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<SEC-DOCUMENT>0001062993-05-002248.txt : 20050920
<SEC-HEADER>0001062993-05-002248.hdr.sgml : 20050920
<ACCEPTANCE-DATETIME>20050920122002
ACCESSION NUMBER:		0001062993-05-002248
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20050331
FILED AS OF DATE:		20050920
DATE AS OF CHANGE:		20050920

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TASEKO MINES LTD
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		051092964

	BUSINESS ADDRESS:	
		STREET 1:		1020-800 W. PENDER STREET
		CITY:			VANCOUVER BC CANADA V6C 2V6
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		(604) 684-6365

	MAIL ADDRESS:	
		STREET 1:		1020-800 W. PENDER STREET
		STREET 2:		V6C 2V6
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<HTML>
<HEAD>
<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Ltd. - Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">As at <b>May 5, 2005</b></p>

<p align="center">Commission File Number: <b>001-31965</b></p>

<p align="center"><b><u><font size="5">TASEKO MINES LTD.</font></u></b><br>
  (Translation of registrant's name into English) </p>

<p align="center"><b>800 West Pender Street, Suite 1020<br>
  Vancouver, British Columbia<br>
  <u>Canada V6C 2V6</u></b><br>
  (Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center"> <font size="3" face="WINGDINGS">&#120;</font> Form 20-F &nbsp;&nbsp;<font size="3" face="WINGDINGS">&#168;</font>
  Form 40-F</p>

<p align="center">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): <font size="3" face="WINGDINGS">&#168;</font>
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font size="3" face="WINGDINGS">&#168;</font>
</p>



<p align="center">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 align="center">Yes <font size="3" face="WINGDINGS">&#168;</font> No <font size="3" face="WINGDINGS">&#120;</font></p>

<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82- _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="tkologo.jpg" width="600" height="80"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Interim Financial Statements
      for Six Months Ended March 31, 2005</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management's Discussion and
      Analysis for the Six Months Ended March 31, 2005</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52 - 109FT2 - CEO</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52 - 109FT2 - CFO</a></td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">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>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>

    <td colspan="2" valign="top"><b>Taseko Mines Ltd.</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>

    <td valign="top">Date: May 5, 2005</td>
		<td valign="top">By:</td>

    <td><I>/s/ Jeffrey R. Mason</I></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td><hr noshade align="center" width="100%" size=1 color="black"> </td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>

    <td>Jeffrey R. Mason</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>

    <td>Director Chief Financial Officer and Secretary</td>
	</tr>
</table>

<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>INTERIM FINANCIAL STATEMENTS FOR SIX MONTHS ENDED MARCH 31, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "FINAL TKO Q2 FS.pdf">
<HTML>
<HEAD>
<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.1</TITLE>
<META name="HandheldFriendly" content="true">
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><img src="tkologo.jpg" width="600" height="80"></P>
<P align=center>TASEKO MINES LIMITED<BR>
  CONSOLIDATED FINANCIAL STATEMENTS</P>
<P align=center>SIX MONTHS ENDED MARCH 31, 2005</P>
<P align=center>(Expressed in Canadian Dollars) <BR>
  (Unaudited)</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><I>These financial statements have not been reviewed by the Company's
  auditors</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%"><B>Consolidated Balance Sheets</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="14%"
   >March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="14%"
   >September 30 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >2005 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >2004 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD width="14%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
   >(restated - note 3(f))</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left
   ><B>Assets</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Current assets</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents (note 3(a)) </TD>
    <TD

    align=left width="1%"
   >$</TD>
    <TD align=right width="14%"
     >&nbsp;14,983,810 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="14%"
     >&nbsp;14,892,947 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >4,764,044 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >2,766,184 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to related parties (note 12) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >194,857 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate inventory </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >7,322,144 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplies inventory </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >2,226,595 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF>817,012 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF>210,015 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >30,113,605 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >18,064,003 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Prepaid lease payments </B>(note 5) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >4,531,028 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Prepaid treatment and refining charges</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >528,410 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Property, plant and equipment </B>(note 5) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >8,051,968 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >26,982,979 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Reclamation deposits </B>(notes 3(f), 4, 6(a) and 6(d)) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >17,835,486 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >17,647,056 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Promissory note </B>(note 6(f)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >70,189,501 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >68,172,380 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#E6EFFF
     >&nbsp;<STRONG>131,249,998</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#E6EFFF
     >&nbsp;<STRONG>130,866,418</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Liabilities and Shareholders' Equity</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Current liabilities</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating line of credit (note 7) </TD>
    <TD

    align=left width="1%"
   >$</TD>
    <TD align=right width="14%"
     >&nbsp;1,432,719 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="14%"
     >&nbsp;1,857,740 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >10,315,399 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >14,578,172 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances from related parties (note 12) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >107,744 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of vehicle loans (note 7) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >209,474 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes (note 10) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >23,744,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >23,744,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >35,809,336 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >40,179,912 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="14%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Vehicle loans </B>(note 7) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >290,596 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Royalty obligation </B>(note 6(f)) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >69,352,519 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >67,357,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Deferred revenue </B>(note 6(f)) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >1,662,500 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >1,750,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Site closure and reclamation costs </B>(notes 3(f) and 9) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >10,941,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >10,420,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >118,055,951 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >119,706,912 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     ><B>Shareholders' equity</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital (note 8) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >159,609,797 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >150,481,429 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture (note 8(c)) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >21,114,227 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >20,577,225 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tracking preferred shares (note 4) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >26,641,948 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="14%" bgColor=#E6EFFF
   >26,641,948 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus (note 8(f)) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >5,504,834 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >4,947,588 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF

     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF
   >(199,676,759</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF
   >(191,488,684</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >13,194,047 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="14%"
     >11,159,506 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Nature of operations (note 1) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Commitments (notes 5, 6 and 7) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="14%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Subsequent events (note 13) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"
    bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"
    bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"

     >&nbsp;<STRONG>131,249,998</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"

     >&nbsp;<STRONG>130,866,418</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
  </TR>
</TABLE>
<P align=justify style="FONT-SIZE: 9pt;">See accompanying notes to consolidated financial statements.</P>
<P align=justify style="FONT-SIZE: 9pt;">Approved by the Board of Directors </P>
<TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="50%"><I>/s/ Ronald W. Thiessen</I> </TD>
    <TD align=left width="50%"><I>/s/ Jeffrey R. Mason</I> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="50%">Ronald W. Thiessen </TD>
    <TD align=left width="50%">Jeffrey R. Mason </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="50%">Director </TD>
    <TD align=left width="50%">Director </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%"><B>Consolidated Statements of Operations</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="37%" colSpan=4
   >Three months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="38%" colSpan=4
   >Six months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >2005 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >2004 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >2005 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >2004 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
   >(restated - note 3(f)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
   >(restated - note 3(f)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Revenue</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;25,429,196 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;25,429,196 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Minesite operating costs</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >(23,470,000</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >(23,470,000</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Treatment and transportation costs, net</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(3,847,703</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(3,847,703</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Depreciation, amortization and accretion</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(526,506</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(237,045</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(910,006</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(474,091</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(2,415,013</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(237,045</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(2,798,513</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(474,091</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Expenses</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >11,694 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >975,538 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >43,741 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >2,374,030 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(357,051</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(305,603</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administration </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >621,204 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >792,792 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >1,060,696 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >1,321,143 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(1,934,000</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(325,399</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(7,669,716</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(460,688</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty expense </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >2,047,186 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >2,047,186 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium paid for acquisition of Gibraltar
      Reclamation </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust
      Limited Partnership </TD>
    <TD

    align=middle width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=middle width="1%"
   ></TD>
    <TD align=right width="12%"
     >5,095,249 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=middle width="1%"
   ></TD>
    <TD align=right width="12%"
     >5,095,249 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restart project </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(1,214,796</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >6,958,018 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation (note 8(d)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >392,697 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >296,686 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >557,246 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >1,610,982 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(433,066</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>6,834,866 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>2,691,568 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>9,940,716 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Loss before the following</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(1,981,947</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(7,071,911</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(5,490,081</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(10,414,807</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of equipment </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >17,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(2,160,992</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ><B>Net loss</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(1,964,947</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(7,071,911</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(7,651,073</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(10,414,807</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ><B>Basic and diluted loss per common share </B>(notes 3(j) and 8) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF
   >&nbsp;(0.02</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF
   >&nbsp;(0.10</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF
   >&nbsp;(0.08</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF
     >&nbsp;(0.17</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ><B>Weighted average number of common shares outstanding</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>97,781,420 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>72,608,680 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>96,766,944 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF
     >65,005,138 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<P align=justify>See accompanying notes to consolidated financial statements.</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B>Consolidated Statements of Deficit</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="26%" colSpan=4
   >Three months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="24%" colSpan=4
   >Six months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    width="1%"
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Deficit, beginning of period</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>As originally reported </TD>
    <TD

    align=left width="1%"
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(208,586,935</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(124,600,615</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(202,711,632</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(121,069,356</TD>
    <TD

