTION OF EXHIBIT</U></P>
</TD></TR>
<TR><TD valign=top width=139.2><P>&nbsp;</P></TD><TD valign=top width=904.867><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=139.2><P style="margin:0px" align=justify><a href="exhibit991.htm">99.1</a></P>
</TD><TD valign=top width=904.867><P style="line-height:normal; margin:0px" align=justify><a href="exhibit991.htm">NEWS RELEASE DATED NOVEMBER 13, 2008<FONT style="font-size:11pt"> - </FONT>SILVERCORP ANNOUNCES ITS FINANCIAL AND OPERATING RESULTS FOR THE 2<SUP>ND</SUP> QUARTER ENDED SEPTEMBER 30, 2008</a></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-bottom:4px; border-bottom:3px solid #3F3F3F"><BR></P>

</BODY>
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 14, 2008
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
<META NAME="author" CONTENT="Grace Soo">
<META NAME="date" CONTENT="11/14/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<HR align=center width="100%" noShade SIZE=3>
<p align="right"><b><font size="2">Exhibit 99.1</font></b></p>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
     <TD width="50%">
<IMG src="exhibit991001.jpg" border=0>
</TD>
     <TD align=right width="50%">
<IMG src="exhibit991002.jpg" border=0>
</TD></TR></TABLE></P>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>PRESS RELEASE</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=710.6></TD><TD width=765.4></TD></TR>
<TR><TD valign=top width=710.6><P style="margin:0px; padding-right:24px"><B>Trading Symbol: SVM.TO</B></P>
</TD><TD valign=top width=765.4><P style="margin:0px; padding-right:24px" align=right><B>November 13, 2008</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B><U>SILVERCORP ANNOUNCES ITS FINANCIAL AND OPERATING RESULTS</U></B></P>
<P style="margin:0px" align=center><B><U>FOR THE 2nd QUARTER ENDED SEPTEMBER 30, 2008</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>VANCOUVER, British Columbia &#150; November 13, 2008 &#150; Silvercorp Metals Inc. </B>(the &#147;Company&#148;) is pleased to announce the unaudited financial and operating results for the 2<SUP>nd</SUP> quarter ended September 30, 2008. &nbsp;The financial results in the following text are expressed in US dollars (US$) unless stated otherwise.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>SECOND QUARTER HIGHLIGHTS</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Net income declined to $4.9 million from $16.8 million in the prior year period, impacted by power downtime in July and early August, lower metal prices, and reduced head grades</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Basic earnings per share of $0.03 compared to $0.11 in the prior year</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Cash provided by operating activities of $11.7 million</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Total cash cost per ounce of silver of negative $2.65</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Ended quarter with $48.6 million in cash and short term investments with no debt</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>Began implementing cost cutting measures and controls </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>FINANCIAL HIGHLIGHTS</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>For the three months ended September 30, 2008, the Company achieved sales of $20.1 million, down 31% compared to $29.2 million for the same period last year. &nbsp;Gross profit from operations amounted to $10.2 million (three months ended September 30, 2007 - $23.2 million), a decrease of 56% and representing a gross margin of 51% (three months ended September 30, 2007 - 80%). Net earnings of $0.03 per share decreased $0.08 from $0.11 per share for the same period last year. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>For the six months ended September 30, 2008, the Company achieved sales of $51.0 million, compared to $51.4 million for the same period last year. &nbsp;Gross profit from operations amounted to $31.6 million (six months ended September 30, 2007 - $40.6 million), a decrease of 28.5% and representing a gross margin of 62% (six months ended September 30, 2007 - 79%). Net earnings of $0.11 per share decreased $0.10 from $0.21 per share for the same period last year. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Although the Company achieved higher production levels in terms of tonnes of ore mined and milled compared to the same period last year, both revenues and earnings decreased mainly due to the following: (i) the Company mined lower grade areas during the first two months of the quarter resulting in less metals produced and higher unit production costs; (ii) TLP Mine and LM Mine are still in the early stages of mining and therefore experiencing higher operating costs; (iii) &nbsp;there was a significant drop in the selling price of lead (from $1.05 to $0.81 per pound) and zinc (from $1.03 to $0.41 per pound); (iv) there was a $1.2 million equity loss in investment due to an equity pickup of an impairment loss of $7.3 million of New Pacific Metals Corp.; (v) professional fees increased $0.7 million to improve the internal control to comply with the requirements of Sarbanes Oxley Act; (vi) no option income was recorded this quarter while $1.1 million in option income was recor
ded during the same period last year; and (vii) the Company&#146;s subsidiary, Henan Found Mining Company Ltd. (&#147;Henan Found&#148;), is now subject to 12.5% income tax rate. </P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><BR>
</P>
<P style="margin:0px" align=justify>Cash provided by operating activities was $11.7 million for the three months ended September 30, 2008, a decrease of 43% compared to $20.5 million during the same period last year. The Company ended the quarter with $48.6 million in cash and short term investments. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Cash provided by operating activities was $26.9 million for the six months ended September 30, 2008, a decrease of 32% compared to $39.4 million over the same period last year. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Capital expenditures during the six months ended September 30, 2008 amounted to $44.0 million (six months ended September 30, 2007- $7.3 million) representing the purchase of mineral rights and properties and deferred exploration costs totaling $35.4 million (six months ended September 30, 2007 - $5.1 million) and the purchase of equipment and construction of the new mill of $8.6 million (six months ended September 30, 2007 - $2.2 million). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>OPERATION HIGHLIGHTS</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Total sales and realized prices net of value added tax and smelter charges for the 2<SUP>nd</SUP> quarter ended September 30, 2008 as compared to the same period of 2007, are as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>849,245 (2007 - 1,001,992) ounces of silver sold for $10.1 million (2007 - $10.3 million) at an average selling price of $11.99 (2007 - $10.02) per ounce;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>448 (2007 - 515) ounces of gold sold for $0.3 million (2007 - $0.3 million) at an average selling price of $620.76 (2007 - &nbsp;$479.02) per ounce;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>10,664,570 (2007 - 12,879,642) pounds of lead sold for $8.7 million (2007 - $13.7 million) at an average selling price of $0.81 (2007 - $ 1.05) per pound; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:48px" align=justify>2,354,083 (2007 - 4,744,258) pounds of zinc sold for $1.0 million (2007 - $5.0 million) at an average selling price of $0.41 (2007 - $1.03) per pound.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>During the quarter, the Company continued to conduct limited test production at the LM Mine and TLP Mine. &nbsp;A total of 124,534 (2007 - 74,717) tonnes of ores were mined, representing a 67% increase compared to the same period in 2007, from which 2,571 (2007 - 3,411) tonnes of direct smelting ores were hand sorted for direct shipment to smelters, and <A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A>121,963 (2007 - 71,306) tonnes of ores were shipped to mills for treatment to recover silver-lead and zinc concentrate. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The total mining cost per tonne of ore mined increased by 33% compared to the same period of 2007 to $69.94 per tonne (2007 - $52.70 per tonne) which comprised of cash unit mining cost of $52.33 and non-cash unit mining cost of $17.61 per tonne of ore. The increase is primarily caused by an increase of amortization and depletion of $11.22 per tonne and the increase of raw materials and utilities costs of $6.71 per tonne due to the price increase. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The total milling cost per tonne of ore milled has increased 7% to $12.45 in this quarter from $11.64 in the same period of 2007. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The total production cost per ounce of silver and total cash cost per ounce of silver were negative $0.06 (2007 - negative $12.91) and negative $2.65 (2007 - negative $14.38), respectively, after adjusting for by-product credits. The increase of production cost as well as cash production cost was mainly caused by the reduction in by-product credits as lead prices fell 23% to $0.81 per pound, and zinc prices fell 60% to $0.41 per pound.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