    align=left width="2%"
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >To adjust for asset retirement obligation (note 3(f)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>11,142,150 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>11,406,501 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>11,222,948 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF
     >11,463,569 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>As restated</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >(197,444,785</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >(113,194,114</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >(191,488,684</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="12%"
     >(109,605,787</TD>
    <TD

    align=left width="2%"
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Loss for the period </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(1,964,947</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(7,071,911</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(7,651,073</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(10,414,807</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Accretion expense on convertible debenture </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(267,027</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(242,752</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(537,002</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(488,183</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ><B>Deficit, end of period</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(199,676,759</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(120,508,777</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(199,676,759</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;(120,508,777</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
  </TR>
</TABLE>
<P align=justify>See accompanying notes to consolidated financial statements.</P>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_4></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%"><B>Consolidated Statements of Cash Flows</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="26%" colSpan=4>Three months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="24%" colSpan=4>Six months ended March 31 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">2005 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">2004 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">2005 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">2004 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Cash provided by
      (used for)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated
      - note 3(f))</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated
      - note 3(f))</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><B>Operating activities</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Loss for the period </TD>
    <TD

    align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(1,964,947</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(7,071,911</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(7,651,073</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(10,414,807</TD>
    <TD

    align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Items not
      involving cash </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Loss
      (gain) on sale of equipment </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">(17,000</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">2,160,992 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accrued
      interest on reclamation deposits </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(128,584</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(171,191</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(188,430</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(282,911</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accrued interest
      on promissory note </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">(1,727,926</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">(2,068,788</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Depreciation,
      amortization and accretion </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>526,506 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>237,045 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>910,006 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>474,091 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Royalty expense
    </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">2,047,186 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">2,047,186 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Stock-based
      compensation </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>392,697 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>296,686 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>557,246 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>1,610,982 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Acquisition
      premium paid for Gibraltar Reclamation </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Trust Limited Partnership </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>5,095,249 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>5,095,249 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred revenue
    </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">(43,750</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">(87,500</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Changes in non-cash
      operating working capital </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amounts receivable
      and prepaids </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">(3,757,682</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">711,744 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">(2,604,857</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">707,179 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Inventories
    </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>851,666 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(4,659</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(9,548,739</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(15,321</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Accounts payable and accrued liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">612,453 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(774,056</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(4,262,773</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(789,730</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(3,209,381</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(1,681,093</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(20,736,730</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(3,615,268</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><B>Investing activities</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Deposit on property, plant and equipment
    </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">(2,361,169</TD>
    <TD

    align=left width="2%">) </TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">(2,361,169</TD>
    <TD

    align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Purchase of property,
      plant and equipment </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(2,912,076</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(13,432</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(5,686,698</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(28,665</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Proceeds received on sale of property,
      plant and equipment </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">17,000 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">22,067,711 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Reclamation deposits </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(401,311</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(401,311</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(2,895,076</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(2,775,912</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">16,381,013 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(2,791,145</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities</B> </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Bank operating loan
    </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>341,995 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(1,713,358</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(425,021</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(1,993,396</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Advances from related parties </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">27,120 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">112,882 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">302,601 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">568,066 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Advances from Gibraltar
      Reclamation Trust </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Limited
      Partnership </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">17,099,866 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">17,099,866 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Vehicle loans </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>190,028 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>500,070 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Common shares issued for cash, net
      of issue costs </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">7,959,418 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">8,468,759 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">9,128,368 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">16,735,417 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp;Prepaid treatment
      and refining </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(528,410</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>(528,410</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;
      &nbsp;Prepaid lease payments </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(120,568</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(4,531,028</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>7,869,583 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>23,968,149 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>4,446,580 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>32,409,953 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF><B>Increase in cash and equivalents</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>1,765,126 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>19,511,144 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>90,863 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>26,003,540 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and equivalents,
      beginning of period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">13,218,684 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">8,916,617 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,892,947 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">2,424,221 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Cash and equivalents, including restricted cash</B> </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF>&nbsp;<B>of $5 million (note 3(a)), end of period</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;14,983,810 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;28,427,761 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;14,983,810 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;28,427,761 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
</TABLE>
<P align=justify>Supplementary cash flow disclosures (note 11)</P>
<P align=justify>See accompanying notes to consolidated financial statements.</P>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_1></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES
      LIMITED</FONT></B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements
  </TD></TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD>
      <P align=justify><B>Nature of operations</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Taseko Mines Limited ("Taseko" or the "Company") is a
      public company incorporated under the laws of the Province of British
      Columbia. At March 31, 2005, the Company's principal business activities
      related to the continuing operations of the Gibraltar Copper Mine, and
      exploration on the Company&#146;s 100% owned Gibraltar-area exploration
      properties, the Prosperity Gold-Copper Property, and the Harmony Gold
      Property. The Gibraltar mine and the Prosperity Gold Property are located
      in south central British Columbia, Canada, near the City of Williams Lake.
      The Harmony Gold Property is located on Graham Island, Queen Charlotte
      Islands - Haida Gwaii, British Columbia.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The recoverability of the amounts shown for the Gibraltar
      mine and related plant and equipment and supplies inventory is dependent
      upon the existence of economically recoverable mineral resources and
      future profitable production or proceeds from the disposition of the mine.
      The Company is exploring its Prosperity and Harmony mineral properties and
      has not yet determined the existence of economically recoverable
      reserves.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s continuing operations are entirely
      dependent upon the existence of economically recoverable mineral reserves,
      the ability of the Company to obtain the necessary financing to complete
      the exploration and development of its mineral property interests, and
      upon future profitable production or proceeds from the disposition of its
      mineral property interests.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These financial statements are prepared on the basis that
      the Company will continue as a going concern. The Company has recorded
      significant losses and operating cash flow deficiencies in each of the
      last three fiscal years. Management recognizes that the Company must
      generate additional financial resources in order to meet liabilities as
      they come due and to enable it to continue operations. The Company is
      actively pursuing maximum efficiency of the Company&#146;s operations at the
      Gibraltar mine and is continuing with its exploration programs. However,
      there can be no assurances that the Company will obtain sufficient
      financial resources and/or achieve profitability or positive cash flows,
      failing which, the Company will be required to curtail operations and
      exploration activities. These financial statements do not reflect
      adjustments, which could be material, to the carrying values of assets and
      liabilities which may be required should the Company be unable to continue
      as a going concern.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>Basis of presentation and principles of
      consolidation</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These financial statements have been prepared in
      accordance with Canadian generally accepted accounting principles
      ("GAAP"). These consolidated financial statements include the accounts of
      Taseko, its wholly-owned private company subsidiaries, Gibraltar Mines
      Ltd. (note 6(a)), 688888 BC Ltd., and Cuisson Lake Mines Ltd., and its
      interest in Gibraltar Reclamation Trust Limited Partnership (&#147;GRT
      Partnership&#148;) (note 6(d)). All material intercompany accounts and
      transactions have been eliminated.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_2"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<B>3.</B> 	</TD>
	<TD>
<P align="justify"><B>Significant accounting policies</B></P>
	</TD>
</TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<I>(a)</I> 	</TD>
	<TD>
<P align="justify"><I>Cash and equivalents</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Cash and equivalents consist of cash and highly liquid investments, having maturity dates of three months or less from the date of acquisition, that are readily convertible to known amounts of cash.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">As disclosed in the last paragraph of note 6(a), &#36;5 million is held in a product revenue account as a reserve for working capital to fund operating and administrative costs.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(b)</I> 	</TD>
	<TD>
<P align="justify"><I>Revenue recognition</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Revenue from the sale of copper concentrate is recorded at market prices when title is transferred and the rights and obligations of ownership have passed to the customer. Concentrate sales are provisionally priced at the time of
shipment and are typically subject to adjustment upon final settlement of shipment weights, assays and metal prices. Such adjustments are recorded to revenue in the period of final settlement.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Proceeds from the sale of molybdenum are credited to minesite operating costs.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(c)</I> 	</TD>
	<TD>
<P align="justify"><I>Inventory</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Copper concentrate inventories are reported at the lower of cost, budgeted cost and net realizable value, while molybdenum is treated as a by-product. Supplies inventory is reported at the lower of average cost and net realizable
value.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(d)</I> 	</TD>
	<TD>
<P align="justify"><I>Property, plant and equipment</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Plant and equipment are stated at cost less accumulated depreciation. Mining and milling assets are depreciated using the units of production method based on estimated tons mined and milled respectively. Depreciation for all other
assets is calculated using the declining balance method at rates ranging from 10% to 50% per annum.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(e)</I> 	</TD>
	<TD>
<P align="justify"><I>Mineral property interests</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company capitalizes mineral property acquisition costs on a property-by-property basis. Exploration expenditures and option payments incurred prior to the determination of the feasibility of mining operations are charged to
operations as incurred. Development expenditures incurred subsequent to such determination, to increase production, or to extend the life of existing production are capitalized, except as noted below. Such acquisition costs and deferred development
expenditures are amortized and depreciated over the estimated life of the property,</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_3"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">or written off to operations if the property is abandoned, allowed to lapse, or if there is little prospect of further work being carried out by the Company or its option or joint venture partners. All costs incurred by the
Company during the standby care and maintenance period and restart at the Gibraltar mine were expensed as incurred.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Mineral property acquisition costs include the cash consideration and the fair market value of common shares, based on the trading price of the shares at the agreement date, issued for mineral property interests, pursuant to the
terms of the relevant agreement. Payments relating to a property acquired under an option or joint venture agreement, where such payments are made at the sole discretion of the Company, are recorded in the accounts upon payment.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Costs related to feasibility work and the development of processing technology are expensed as incurred. Costs incurred subsequent to the determination of the feasibility of the processing technology will be capitalized and
amortized over the life of the related plant.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Administrative expenditures are expensed as incurred.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The amount presented for mineral property interests represents costs incurred to date and the accumulated fair value of shares issued to date relating to acquisition costs, less write-downs, but does not necessarily reflect
present or future values.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(f)</I> 	</TD>
	<TD>
<P align="justify"><I>Site closure and reclamation costs</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Minimum standards for site closure and mine reclamation have been established by various governmental agencies that affect certain operations of the Company. Effective October 1, 2004, the Company adopted the CICA&#146;s Handbook
Section 3110, &#147;<I>Asset Retirement Obligations</I>&#148; (&#147;HB 3110&#148;). HB 3110 requires the recognition of any statutory, contractual or other legal obligation, related to the retirement of tangible long&#150;lived assets when such
obligations are incurred, if a reasonable estimate of fair value can be made. These obligations are measured initially at fair value and the resulting costs capitalized into the carrying value of the related asset. In subsequent periods, the
liability is adjusted for the accretion of the discount and any changes in the amount or timing of the underlying future cash flows. The asset retirement cost is amortized to operations over the life of the asset.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Prior to adoption of HB 3110, a reserve of &#36;32.7 million for future site closure and mine reclamation costs was established based upon the estimated costs to comply with existing reclamation standards.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company adopted HB 3110 retroactively with restatement of prior periods presented. Adoption of HB 3110 resulted in a decrease in supplies inventory of &#36;2,277,397, a decrease in property, plant and equipment of
&#36;8,779,655, a decrease in provision for site closure and reclamation of &#36;22,280,000 and a decrease in opening deficit of &#36;11,222,948 as of October 1, 2004. In addition, for the six months ended March 31, 2004, adoption of HB3110 resulted
in an increase in accretion of site closure and reclamation costs of &#36;473,637, decrease in depreciation and amortization of &#36;359,931 and a decrease in opening deficit at October 1, 2003 of &#36;11,463,569.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_4"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<I>(g)</I> 	</TD>
	<TD>
<P align="justify"><I>Share capital</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company records proceeds from share issuances net of issue costs. Shares issued for consideration other than cash are valued at the quoted market price on the date the agreement to issue shares was reached.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The proceeds, net of issue costs, from common shares issued pursuant to flow-through share financing agreements are credited to share capital and the tax benefits of these exploration expenditures are transferred to the purchaser
of the shares.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(h)</I> 	</TD>
	<TD>
<P align="justify"><I>Stock-based compensation</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company has a share option plan which is described in note 8(d). The Company accounts for all non-cash stock-based payments and awards that are direct awards of stock, that call for settlement in cash or other assets, or that
are share appreciation rights which call for settlement by the issuance of equity instruments, granted on or after October 1, 2002, using the fair value based method.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Under the fair value based method, stock-based payments are measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably
measurable. The fair value of non-cash stock-based payments is periodically re-measured until counterparty performance is complete, and any change therein is recognized over the period and in the same manner as if the Company had paid cash instead
of paying with or using equity instruments. The cost of non-cash stock-based payments that are fully vested and non-forfeitable at the grant date is measured and recognized at that date.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Under the fair value based method, compensation cost attributable to awards that are direct awards of shares, or share appreciation rights which call for settlement by the issuance of equity instruments, is measured at fair value
at the grant date and recognized over the vesting period. Compensation cost attributable to awards which call for settlement in cash or other assets is measured at fair value at the grant date and recognized over the vesting period. For awards that
vest at the end of a vesting period, compensation cost is recognized on a straight-line basis; for awards that vest on a graded basis, compensation cost is recognized on a pro-rata basis over the vesting period.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Consideration received on the exercise of stock options is recorded as share capital and the related contributed surplus is transferred to share capital.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(i)</I> 	</TD>
	<TD>
<P align="justify"><I>Income taxes</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company uses the asset and liability method of accounting for income taxes. Under this method, future income tax assets and liabilities are computed based on differences between the carrying amounts of assets and liabilities
on the balance sheet and their corresponding tax values, generally using the substantively enacted income tax rates expected to apply to taxable income in</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_5"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">the years in which those temporary differences are expected to be recovered or settled. Future income tax assets also result from unused loss carry forwards, resource-related pools, and other deductions. Future tax assets are
recognized to the extent that they are considered more likely than not to be realized. The valuation of future income tax assets is adjusted, if necessary, by the use of a valuation allowance to reflect the estimated realizable amount.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(j)</I> 	</TD>
	<TD>
<P align="justify"><I>Loss per common share</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Basic loss per common share is calculated by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during the period. For all periods presented, loss available to common
shareholders equals the reported loss.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Diluted loss per share is calculated using the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the
proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In the Company&#146;s case, diluted loss per share for all periods presented is the same as basic loss per share as the effect of the outstanding options and warrants would be anti-dilutive.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(k)</I> 	</TD>
	<TD>
<P align="justify"><I>Fair value of financial instruments</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The carrying amounts of cash and equivalents, accounts receivable, prepaids, reclamation deposits, bank operating loan and accounts payable and accrued liabilities, approximate their fair values due to their short term nature.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">At March 31, 2005, the carrying values of the promissory note and the royalty obligation approximate their fair values.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The fair values of the convertible debenture and the tracking preferred shares are not readily determinable with sufficient reliability due to the difficulty in obtaining appropriate market information. It is not practicable to
determine the fair values of the advances due to/from related parties because of the related party nature of such amounts and the absence of a secondary market for such instruments. Details of the terms of these financial instruments are disclosed
in these notes to the financial statements.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(l)</I> 	</TD>
	<TD>
<P align="justify"><I>Use of estimates</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas requiring the use of management</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_6"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">estimates relate to the impairment of mineral property interests and plant and equipment, the balance of reclamation liability, income taxes, rates for depreciation and the assumptions used in computing share-based compensation.
Actual results could differ from these estimates.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(m)</I> 	</TD>
	<TD>
<P align="justify"><I>Segment disclosures</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company operates in a single reportable operating segment, the exploration, development and operation of mineral property interests, within the geographic area of British Columbia, Canada.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(n)</I> 	</TD>
	<TD>
<P align="justify"><I>Comparative figures</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Certain of the prior periods' comparative figures have been restated to conform with the presentation adopted for the current period.</P>
	</TD>
</TR>
</TABLE>
<BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR>
    <TD width=5% valign=top> <B>4.</B> </TD>
    <TD> <P align="justify"><B>Arrangement agreement</B></P></TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify"><B>(tracking preferred shares and Harmony Gold Property)</B></P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">In October 2001, the Company and its subsidiary Gibraltar
        Mines Ltd. (&#147;Gibraltar") completed the acquisition of the Harmony
        Gold Property and related assets from Continental Minerals Corporation
        ("Continental"), a British Columbia company with certain directors in
        common with Taseko, for 12,483,916 series "A" non-voting tracking preferred
        shares of Gibraltar and &#36;2.23 million cash. The tracking preferred
        shares are designed to track and capture the value of the Harmony Gold
        Property and will be redeemed for common shares of Taseko upon a realization
        event, such as a sale to a third party or commercial production at the
        Harmony Gold Property, or at the option of Gibraltar, if a realization
        event has not occurred within ten years. Accordingly, the tracking preferred
        shares have been classified within shareholders&#146; equity on the consolidated
        balance sheet.</P></TD>
  </TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_7></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">As this acquisition was a related party transaction not in the
normal course of business and did not result in the culmination of an earnings
process, the acquisition was recorded by the Company at the net book value of
the assets transferred, net of cash consideration, as follows:</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left><B>Assets acquired</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="15%"
     ><B>Amount</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Property and equipment </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >8,488 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation deposit </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="15%"
     >175,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Mineral property interests </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#E6EFFF>28,811,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="15%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#E6EFFF>28,994,784 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
     >&nbsp;</TD>
    <TD align=left
     ><B>Consideration given</B> </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="15%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Cash </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >2,230,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;12,483,916 tracking preferred shares of Gibraltar
    </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="15%"
     >26,641,948 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;114,800 common shares of the Company to a dissenting shareholder
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#E6EFFF>122,836 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD