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<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><B>Ying Mine</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The following table lists the grade changes over the last six quarters at Ying Mine:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%" colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>For the Quarters Ended</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
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    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Q2 2009</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2009</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q4 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q3 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q2 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2008</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>30-Sep-08</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31-Mar-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31-Dec-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Sep-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-07</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Run of Mine Ores </FONT></B><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=1>(</FONT></I></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>tonne)</FONT></I> </TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Direct Smelting Ores </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,387</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,071</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,673</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,210</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,903</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,224</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Ores Milled </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>69,492</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>74,691</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>51,996</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>64,635</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>64,282</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>64,574</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>71,880</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>77,762</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>54,669</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>67,845</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>67,185</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>66,798</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Head Grades of Run of Mine Ores</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Silver </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(gram/tonne)</FONT></I> </TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>331.2</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>396.0</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>488.9</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>461.7</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>446.8</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>444.0</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Lead </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD align=left width="10%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>6.0</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6.7</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8.1</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.5</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.0</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.3</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Zinc </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2.5</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.3</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.8</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.6</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.9</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3.5</FONT> </TD>
  </TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>As the mining process at the Ying Mine was going through certain lower grade pockets of ore zones in the first quarter and the first two months in this quarter, the head grades of run of mine ores were lower. &nbsp;In September 2008, higher grade pockets of ore zones were developed with head grades of run of mine ores at 405 gram/tonne for silver, 7.1% for lead and 2.8% for zinc. &nbsp;&nbsp;Higher grades run of mine ores are expected in the third quarter. &nbsp;Mining production was also impacted by interruptions to power supply in July and early August. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>HPG Mine</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The following table lists the grade changes over the last six quarters at HPG Mine:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%" colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>For the Quarters Ended</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Q2 2009</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2009</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q4 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q3 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q2 2008</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2008</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>30-Sep-08</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-08</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31-Mar-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31-Dec-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Sep-07</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-07</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Run of Mine Ores </FONT></B><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=1>(</FONT></I></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>tonne)</FONT></I> </TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Direct Smelting Ores </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>135</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>193</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>496</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>481</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>508</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>434</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Ores Milled </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>19,233</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>13,163</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12,645</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,434</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9,155</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,378</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>19,368</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>13,356</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>13,141</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,915</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9,663</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,812</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Head Grades of Run of Mine Ores</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Silver </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(gram/tonne)</FONT></I> </TD>
    <TD align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>134.6</FONT></B> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>248.3</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>198.9</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>217.3</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>259.3</FONT> </TD>
    <TD align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>185.6</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Lead </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD align=left width="10%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4.2</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9.7</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.9</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6.5</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.7</FONT> </TD>
    <TD align=left width="10%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7.9</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Zinc </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0.9</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.6</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.1</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.7</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.3</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1.7</FONT> </TD>
  </TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>LM Mine</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The LM Mine is in its second quarter of test production. &nbsp;The following table lists the grade changes over the last two quarters at LM Mine:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>For the Quarters Ended</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Q2 2009</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2009</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>30-Sep-08</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-08</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Run of Mine Ores </FONT></B><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=1>(</FONT></I></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>tonne)</FONT></I> </TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Direct Smelting Ores </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>15</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>71</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Ores Milled </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>8,440</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>11,516</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>8,456</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>11,587</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Head Grades of Run of Mine Ores</FONT></B> </TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Silver </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(gram/tonne)</FONT></I> </TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>309.7</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>305.4</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Lead </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2.4</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.0</FONT> </TD>
  </TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><B>TLP Mine</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The TLP Mine is in its second quarter of test production. &nbsp;The following table lists the grade changes over the last two quarters at TLP Mine:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>For the Quarters Ended</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Q2 2009</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Q1 2009</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>30-Sep-08</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>30-Jun-08</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Run of Mine Ores </FONT></B><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=1>(</FONT></I></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>tonne)</FONT></I> </TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Direct Smelting Ores </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>34</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>53</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Ores Milled </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(tonne)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>28,532</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>23,404</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>28,566</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>23,457</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Head Grades of Run of Mine Ores</FONT></B> </TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
    <TD align=left width="30%" bgColor=#ececec>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="40%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Silver </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(gram/tonne)</FONT></I> </TD>
    <TD align=left width="30%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>140.3</FONT></B> </TD>
    <TD align=left width="30%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>183.0</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="40%" bgColor=#ececec>&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Lead </FONT></B><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=1>(%)</FONT></I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2.0</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%" bgColor=#ececec><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2.7</FONT> </TD>
  </TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>OUTLOOK</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>To adjust for the continued weakening in metal pricing and the current state of global financial markets, the Company will adopt a strategy of conserving capital to maintain a strong balance sheet for future growth. We are adjusting our expansion strategy to focus on maintaining mine profitability, including implementing a series of cost cutting measures and controls to address challenges of weak metal prices. The Company will be deferring some of its planned capital expenditures and development drilling programs planned for the second half of the fiscal year ended March 31, 2009 but will continue to move forward with the key development and exploration projects to maximize its ability to build future capital value. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Currently, the Company is operating and developing four Silver-Lead-Zinc mines at the Ying Mining Camp, Henan Province, owned through its subsidiaries in China.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>For the Ying Mine, in the first two months of the quarter ended September 30, 2008, the mining process was working through certain lower grade areas as outlined in the 2007 resource upgrade. &nbsp;Higher grade ore zone pockets have been developed in September 2008, and it is expected that the head grade of run of mine ores from the Ying Mine will improve starting in the third quarter of fiscal year 2009. &nbsp;This will mitigate, to a degree, the impact from the lower metal prices the Company is now experiencing.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>At the TLP mine, due to the lower grade nature, production will focus on those higher grade ores which are profitable, cutting back production in favor of profitability. &nbsp;The Company is still in the process of transferring the TLP mining permits from the previous owner to the Company&#146;s subsidiary Henan Found, which remains subject to receipt of all necessary approvals from the governmental departments of the Henan Province. &nbsp;Furthermore, the Company is in the process of completing a NI43-101 compliant resource estimate for the TLP Mine and the LM Mine. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>In Guangdong Province, the Company is applying for a mining permit for the newly acquired GC/SMT property, held in a 95% owned subsidiary in China.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Company is nearing completion of a new mill, with test production expected to begin within the next two months. &nbsp;Initial capacity with one flotation system installed is 1,500 tonnes per day. Once metal prices recover, the second flotation system will be installed. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><I>The Company&#146;s Audited Annual and Unaudited Interim Consolidated Financial Statements and Management&#146;s Discussion and Analysis are available for review on our website at www.silvercorp.ca and through SEDAR at www.sedar.com.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><I>Selected unaudited interim consolidated results for the three and six months ended <BR>
September 30, 2008 (Canadian GAAP) are attached to this news release. &nbsp;</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>CONFERENCE CALL AND WEBCAST INFORMATION</U></B></P>