    width="1%"
BCLSPANVALID="1"></TD>
    <TD align=right width="15%"
     >&nbsp; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   ></TD>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#E6EFFF>28,994,784 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">As previously noted, the Gibraltar tracking preferred shares
are redeemable for common shares of Taseko upon the occurrence of certain value
realization events for the Harmony Gold Property. The tracking preferred shares
are redeemable at specified prices per common share of Taseko starting at $3.39
and escalating by $0.25 per year. If a realization event does not occur on or
before October 16, 2011, Gibraltar has the right to redeem the tracking
preferred shares for Taseko common shares at a deemed price equal to the greater
of the average 20 day trading price of the common shares of Taseko and $10.00.
The Taseko common shares to be issued to Continental upon a realization event
will in turn be distributed pro-rata, after adjustment for any taxes, to the
holders of redeemable preferred shares of Continental that were issued to
Continental shareholders at the time of the Arrangement Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>Property, plant and
equipment</B></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD
      colSpan=9 align=left style="BORDER-TOP: #000000 1px solid"><B>Equipment
      - Prosperity and Harmony Properties</B> </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="9%" align=left style="BORDER-TOP: #000000 1px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="9%" align=left style="BORDER-TOP: #000000 1px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="9%" align=left style="BORDER-TOP: #000000 1px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-TOP: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD width="1%"
   ></TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid">March
      31, 2005 </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=7>September 30, 2004 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD width=5% align=left></TD>
    <TD align=left></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=center></TD>
    <TD width="2%"
    align=center
   ></TD>
    <TD width="1%"
    align=center
   ></TD>
    <TD width="9%" align=center>Accumulated </TD>
    <TD width="2%"
    align=center
   ></TD>
    <TD width="1%"
    align=center
   ></TD>
    <TD width="9%" align=center>Net book </TD>
    <TD width="2%"
    align=center
   ></TD>
    <TD width="1%"
    align=center
   ></TD>
    <TD width="9%" align=center></TD>
    <TD width="2%"
    align=center
   ></TD>
    <TD width="1%"
    align=center
   ></TD>
    <TD width="9%" align=center>Accumulated </TD>
    <TD width="2%"
    align=center
   ></TD>
    <TD width="1%"
    align=center
   ></TD>
    <TD width="9%" align=center>Net book </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">Cost
    </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">Depreciation
    </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">value
    </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">Cost
    </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">depreciation
    </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid">value
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Field </TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>&nbsp;11,879 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>&nbsp;10,856 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>&nbsp;1,023 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>&nbsp;11,879 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>&nbsp;10,677 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF>1,202 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Computer and office
    </TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">15,172 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">14,397 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">775 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">15,172 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">14,262 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">910 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Total Prosperity and </TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Harmony Properties
    </TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;27,051
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;25,253
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;1,798
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;27,051
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;24,939
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">2,112
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD
    width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=right bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD colSpan=9 align=left bgColor=#ffffff><B>Plant and equipment - Gibraltar
      Mine</B> </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=left bgColor=#ffffff></TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=left bgColor=#ffffff></TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
    <TD width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=left bgColor=#ffffff></TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left bgColor=#ffffff></TD>
    <TD width="1%" bgColor=#ffffff
   ></TD>
    <TD colspan="7" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">March 31, 2005 </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    bgColor=#ffffff colSpan=7>September 30, 2004 </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left bgColor=#ffffff></TD>
    <TD width="1%" bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff></TD>
    <TD width="2%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff>Accumulated </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff>Net book </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff></TD>
    <TD width="2%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff>Accumulated </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
   ></TD>
    <TD width="9%" align=center bgColor=#ffffff>Net book </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#ffffff></TD>
    <TD width="1%" bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Cost </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Depreciation </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">value </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">Cost </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">depreciation </TD>
    <TD width="2%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=center bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=center
    bgColor=#ffffff style="BORDER-BOTTOM: #000000 1px solid">value </TD>
    <TD width="2%"
    align=left bgColor=#ffffff
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Buildings and equipment </TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>&nbsp;6,059,681 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>&nbsp;651,891 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>&nbsp;5,407,790 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>&nbsp;5,931,580 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>&nbsp;492,030 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   >$</TD>
    <TD width="9%" align=right>5,439,550 </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Mine equipment </TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>9,217,200 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>2,848,790 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>6,368,410 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>32,458,793 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>2,544,160 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>29,914,633 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Plant and equipment </TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>4,276,426 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>823,410 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>3,453,016 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>975,493 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>666,369 </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD width="1%"
   ></TD>
    <TD width="9%" align=right>309,124 </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Vehicles </TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>916,288 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>194,183 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>722,105 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>198,519 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>115,426 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF>83,093 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Computer equipment
    </TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">653,947
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">171,059
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">482,888
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">101,162
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">90,040 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid">11,122 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#E6EFFF>Total Gibraltar mine </TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;21,123,542
    </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;4,689,333 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;16,434,209
    </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;39,665,547
    </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;3,908,025 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">&nbsp;35,757,522
    </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD
    colSpan=6 align=left bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"><B>Net
      asset retirement obligation adjustment </B>(note 3(f)) </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(8,387,039</TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">)
    </TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;(8,779,655</TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">)
    </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD colSpan=6 align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"><B>Mineral property
      interests </B>(note 6) </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;3,000 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 1px solid">3,000 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
    <TD
    width="1%"
   ></TD>
    <TD width="9%" align=right>&nbsp; </TD>
    <TD width="2%"
    align=left
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF><B>Property, plant and</B> </TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="1%" bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=left bgColor=#E6EFFF></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>equipment</B> </TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;8,051,968
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="1%"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;26,982,979
    </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">In accordance with the Gibraltar mine permit, the Company has
pledged the mine's plant and certain equipment which, when taken at market value
and combined with reclamation deposits (approximately $17.8 million at March 31,
2005), provide the Government of British Columbia with the required security for
the estimated reclamation liability on the Gibraltar mine of $32.7 million.</P>
<P align=justify style="margin-left:5%;">In March 2004, the Company purchased a mining shovel for
approximately US$10.1 million ($13.0 million). In May 2004, the Company
purchased five mine haul trucks for approximately US$8.2 million ($10.7
million).</P>
<P align=justify style="margin-left:5%;">During the period ended December 31, 2004, the Company sold the
mining shovel and the five haul trucks for approximately US$18.3 million ($22.0
million), of which approximately US$14.7 million ($17.5 million) was received in
November 2004, net of a 20% down payment (US$3.6 million, or $4.5 million) which
was funded by the Company and represent prepaid lease payments. The purchaser
leased the shovel and trucks to a subsidiary of Ledcor CMI Ltd. ("Ledcor"), the
Company's joint venture partner at the Gibraltar mine (note 6(a)), and this
equipment forms part of Ledcor's contribution to the joint venture.</P>
<P align=justify style="margin-left:5%;">The Company has the right to acquire the shovel and haul trucks
for residual values totaling US$7.1 million ($8.5 million) on this equipment at
the end of the lease term in November 2008.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>Mineral property
interests</B></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="13%"
   >March 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="13%"
   >September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Gibraltar Copper Mine (note 6(a)) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >1,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >1,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Prosperity Gold-Copper Property (note 6(b)) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >1,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >1,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Harmony Gold Property (note 6(c)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>1,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>1,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"

     >&nbsp;<STRONG>3,000</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"