<P style="margin:0px" align=justify>A conference call and live audio webcast to discuss the results have been scheduled as follows:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=151.2></TD><TD width=108.067></TD><TD width=466></TD></TR>
<TR><TD valign=top width=151.2><P style="margin:0px" align=justify>Date:</P>
</TD><TD valign=top width=108.067><P>&nbsp;</P></TD><TD valign=top width=466><P style="margin:0px" align=justify><B>Monday, November 17, 2008</B></P>
</TD></TR>
<TR><TD valign=top width=151.2><P style="margin:0px" align=justify>Time:</P>
</TD><TD valign=top width=108.067><P>&nbsp;</P></TD><TD valign=top width=466><P style="margin:0px" align=justify><B>9:00 am PST (12:00 pm EST)</B></P>
</TD></TR>
<TR><TD valign=top width=151.2><P style="margin:0px" align=justify>Dial-In Number: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=108.067><P>&nbsp;</P></TD><TD valign=top width=466><P style="margin:0px" align=justify><B>1-612-332-0107</B></P>
</TD></TR>
<TR><TD valign=top width=151.2><P style="margin:0px" align=justify>Live audio webcast: </P>
</TD><TD valign=top width=108.067><P>&nbsp;</P></TD><TD valign=top width=466><P style="margin:0px" align=justify><B>www.silvercorp.ca </B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Playback webcast can be accessed at: <B>www.silvercorp.ca</B></P>
<P style="margin-top:5.533px; margin-bottom:5.533px" align=justify><B>About Silvercorp Metals Inc.</B></P>
<P style="margin:0px" align=justify>Silvercorp Metals Inc., China&#146;s largest primary silver producer, is engaged in the acquisition, exploration, and development of silver related mineral properties focusing in the People's Republic of China (&quot;China&quot;). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China. &nbsp;Silvercorp is also applying for a mining permit for the newly acquired 95% owned GC/SMT property to profitably mine and produce silver, lead and zinc metals in Guangdong Province, China.&nbsp; In addition, Silvercorp is also exploring the 82% owned Na-Bao Polymetallic Project in Qinghai Province, China.&nbsp; </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Company&#146;s common shares are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>For further information:</B> SILVERCORP METALS INC., Rui Feng, Chairman &amp; CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Email: info@silvercorp.ca, Website: www.silvercorp.ca.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS</B></P>
<P style="margin:0px" align=justify>Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, head grades, or the Company&#146;s future plans and objectives or expected production or results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company&#146;s business, including risks inherent in mineral exploration, development, and mining. Production and revenue projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. As a result, actual results may vary materially from those described in the forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should no
t place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. &nbsp;We seek safe harbour.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=6><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SILVERCORP METALS INC.</FONT></B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=6><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>CONSOLIDATED BALANCE SHEETS</FONT></B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=6><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(Unaudited - expressed in US Dollars)</FONT></B> </TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="54%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=center width="10%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>September 30, 2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>March 31, 2008</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>ASSETS</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="3%" bgColor=#e6efff></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Current Assets</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="3%" bgColor=#e6efff></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Cash and cash equivalents</FONT> </TD>
    <TD align=right width="10%"></TD>
    <TD align=right width="3%"><STRONG><FONT size=2>$</FONT></STRONG></TD>
    <TD align=right width="15%"><STRONG><FONT size=2>36,493,693</FONT></STRONG></TD>
    <TD align=right width="3%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>47,092,890</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Short term investments</FONT> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>12,081,456</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>37,145,656</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accounts receivable and prepaids</FONT> </TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,246,838</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,259,699</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Inventories</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,095,848</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,389,175</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>58,917,835</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>91,887,420</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" bgColor=#e6efff colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Long term prepaids</FONT></B> </TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4,625,928</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,194,431</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Long term investments</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>16,218,889</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>17,873,887</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Property, plant and equipment</FONT></B> </TD>
    <TD align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5</FONT> </TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>22,447,937</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,349,572</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Mineral rights and properties</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>147,649,454</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>60,904,275</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Reclamation deposits</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>9,435</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9,729</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="10%" bgColor=#e6efff>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%" bgColor=#e6efff><STRONG><FONT size=2>$</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><STRONG><FONT size=2>249,869,478</FONT></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>190,219,314</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>LIABILITIES</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="3%" bgColor=#e6efff></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Current Liabilities</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="3%" bgColor=#e6efff></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accounts payable and accrued liabilities</FONT> </TD>
    <TD align=right width="10%"></TD>
    <TD align=right width="3%"><STRONG><FONT size=2>$</FONT></STRONG></TD>
    <TD align=right width="15%"><FONT size=2>&nbsp;</FONT><STRONG><FONT size=2>10,473,856</FONT></STRONG> </TD>
    <TD align=right width="3%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7,026,628</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Deposits received from customers</FONT> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,697,645</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,573,202</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dividends payable</FONT> </TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,864,742</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Income tax payable</FONT> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>719,557</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Amounts due to related parties</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>11</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>3,897,336</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>12,070,732</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>18,933,579</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>22,390,119</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Future income tax liabilities</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>25,329,518</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>6,345,898</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Asset retirement obligation</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="10%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp;&nbsp; &nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,101,137</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,225,829</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>46,364,234</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29,961,846</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Non-controlling interests</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>18,128,445</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>11,265,197</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SHAREHOLDERS' EQUITY</FONT></B> </TD>
    <TD align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="3%" bgColor=#e6efff></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="15%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="100%" colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Share capital</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>113,128,486</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>78,334,543</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Contributed surplus</FONT></B> </TD>
    <TD align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,934,439</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,722,036</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Reserves</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10</FONT> </TD>
    <TD align=right width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>11,059,771</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,077,628</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="64%" colSpan=2><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Accumulated other comprehensive income</FONT></B> </TD>
    <TD align=right width="3%"></TD>
    <TD align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>8,315,410</FONT></B> </TD>
    <TD align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,121,627</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Retained earnings</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="10%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>49,938,693</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>52,736,437</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="54%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="10%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>185,376,799</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="3%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>148,992,271</FONT> </TD>
  </TR>
  <TR>
    <TD width="100%" bgColor=#e6efff colSpan=6><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="54%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="10%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%"><STRONG><FONT size=2>$</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%"><STRONG><FONT size=2>249,869,478</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="3%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>190,219,314</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="54%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Commitments</FONT></B> </TD>
    <TD align=center width="10%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>15</FONT> </TD>
    <TD align=center width="3%" bgColor=#e6efff></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>-</FONT></B> </TD>
    <TD align=right width="3%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="15%" bgColor=#e6efff><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>-</FONT></B> </TD>
  </TR>
</TABLE>
<P style="margin:0px" align=center><BR>
</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
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    <TD align=center width="99%" colSpan=14><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SILVERCORP METALS INC.</FONT></B> </TD>
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    <TD align=center width="99%" colSpan=14><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS</FONT></B> </TD>
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    <TD align=center width="99%" colSpan=14><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(Unaudited - Expressed in US Dollars except for share figures)</FONT></B> </TD>
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    <TD style="BORDER-BOTTOM: #000000 2pt solid" width="99%" colSpan=14>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
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    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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    <TD align=left width="50%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="19%" colSpan=4><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Three months ended September 30,</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="19%" colSpan=4><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Six months ended September 30,</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
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    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=center width="5%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Notes</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
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    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Sales</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>20,103,599</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29,174,202</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>50,962,876</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>51,427,488</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
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    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cost of sales</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>7,668,158</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4,488,495</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>15,606,914</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8,766,684</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Amortization and depletion</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,201,011</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,472,906</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>3,769,453</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,058,959</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>9,869,169</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,961,401</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>19,376,367</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10,825,643</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
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  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Gross profit</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>10,234,430</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>23,212,801</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>31,586,509</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>40,601,845</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
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  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
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  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Expenses</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
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    <TD align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accretion of asset retirement obligations</FONT> </TD>
    <TD align=right width="5%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>7</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>42,031</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,752</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>60,564</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29,908</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