     >&nbsp;<STRONG>3,000</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Gibraltar Copper Mine</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In July 1999, the Company acquired a 100% interest in the
      Gibraltar Copper Mine mineral property, located near Williams Lake,
      British Columbia, Canada from Boliden Westmin (Canada) Limited ("BWCL")
      for $3.3 million. The acquisition included plant and equipment and
      supplies inventory of the Gibraltar mine, and $8 million of funds set
      aside for future reclamation. As part of its 1999 operating permits, the
      Company had agreed to incur a total of $4 million on reclamation and
      environmental programs during the six year period July 1999 to July 2005.
      The Gibraltar mine final reclamation and closure plan is updated every
      five years. The most recent reclamation plan and closure report was
      approved by the British Columbia Ministry of Energy and Mines in 2004.
      Pursuant to this approved closure plan, the Ministry agreed that the
      Company had satisfied the $4 million reclamation obligation required under
      the 1999 operating permits.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The agreement contained certain indemnification clauses.
      The $8 million of funds set aside for future reclamation were considered a
      "Qualified Environmental Trust" for Canadian income tax purposes. During
      the year ended September 30, 2003, the Government of British Columbia
      released these funds from the Trust, which resulted in an income inclusion
      to the Company, and consequently resulted in the Company utilizing $3.57
      million of tax pools otherwise available to it. The Company has made claim
      to BWCL for this estimated tax liability under the indemnification terms
      of the agreement.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the year ended September 30, 2001, Gibraltar Mines
      Ltd., Gibraltar Engineering Services Limited Partnership (the "GESL
      Partnership") (see note 6(d)), and Cominco Engineering Services Ltd.
      ("CESL") concluded a Memorandum of Agreement ("MOA") to jointly complete
      an evaluation for a potential hydrometallurgical copper refinery (using
      CESL technology) at the Gibraltar mine. Expenses incurred in excess of the
      $2.7 million agreed to in the original MOA were funded by the Company and
      the GESL Partnership. During fiscal 2002 and 2003, the Company acquired
      the business carried on by the GESL Partnership (note 6(d)).</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company retained Procorp Services Limited Partnership
      ("Procorp") to provide technical, financial, management and marketing
      services related to all facets of the start-up, expansion and development
      of the Gibraltar mine and the proposed hydrometallurgical refinery.
      Procorp is a mining services, financing and marketing partnership
      comprised of experienced, specialized independent contractors as well as
      members who are also directors and officers of the Company. Compensation
      to Procorp included an initial payment of US$0.9 million for services
      rendered in fiscal 2001 and 2002 (which has been paid) and a second
      payment of US$0.9 million upon</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_10"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">successful recommencement of commercial production of the Gibraltar mine using the CESL technology prior to October 31, 2005. In addition, the Company agreed, subject to regulatory approval, to issue to Procorp 3.5 million
warrants to purchase common shares of the Company at a price of &#36;1.70 per share for two years and a royalty of US&#36;0.01 per pound of copper sold, upon successful recommencement of commercial production using the hydrometallurgical refinery by
October 31, 2005.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Gibraltar mine had been on care and maintenance since being acquired in 1999 and commenced restart activities during the year ended September 30, 2004. During fiscal 2001, due to continued uncertainty regarding start-up and an
extended cycle of depressed metal prices, the Company wrote down the accumulated mineral property interest acquisition costs of &#36;5.9 million to a nominal amount of &#36;1,000.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Part of the Gibraltar mine consists of waste rock dumps which the Company has an obligation to reclaim. On November 1, 2002, the Company entered into a Landfill Management Agreement and an associated Partnering Agreement with the
Cariboo Regional District (&#147;CRD&#148;), whereby the CRD funded the Company to construct (which was completed by the Company), operate, manage and maintain, on an ongoing basis, a municipal landfill on certain of the waste rock dumps for the CRD
for the life of the landfill, expected to be in excess of 80 years. As a result of these agreements, the Company&#146;s reclamation obligation was reduced and accordingly, during fiscal 2003, the Government of British Columbia released &#36;2.5
million of the reclamation deposits held.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">During the year ended September 30, 2004, the Company formed a joint venture with Ledcor CMI Ltd. and Ledcor Mining Ltd. (together &#147;Ledcor&#148;), whereby Ledcor would finance certain equipment and commission, restart, and
operate the Gibraltar mine. As operator, Ledcor&#146;s primary responsibility would be commissioning and operating the mine in addition to other aspects of mine operations, including drilling, blasting, loading and hauling of ore and waste as well
as the recruitment of personnel and the maintenance of equipment and facilities. Ledcor will contribute to the joint venture its own mine equipment and will purchase or lease additional equipment as necessary. Taseko would contribute to the joint
venture certain mineral rights and usage rights to the existing mill and equipment, oversee concentrate sales, off-site activities and administration.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Pursuant to the joint venture agreement, the Company is required to maintain a bank account with a balance of at least &#36;5 million in a "product revenue account", for the purposes of providing working capital for operations and
general administrative costs.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(b)</I> 	</TD>
	<TD>
<P align="justify"><I>Prosperity Gold-Copper Property</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company owns 100% of the Prosperity Gold-Copper Property, consisting of 196 mineral claims covering the mineral rights for approximately 85 square km in the Clinton Mining Division in south central British Columbia, Canada.
The &#36;28.66 million cash and share consideration to acquire the Prosperity property was written down to a nominal &#36;1,000 value in fiscal 2001, to reflect the extended depressed conditions in the metals markets.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_11"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<I>(c)</I> 	</TD>
	<TD>
<P align="justify"><I>Harmony Gold Property</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Under the terms of an arrangement agreement (note 4), the Company acquired a 100% interest in the Harmony Gold Property in fiscal 2002.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company does not believe there has been a fundamental change in the nature of the Harmony Gold Property; however, as the Company had not conducted significant exploration or development on the property in the last several
years the Harmony Gold Property was written down to a nominal value of &#36;1,000 during the year ended September 30, 2004.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(d)</I> 	</TD>
	<TD>
<P align="justify"><I>Acquisition agreements</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify"><I>Gibraltar Engineering Services Limited Partnership</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In December 2001, the GESL Partnership completed a private placement of limited partnership units for aggregate proceeds of &#36;1.85 million. In February 2002, the Company issued 4,966,659 Taseko common shares at &#36;0.44 per
share to acquire Gibraltar Refinery (2002) Ltd., which had acquired certain of the private placement units of the GESL Partnership. The Company also issued 50,000 Taseko common shares to its financial adviser in connection with this acquisition. A
further &#36;3 million of expenditures were incurred by the GESL Partnership, which were financed by a separate partnership, the GESL Refinery Process ("GRP") Partnership, for a total financing amount of &#36;4.85 million. In December 2002, a
general partnership interest in the GRP Partnership was acquired and financed by a third party for &#36;3.0 million. In April 2003, under a plan of arrangement, the Company issued 7,446,809 Taseko common shares for total consideration of &#36;3.5
million to complete the acquisition of Gibraltar Engineering Services Limited ("GESL"), which had acquired the remaining business of the GESL Partnership.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify"><I>Gibraltar Reclamation Trust Limited Partnership</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In December 2003, the GRT Partnership completed a private placement of limited partnership units for aggregate proceeds of &#36;18.6 million, and entered into a joint venture arrangement with Gibraltar Mines Ltd. to proceed
towards restarting the Gibraltar mine with the funds raised. Gibraltar Mines Ltd., as its contribution to the joint venture, was to contribute the use of its mine assets and fund the start-up expenses of the Gibraltar mine, and the GRT Partnership
funded a qualifying environmental trust (&#147;QET&#148;), which consequently allowed Gibraltar Mines Ltd. to access other funds then held by the Government of British Columbia as a security for the mine&#146;s environmental reclamation obligations.
Under the joint venture agreement, the GRT Partnership was to be entitled to certain revenues or production share from the Gibraltar mine following the resumption of production. In March 2004, the Company issued 7,967,742 common shares at &#36;2.79
per share for total consideration of &#36;22.23 million to acquire all of the units of the GRT Partnership. In conjunction with this agreement, certain directors and officers of the Company personally guaranteed certain obligations to third parties
on behalf of the Company to the extent of &#36;4.5 million. In consideration for the guarantee, the Company issued 225,000 common shares at &#36;2.00 per share to those directors and officers.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">




<A name="page_12"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<I>(e)</I> 	</TD>
	<TD>
<P align="justify"><I>Farmout Agreement</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In December 2003, the Company entered into a Farmout Agreement (the "Agreement") with Northern Dynasty Minerals Ltd. ("Northern Dynasty") and Rockwell Ventures Inc. ("Rockwell"), each public companies with certain directors in
common with the Company. Under the terms of the Agreement, the Company granted to Northern Dynasty, and to Rockwell, rights to earn joint venture working interests, subject to a maximum of &#36;650,000 in the case of Northern Dynasty and
&#36;200,000 in the case of Rockwell, on certain exploration properties located in the vicinity of the Gibraltar mine property. For a period of 150 days after Northern Dynasty and Rockwell earned their working interests, the Company had the right to
purchase their interests at 110% in cash or in common shares of the Company, at the Company's option. If the Company elected to issue common shares, the common shares to be issued were to have been valued at the weighted average ten-day trading
price as traded on the TSX Venture Exchange.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In December 2003, Northern Dynasty earned an interest in these properties to the extent of &#36;650,000 and Rockwell earned an interest in these properties to the extent of &#36;200,000. In March 2004, Taseko exercised its right
to purchase the interests earned by Northern Dynasty and Rockwell by issuing 256,272 common shares to Northern Dynasty and 78,853 common shares to Rockwell.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(f)</I> 	</TD>
	<TD>
<P align="justify"><I>Royalty Agreement (Promissory note and Royalty obligation)</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In September 2004, the Company entered into agreements with an unrelated investment partnership, the Red Mile Resources No. 2 Limited Partnership (&#147;Red Mile&#148;). Gibraltar Mines Ltd. sold to Red Mile a royalty for
&#36;67.357 million cash, which cash was received on September 29, 2004. These funds were subsequently loaned to a financial institution (and a promissory note received) and the Company has pledged these funds along with interest thereon for a total
of &#36;70.2 million to secure its obligations under the agreements.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Pursuant to the agreements, the Company received an aggregate of &#36;10.5 million in fees and interest for services performed in relation to the Red Mile transaction, of which &#36;5.25 million was received in each of September
2004 and December 2004.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The amount of &#36;5.25 million received in September 2004 included &#36;1.75 million for indemnifying an affiliate of Red Mile from any claims relating to a breach by Gibraltar Mines Ltd. under the royalty agreement. The funds
received in respect of the indemnification are presented as deferred revenue, and are recognized over the expected remaining life of the royalty agreement, with &#36;1,662,500 remaining as deferred as at March 31, 2005.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Annual royalties will be payable by Gibraltar Mines Ltd. at rates ranging from &#36;0.01 per pound to &#36;0.14 per pound of copper produced during the period from the commencement of commercial production (as defined in the
agreement) to December 2014. Gibraltar Mines Ltd. is entitled to have released to it funds held under the promissory note and interest thereon to fund its royalty obligations to the extent of its royalty payment obligations.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_13></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">The Company has a pre-emptive option to effectively purchase
(&#147;call&#148;) the royalty interest by acquiring the Red Mile partnership units at a
future date in consideration of a payment commensurate with the funds received
by the Company. Under certain circumstances, the investors in Red Mile also have
a right to sell (&#147;put&#148;) their Red Mile partnership units to the Company; however
such right is subject to the Company's pre-emptive right to exercise the &#147;call&#148;
in advance of any &#147;put&#148; being exercised and completed.</P>
<P align=justify style="margin-left:5%;">The Company has granted to Red Mile a net profits interest
(&#147;NPI&#148;), which survives any &#147;put&#148; or &#147;call&#148; of the Red Mile units. For the years
2011 to 2014, the NPI is 2% if the price of copper averages US$2.50 to US$2.74
per pound, 3% if the price of copper averages US$2.75 to US$2.99 per pound and
4% if the price of copper averages US$3.00 per pound or greater for any year
during that period. The US-dollar pricing amounts specified above are based upon
an exchange rate of US$0.75 for CDN$1.00, and shall be adjusted from time to
time by any variation of such exchange rates. No NPI is payable until the
Company reaches a pre-determined aggregate level of revenues less defined
operating costs and expenditures.</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>Operating line of credit and vehicle
  loans</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has an unsecured $2 million operating line of
      credit with a Canadian chartered bank at an interest rate of prime, due on
      demand, with no fixed terms of repayment. At March 31, 2005, approximately
      $1.43 million was outstanding on this line of credit.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a series of loans related to certain of
      the on-road vehicles used at the mine site, at interest rates ranging from
      0% to 9.75%. Most of these loans have a term of 36 months, and are secured
      by the vehicles to which they relate. The required payments on these loans
      over the next five fiscal years are as
follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width=5% align=left></TD>
    <TD align=left></TD>
    <TD width="13%" align=right><B><U>Remainder of</U></B> </TD>
    <TD width="13%" align=left></TD>
    <TD width="13%" align=left></TD>
    <TD width="13%" align=left></TD>
    <TD width="13%" align=left></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD width="13%" align=right><B><U>fiscal 2005</U></B> </TD>
    <TD width="13%" align=right><B><U>fiscal 2006</U></B> </TD>
    <TD width="13%" align=right><B><U>fiscal 2007</U></B> </TD>
    <TD width="13%" align=right><B><U>fiscal 2008</U></B> </TD>
    <TD width="13%" align=right><B><U>Total</U></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Principal </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">$ 103,454 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">$ 214,715 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">$ 132,965 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">$ 48,936 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF">$ 500,070 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Interest </TD>
    <TD
      width="13%" align=right style="BORDER-BOTTOM: #000000 1px solid">14,037
    </TD>
    <TD
      width="13%" align=right style="BORDER-BOTTOM: #000000 1px solid">20,267
    </TD>
    <TD width="13%" align=right style="BORDER-BOTTOM: #000000 1px solid">9,663
    </TD>
    <TD width="13%" align=right style="BORDER-BOTTOM: #000000 1px solid">978 </TD>
    <TD
      width="13%" align=right style="BORDER-BOTTOM: #000000 1px solid">44,945
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">Total
    </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
      117,491 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
      234,982 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
      142,628 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
      49,914 </TD>
    <TD width="13%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
      545,015 </TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">Of the above vehicle loan total principal amounts of $500,070,
$209,474 is current while $290,596 is due after one year.</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B>Share capital</B></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Authorized</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Authorized share capital of the Company consists of
      200,000,000 common shares without par value.</P></TD></TR></TABLE><BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_14></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(b)</I> </TD>
    <TD>
      <P align=justify><I>Issued and outstanding</I></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="13%"
   >Number </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="13%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Common shares</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >of Shares </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >Amount </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   ><B>Balance, September 30, 2003</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   ><B>53,880,973</B> </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ><B>$</B></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   ><B>&nbsp;99,446,319</B> </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Issued during the year </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.50 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >4,265,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >2,132,500 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.40 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >152,500 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >61,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.25 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >75,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >18,750 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >380,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >209,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.65 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >25,500 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >16,575 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of stock options allocated to shares
      issued on exercise </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >290,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.58 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >276,596 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >160,426 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.55 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >414,850 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >228,168 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.40 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >302,250 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >120,900 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.50 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >7,393,751 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >3,696,876 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.75 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >473,332 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >354,999 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $0.60 per share, net of issue
      costs </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >6,700,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >3,910,728 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Private placement at $2.00 per share, net of issue costs </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >3,900,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >7,323,943 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $1.25 per share, net of issue
      costs </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >8,000,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >8,933,206 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;For acquisition of Gibraltar Reclamation Trust Limited Partnership
    </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;at $2.79 per share, net of issue
      costs (note 6(d)) </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >7,967,742 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >22,193,039 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Loan guarantee at $2.00 per share (note 8(d)) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >225,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >450,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp; &nbsp;Farmout agreement at $2.79 per share (note 6(e)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >335,125 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >935,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   ><B>Balance, September 30, 2004</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   ><B>94,767,619</B> </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ><B>$</B></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   ><B>150,481,429</B> </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Issued during the period </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.25 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >20,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >5,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.30 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >100,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >30,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.40 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >22,500 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >9,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >330,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >181,500 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.81 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >10,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >8,100 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.36 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >265,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >360,400 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $1.40 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >44,500 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >62,300 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.65 per share </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="13%"
     >10,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >16,500 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.75 per share </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >1,943,334 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >1,457,501 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp; &nbsp;Private placement at $1.45 per share, net of issue costs </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >6,998,067 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ><B>Balance, March 31, 2005</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF
     ><B>102,717,314</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF
     >&nbsp;<STRONG>159,609,797</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(c)</I> </TD>
    <TD>
      <P align=justify><I>Convertible debenture</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 21, 1999, in connection with the acquisition of
      the Gibraltar mine, the Company issued a $17 million interest-free
      debenture to BWCL, which is due on July 21, 2009, but is convertible into
      common shares of the Company over a 10 year period commencing at a price
      of $3.14 per share in year one and escalating by $0.25 per share per year
      thereafter ($4.39 per share as at March 31, 2005). BWCL&#146;s purchase of the
      convertible debenture was receivable as to</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">$4,000,000 in July 1999, $1,000,000 on October 19, 1999,
$3,500,000 on July 21, 2000, and $8,500,000 by December 31, 2000, all of which
were received. BWCL has the right to convert, in part or in all from time to
time, the debenture into fully paid common shares of the Company from year one
to year ten, but has not requested any conversions to date. </P>
<P align=justify style="margin-left:5%;">From the commencement of the sixth year to the tenth year, the
Company has the right to automatically convert the debenture into common shares
at the then-prevailing market price. Since the Company has the right and the
intention to settle the convertible debenture through the issuance of common
shares, notwithstanding the Company&#146;s right to settle the debenture with cash,
it has been included as a separate component of shareholders&#146; equity on the
balance sheet.</P>
<P align=justify style="margin-left:5%;">Accounting standards in Canada for compound financial
instruments require the Company to allocate the proceeds received from the
convertible debenture between (i) the fair value of the option to convert the
debenture into common shares and (ii) the fair value of the future cash outflows
related to the debenture. At issuance, the Company estimated the fair value of
the conversion option by deducting the present value of the future cash outflows
of the convertible debenture, calculated using a risk-adjusted discount rate of
10%, from the face value of the principal of the convertible debenture. The
residual carrying value of the convertible debenture is required to be accreted
to the face value of the convertible debenture over the life of the debenture
by, in the Company&#146;s case, a direct charge to deficit. During the year ended
September 30, 2003, the Company restated the prior years' convertible debenture
and deficit balances within shareholders&#146; equity on the balance sheet and the
statements of deficit for the years ended September 30, 2002 and 2001 to reflect
the required accretion of the convertible debenture. </P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"></TD>
    <TD width="12%" align=right nowrap style="BORDER-TOP: #000000 2px solid">Six
      months ended </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year ended
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">March 31, </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">September 30, </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    width="1%"></TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Present value of convertible debenture </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD

    align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;10,754,763 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%">$</TD>
    <TD align=right width="12%">&nbsp;9,777,058 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp;Accretion for the period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>537,002 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>977,705 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;End of period </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">11,291,765 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">10,754,763 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>Conversion right </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>9,822,462 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>9,822,462 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Convertible debenture
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;21,114,227 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;20,577,225 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>March 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    width="1%" bgColor=#E6EFFF></TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Summary of the convertible debenture terms </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp;Principal amount of convertible
      debenture </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>17,000,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>17,000,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Price per common share of the unexercised
      conversion right </TD>
    <TD