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    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Amortization</FONT> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>147,411</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>112,184</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>440,092</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>202,565</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Foreign exchange loss (gain)</FONT> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(3,149,952</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>651,462</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(3,029,536</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,062,365</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>General exploration and property investigation expenses</FONT> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,150,280</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>319,738</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,629,531</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>550,477</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Investor relations</FONT> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>259,170</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>74,923</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>353,873</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>132,590</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Office, administration and miscellaneous</FONT> </TD>
    <TD align=right width="5%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3&amp;9(d)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,298,706</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,449,844</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,247,173</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,828,450</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Professional fees</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>883,901</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>105,602</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,173,519</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>200,945</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,631,547</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,728,505</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,875,216</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,007,300</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Earnings before other income and expenses</FONT></B> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>8,602,883</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>20,484,296</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>25,711,293</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>35,594,545</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Other income and expenses</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Equity income (loss) in investment</FONT> </TD>
    <TD align=right width="5%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1,239,606</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,423</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1,444,337</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(103,595</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Loss on disposal of property, plant and equipment</FONT> </TD>
    <TD align=right width="5%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=center width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(9,504</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(48,130</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Interest income</FONT> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>243,153</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>618,017</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,020,102</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,088,929</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Other income</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>87,279</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,153,638</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>115,825</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,067,244</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(909,174</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,788,078</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(317,914</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4,004,448</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Income before income taxes and non-controlling interests</FONT></B> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>7,693,709</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>22,272,374</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>25,393,379</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>39,598,993</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Income tax expense (recovery)</FONT></B> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Current</FONT> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,364,505</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(36,559</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>3,404,017</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,503,550</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Future</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(234,841</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>121,356</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(387,711</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>136,857</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,129,664</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>84,797</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>3,016,306</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,366,693</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Income before non-controlling interests</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>6,564,045</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>22,187,577</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>22,377,073</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>40,965,686</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Non-controlling interests</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="5%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>8</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1,705,954</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5,417,568</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(5,917,541</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(9,668,654</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Net income</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4,858,091</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,770,009</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>16,459,532</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31,297,032</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Retained earnings, beginning of period</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>53,251,958</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,217,226</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>52,736,437</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,767,831</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Appropriation to reserves</FONT></B> </TD>
    <TD align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(8,982,143</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2,077,628</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Dividend declared</FONT></B> </TD>
    <TD align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(2,990,467</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6,891,020</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(2,990,467</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(6,891,020</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="50%"><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><STRONG>Value charged to retained earnings upon shares acquired</STRONG><FONT size=3> </FONT><STRONG>under normal course issuer bid</STRONG></FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(5,180,889</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(7,284,666</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Retained earnings, end of period</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>49,938,693</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>24,096,215</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>49,938,693</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>24,096,215</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=14><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Basic earnings per share</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0.03</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.11</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0.11</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.21</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Diluted earnings per share</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0.03</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.11</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>0.11</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>0.21</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted Average Number of Shares Outstanding - Basic</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="5%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>152,954,124</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>147,173,085</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>151,796,726</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>146,809,083</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="50%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Weighted Average Number of Shares Outstanding - Diluted</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="5%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>154,451,515</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>151,106,211</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>153,305,544</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>151,006,419</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT> </TD>