    align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;4.39 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%">$</TD>
    <TD align=right width="12%">&nbsp;4.39 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp;Number of common shares
      potentially issuable under </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unexercised
      conversion right </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=middle width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">3,872,437 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">3,872,437 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(d)</I> </TD>
    <TD>
      <P align=justify><I>Share purchase option plan</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a share purchase option plan approved by
      the shareholders that allows it to grant a maximum of 10% of the issued
      and outstanding common shares of the Company at the time an option is
      granted, less common shares reserved or issued in the plan, subject to
      regulatory terms and approval, to its employees, officers, directors and
      consultants. The exercise price of each option may be set equal to or
      greater than the closing market price of the common shares on the TSX
      Venture Exchange on the day prior to the date of the grant of the option,
      less any allowable discounts. Options have a maximum term of ten years and
      terminate 30 to 90 days following the termination of the optionee&#146;s
      employment or term of engagement, except in the case of retirement or
      death. Vesting of options is at the discretion of the Board of Directors
      at the time the options are granted.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of share purchase options is as
      follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center colSpan=4
   >For the six month </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="9%" align=center style="BORDER-TOP: #000000 2px solid"
   ></TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="9%" align=center style="BORDER-TOP: #000000 2px solid"
   ></TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="9%" align=center style="BORDER-TOP: #000000 2px solid"
   ></TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    <TD width="9%" align=center style="BORDER-TOP: #000000 2px solid"
   ></TD>
    <TD width="2%"
    align=middle
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD align=middle></TD>
    <TD

    align=middle
   ></TD>
    <TD align=center colSpan=4
   >period ended </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   ></TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   ></TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   ></TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   ></TD>
    <TD width="2%"
    align=left

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD

    align=left
   ></TD>
    <TD align=center colSpan=4
   >March 31, </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=10>For the years ended September 30, </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD align=left></TD>
    <TD

    align=left
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4><B>2005</B> </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4><B>2004</B></TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4><B>2003</B> </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD width="1%"
    align=left

   ></TD>
    <TD width="9%" align=center
     >Number </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
     >Average </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
     >&nbsp; &nbsp;Number </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   >Average </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   >Number </TD>
    <TD width="2%"
    align=center

   ></TD>
    <TD width="1%"
    align=center

   ></TD>
    <TD width="9%" align=center
   >Average </TD>
    <TD width="2%"
    align=middle

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >of shares </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >Price </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >&nbsp; &nbsp;of shares </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >Price </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >of shares </TD>
    <TD width="2%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=center
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=center style="BORDER-BOTTOM: #000000 1px solid"
   >Price </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Opening balance </TD>
    <TD

    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >8,627,500 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >1.13 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >4,685,000 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.48 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >4,145,000 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Granted during the period </TD>
    <TD

    align=left
   ></TD>
    <TD width="9%" align=right
     >&#150; </TD>
    <TD width="2%"
    align=left

   ></TD>
    <TD width="1%"
    align=right

   ></TD>
    <TD width="9%" align=right
     >&#150; </TD>
    <TD width="2%"
    align=left

   ></TD>
    <TD width="1%"
    align=right

   ></TD>
    <TD width="9%" align=right
     >8,855,500 </TD>
    <TD width="2%"
    align=left

   ></TD>
    <TD width="1%"
    align=right

   ></TD>
    <TD width="9%" align=right
     >1.12 </TD>
    <TD width="2%"
    align=left

   ></TD>
    <TD width="1%"
    align=right

   ></TD>
    <TD width="9%" align=right
     >770,000 </TD>
    <TD width="2%"
    align=left

   ></TD>
    <TD width="1%"
    align=right

   ></TD>
    <TD width="9%" align=right
     >0.41 </TD>
    <TD width="2%"
    align=left

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Exercised during the period </TD>
    <TD

    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >(802,000</TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   >) </TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.84 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >(4,898,000</TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   >) </TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >(40,000</TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   >) </TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Expired/cancelled during period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >(60,000</TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >1.46 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >(15,000</TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >1.36 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >(190,000</TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >0.50 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Closing balance </TD>
    <TD

    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >7,765,500 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >1.16 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >8,627,500 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >1.13 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   ></TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >4,685,000 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF

   >$</TD>
    <TD width="9%" align=right bgColor=#E6EFFF
   >0.48 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF

   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Contractual remaining life (years) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left
   ></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >1.46 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >1.93 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=right
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=left style="BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="1%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
    <TD width="9%" align=right style="BORDER-BOTTOM: #000000 1px solid"
   >1.03 </TD>
    <TD width="2%"
    align=left
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   >Range of exercise prices </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left bgColor=#E6EFFF
   ></TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">$0.25-$1.65 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="1%"
    align=middle bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="1%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid">$0.25-$1.65 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="1%"
    align=right bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="1%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="9%" align=right
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid"
     >$0.25-$0.50 </TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="1%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    <TD width="9%" align=left
    bgColor=#E6EFFF style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD width="2%"
    align=left bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">As at March 31, 2005, 7,425,500 of the options outstanding had
vested with optionees.</P>
<P align=justify style="margin-left:5%;">Subsequent to March 31, 2005, to May 3, 2005, a total of
285,000 options were exercised for gross proceeds of $160,800.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">The exercise prices of all share purchase options granted
during the period were equal to the market price at the grant date. Using an
option pricing model with the assumptions noted below, the estimated fair value
of all options granted during the period have been reflected in the statement of
operations as follows:</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"></TD>
    <TD width="11%" align=right nowrap>Six months ended </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="10%">Year ended </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="11%">March 31, </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD width="10%" align=right nowrap>September 30, </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">2004
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF"><B>Total compensation cost recognized in
      operations,</B> </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="11%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="10%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">&nbsp;
      &nbsp;<B>credited to contributed surplus</B> </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"><B>$</B></TD>
    <TD
      width="11%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double"><B>557,246</B> </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"><B>$</B></TD>
    <TD
      width="10%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double"><B>&nbsp;5,172,244</B> </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">The weighted average assumptions used to estimate the fair
value of options during the period were:</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Risk free interest rate </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">3% </TD>
    <TD

    align=left width="30%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Expected life </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">2.4 years </TD>
    <TD

    align=left width="30%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Volatility </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">94% </TD>
    <TD

    align=left width="30%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Expected dividends </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">nil </TD>
    <TD

    align=left width="30%"></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(e)</I> </TD>
    <TD>
      <P align=justify><I>Share purchase warrants</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of share purchase warrants is as
      follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="8%"
   >Outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="8%"
   >Outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >Exercise </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=middle width="1%"
   ></TD>
    <TD width="8%" align=right nowrap
     >September 30, </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=left width="8%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="8%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="8%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >March 31, </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Expiry dates </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >&nbsp; &nbsp;price </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >Issued </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >Exercised </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >Expired </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >January 8, 2006 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$0.40 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >375,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >375,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>December 31, 2005 </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp; &nbsp;$0.75 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >6,226,668 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >(1,943,334</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp;4,283,334<SUP>(<I>i</I>)</SUP></TD>
    <TD

    align=left width="2%"
   >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >March 10, 2005 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$2.25 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >3,900,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >(3,900,000</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>September 28, 2006 </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp; &nbsp;$1.40 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >8,000,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD width="8%" align=right nowrap
     >&nbsp;8,000,000(<I>ii</I>)</TD>
    <TD

    align=left width="2%"
   ><SUP></SUP></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >September 18, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>&nbsp; &nbsp;$1.66 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#E6EFFF>5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
   >18,501,668 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
   >5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
   >(1,943,334</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
   >(3,900,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
   >17,862,695 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"
   ></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">(<I>i</I>) </TD>
    <TD>
      <P align=justify>Subject to a 45-day accelerated expiry upon notice if, at
      any time after the regulatory four-month hold period, the closing price of
      the Company's common shares, as traded on the TSX Venture Exchange, is at
      least $1.50 for ten consecutive trading days. As at March 31, 2005,
      management had not given notice of this accelerated expiry.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(ii)</I> </TD>
    <TD>
      <P align=justify>Subject to a 45-day accelerated expiry upon notice if, at
      any time after the regulatory four-month hold period, the closing price of
      the Company's common shares, as traded on the TSX Venture Exchange, is at
      least $2.80 for ten consecutive trading days.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">Subsequent to March 31, 2005, to May 3, 2005, a total of
170,002 warrants were exercised for gross proceeds of $127,502.</P>
<P align=justify style="margin-left:5%;">The continuity of share purchase warrants during the previous
fiscal year is as follows:</P>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="8%"
   >Outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="8%"
   >Outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >Exercise </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=middle width="1%"
   ></TD>
    <TD width="8%" align=right nowrap
     >September 30, </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=left width="8%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="8%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD width="8%" align=right nowrap
     >September 30, </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Expiry dates </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >&nbsp; &nbsp;price </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >2003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >Issued </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >Exercised </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >October 19, 2003 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$0.58 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >276,596 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >(276,596</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>December 27, 2003 </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp; &nbsp;$0.55 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >414,850 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >(414,850</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >January 8, 2006 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$0.40 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >375,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >375,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>December 31, 2003 </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp; &nbsp;$0.40 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >302,250 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >(302,250</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >December 31, 2004 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$0.50 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >7,393,751 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >(7,393,751</TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>December 31, 2005 </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&nbsp; &nbsp;$0.75 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="8%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >6,700,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >(473,332</TD>
    <TD