  </TR>
</TABLE>
<P style="margin:0px"><BR>
</P>
<P style="margin:0px" align=center><BR>
</P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always"><BR></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=13><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SILVERCORP METALS INC.</FONT></B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=13><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=13><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(Unaudited - expressed in US Dollars)</FONT></B> </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" width="99%" colSpan=13>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="19%" colSpan=4><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Three months ended September 30,</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="19%" colSpan=4><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Six months ended September 30,</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="55%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2008</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash provided by (used for)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Operating activities</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Net income for the year</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4,858,091</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,770,009</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>16,459,532</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>31,297,032</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Add (deduct) items not affecting cash :</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accretion of asset retirement obligations</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>42,031</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>14,752</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>60,564</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29,908</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Amortization</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,348,422</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,585,090</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4,209,545</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,261,524</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Equity Investment loss</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,239,606</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(16,423</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,444,337</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>103,595</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Future income tax</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(234,841</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>121,356</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(387,711</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>136,857</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Loss on disposal of property, plant, and equipment</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>9,504</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>48,130</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Inventory write-down</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>366,705</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>366,705</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Mineral property option income</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,138,830</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3,051,903</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Non-controlling interests</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,705,954</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>5,417,568</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,917,541</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>9,668,654</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Stock-based compensation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>701,112</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>530,461</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,268,147</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,127,367</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>11,027,080</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>23,283,983</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>29,348,164</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>41,621,164</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Net change in non-cash working capital</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accounts receivable and prepaids</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>5,668,845</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4,048,312</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>12,736</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(4,521,982</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Inventory</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(393,836</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>282,224</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(2,419,040</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>769,903</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accounts payable and accrued liabilities</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(3,603,082</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,148,783</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,520,832</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,402,881</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Asset retirement obligation discharged upon payment</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(268,724</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(364,139</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Income tax payable</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(355,125</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(38,091</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(714,264</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,566,591</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp; &nbsp; &nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Deposits received from customers</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(627,464</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(818,546</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(868,963</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>82,109</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%"><FONT size=2>&nbsp;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash provided by operating activities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>11,716,418</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>20,541,317</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>26,879,465</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>39,423,345</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Investing activities</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Acquisition of mineral rights and properties</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(14,128,221</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2,239,433</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(35,405,764</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(5,063,618</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Acquisition of property, plant, and equipment</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(4,936,753</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(756,831</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(8,609,647</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2,194,995</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Purchase of long term investments</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,799,108</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,929,424</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Decrease (increase) of short term investments</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>19,790,629</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(15,580,516</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>24,854,113</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(31,617,342</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Decrease (increase) in long term prepaids</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(2,380,984</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2,485,854</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>575,841</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3,996,887</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Disposal of property, plant, and equipment</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>157,352</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Distribution to non-controlling interest shareholder</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(11,179,564</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(11,179,564</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(3,371,257</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Advances to joint venture parties</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>365,469</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash used in investing activities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(12,834,893</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(22,496,273</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(29,765,021</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(48,016,171</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Financing activities</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Repayment from (advance to) related parties</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,160,962</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,029,563</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>1,268,898</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(1,395,032</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Advance (repayment) under loans payable</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,229,419</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,229,419</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Share subscriptions for cash, net of commission and expenses</FONT> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>293,705</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>21,091</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,201,914</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Shares returned to treasury for cancellation</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(4,397,000</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(9,052,149</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%"><FONT size=2>&nbsp;</FONT><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash provided by (used in) financing activities</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(3,236,038</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,493,561</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(7,762,160</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2,036,301</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Effect of exchange rate changes on cash and cash equivalents</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(1,744,290</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,113,305</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>48,519</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>4,125,038</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Increase (decrease) in cash</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(6,098,803</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>651,910</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>(10,599,197</FONT></B> </TD>
    <TD align=left width="1%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>)</FONT></B> </TD>
    <TD align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(2,431,487</FONT> </TD>
    <TD align=left width="1%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>)</FONT> </TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash and cash equivalents, beginning of period</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>42,592,496</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>50,247,071</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>47,092,890</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>53,330,468</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" bgColor=#e6efff colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="55%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Cash and cash equivalents, end of period</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>36,493,693</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>50,898,981</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>36,493,693</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>50,898,981</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt solid" align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Supplemental information:</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Interest paid</FONT> </TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>29,968</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,520</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>29,968</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>16,520</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Income tax paid</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>2,109,341</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>4,148,853</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD width="99%" colSpan=13><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Non-cash investing activities:</FONT></B> </TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="8%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Common shares issued for mineral rights and properties</FONT> </TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>36,484,591</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Common shares of New Pacific Metals Corp. received as</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>1,138,830</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>3,051,903</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Capitalized future income tax on acquisiton of mineral rights and properties</FONT> </TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>19,220,433</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>792,180</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%" bgColor=#e6efff><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Capitalized asset retirement obligation as per initial measurement</FONT> </TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%" bgColor=#e6efff><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>726,460</FONT></B> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%" bgColor=#e6efff><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>714,531</FONT> </TD>
    <TD align=left width="1%" bgColor=#e6efff><FONT size=2>&nbsp; </FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left width="55%"><FONT size=2>&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Construction in process transferred to mineral rights and properties</FONT> </TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-</FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>$</FONT></B> </TD>
    <TD align=right width="8%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>-</FONT></B> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
    <TD align=right width="2%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$</FONT> </TD>
    <TD align=right width="8%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><FONT size=2>1,</FONT><FONT size=2>313,791</FONT></FONT> </TD>
    <TD align=left width="1%"><FONT size=2>&nbsp; </FONT></TD>
  </TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