    align=left width="2%"
   >) </TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="8%"
     >6,226,668 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >March 10, 2005 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&nbsp; &nbsp;$2.25 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >3,900,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="8%" bgColor=#E6EFFF
   >3,900,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >September 28, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >&nbsp; &nbsp;$1.40 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >8,000,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
   >8,000,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="8%"
    bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#E6EFFF>8,762,447 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#E6EFFF>18,600,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#E6EFFF
   >(8,860,779</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="8%"
    bgColor=#E6EFFF
     >18,501,668 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><I>(f)</I> </TD>
    <TD>
      <P align=justify><I>Contributed surplus</I></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Balance, September 30, 2003 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >65,344 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Changes during fiscal 2004: </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="15%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Non-cash stock-based compensation (note 8(d)) </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >5,172,244 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp; &nbsp;Fair value of stock options allocated to shares issued on exercise
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
   >(290,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Contributed surplus, September 30, 2004 </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >4,947,588 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Changes during fiscal 2005: </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=left width="15%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Non-cash stock-based compensation (note 8(d)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#E6EFFF>557,246 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Contributed surplus, March 31, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
   >5,504,834 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>Site closure and reclamation obligations</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of the provision for site closure and
      reclamation costs is as follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     ><B>Six months</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     ><B>Six months</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=left width="13%"
   ></TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     ><B>ended</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     ><B>ended</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     ><B>Year ended</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     ><B>March 31,</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     ><B>March 31,</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     ><B>September 30,</B> </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   ><B>2005</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   ><B>2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   ><B>2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Balance, beginning of period, </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>as previously reported </TD>
    <TD

    align=left width="1%"
   >$</TD>
    <TD align=right width="14%"
     >32,700,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="13%"
     >32,700,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   >$</TD>
    <TD align=right width="13%"
     >32,700,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Impact of adoption of HB3110 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF
   >(22,280,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF
   >(23,227,273</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF
   >(23,227,273</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>As restated </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >10,420,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >9,472,727 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >9,472,727 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Site closure and reclamation </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="14%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="13%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>liability incurred </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="14%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Accretion expense </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#E6EFFF>521,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>473,637 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>947,273 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Balance, end of period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
   >10,941,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >9,946,364 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >10,420,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">The expected reclamation costs used in the determination of
this provision total $32.7 million and are expected to be spent over a period of
about three years beginning in 2017 after the reserves of the Gibraltar mine
pits are depleted. The credit-adjusted risk free rate at which the estimated
future cash flows have been discounted is 10%.</P>
<P align=justify style="margin-left:5%;">In accordance with the Gibraltar mine permit, the Company has
pledged the mine&#146;s plant and certain equipment (note 5) which, when taken at
market value and combined with reclamation deposits (approximately $17.8 million
at March 31, 2005), provide the Government of British Columbia with the required
security for the estimated reclamation liability on the Gibraltar mine of $32.7
million.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>Income taxes</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at September 30, 2004 and 2003, the tax effect of the
      significant components within the Company&#146;s future tax assets were as
      follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   ><B>2003</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Mineral properties </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >7,472,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Loss carry forwards </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >1,412,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >1,778,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Equipment </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >15,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >1,085,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Reclamation obligation </TD>
    <TD

    align=left width="1%"
   ></TD>
    <TD align=right width="12%"
     >5,359,000 </TD>
    <TD

    align=left width="2%"
   ></TD>
    <TD

    align=right width="1%"
   ></TD>
    <TD align=right width="13%"
     >&#150; </TD>
    <TD

    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Royalty obligation </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >23,979,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Other tax pools </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >740,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >775,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left
   ></TD>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >38,977,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD

    align=right width="1%" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >3,638,000 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Valuation allowance </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >(38,977,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%"
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >(3,638,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   ><B>Future income tax asset</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" bgColor=#E6EFFF
   ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF><B>&#150;</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" bgColor=#E6EFFF
   ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF><B>&#150;</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<P align=justify style="margin-left:5%;">The Company has accrued a tax provision of a subsidiary company
of $23.744 million. This provision reflects an amount which management believes
is less than likely of ever becoming payable. The subsidiary has a June 30, 2005
taxation year end. Prior to making its ultimate tax calculations, the subsidiary
will consider tax planning strategies which might be put in place subsequent to
the Company's financial reporting date of September 30, 2004. In addition, the
subsidiary would exhaust all appeals if any taxes in connection with this
accrual were actually assessed against the subsidiary. The amount represents a
potential liability which has been recognized in a conservative manner in
accordance with Canadian generally accepted accounting principles. It does not
represent a payable amount based on any filed, or expected to be filed, tax
return. It does not arise from a transaction in any completed taxation year, nor
has any taxation authority assessed the amount or any portion thereof as
payable.</P>
<P align=justify style="margin-left:5%;">At September 30, 2004, the Company&#146;s tax attributes included
non-capital losses for income tax purposes in Canada totaling approximately
$3,063,000 expiring in various periods from 2005 to 2014.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD>
      <P align=justify><B>Supplementary cash flow disclosures</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In addition to the non-cash operating, financing and
      investing activities primarily disclosed, the Company&#146;s non-cash
      operating, financing and investing activities were as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">March 31,
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2004
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2003
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Issuance of common shares on acquisition
      of remaining </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp;business of GESL Partnership
      (note 6(d)) </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   >$</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">&nbsp;&#150; </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
   >$</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">&nbsp;&#150; </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
   >$</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">&nbsp;3,500,000 </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Issuance of common shares on acquisition of Gibraltar </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation Trust Limited Partnership (note 6(d))
    </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">22,230,000 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">&#150; </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Issuance of common shares for loan guarantee
      (note 6(d)) </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">&#150; </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">450,000 </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">&#150; </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Accretion of convertible debenture (note 8(c)) </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=right width="12%">537,002 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">977,705 </TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=right width="1%"></TD>
    <TD align=right width="12%">888,823 </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">Fair value of stock options allocated to
      shares issued on </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
   ></TD>
    <TD width="12%" align=left bgcolor="#E6EFFF"></TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;
      &nbsp;exercise (note 8(f)) </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&#150;
    </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">290,000
    </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%"
    align=right bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&#150;
    </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">March 31,
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      width="12%">September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2004
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%">2003
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF><B>Supplemental cash flow information</B> </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Cash paid during the period for </TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD

    align=left width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;Interest </TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>89,615 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp; &nbsp;49,294 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>101,942 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Taxes
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">554 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid" width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;&nbsp;&nbsp;45,352 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">6,135
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD>
      <P align=justify><B>Related party transactions and
  advances</B></P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" width="1%"></TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Six
      months </TD>
    <TD width="2%"
    align=center nowrap
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="1%" nowrap
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 2px solid">Year
      ended </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <TD align=left></TD>
    <TD
    width="1%"></TD>
    <TD width="12%" align=center nowrap>ended March 31, </TD>
    <TD width="2%"

    align=center nowrap></TD>
    <TD
    width="1%" nowrap></TD>
    <TD width="12%" align=center nowrap>September 30, </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left><B>Transactions</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%"></TD>
    <TD width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2005
    </TD>
    <TD width="2%"
    align=center nowrap
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD width="1%" nowrap
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
    <TD
      width="12%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Hunter Dickinson Inc. </TD>
    <TD
    width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Services rendered to the Company and its subsidiaries
    </TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=right>&nbsp;</TD>
    <TD bgColor=#E6EFFF>&nbsp; &nbsp;&nbsp; &nbsp;and reimbursement of third party
      expenses (a) </TD>
    <TD
    width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%"
      bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411,638 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%"
      bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      806,970 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Hunter Dickinson Group Inc. </TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;Consulting services rendered to
      the Company (b) </TD>
    <TD
    width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;6,400 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF>$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF>12,800 </TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>Tom Milner Enterprises Inc. </TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
    <TD
    width="1%"></TD>
    <TD align=left width="12%"></TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp;Consulting services rendered to the Company
      (c) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid" width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>97,813 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid" width="1%" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      115,155 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
    <TD

    width="1%" bgColor=#ffffff></TD>
    <TD align=right width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD

    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#ffffff>March 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=center width="2%" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%"
    bgColor=#ffffff>September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff><B>Advances</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#ffffff>2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#ffffff>2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Advances to (from) (d) </TD>
    <TD
    width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
    <TD
    width="1%" bgColor=#E6EFFF></TD>
    <TD align=left width="12%" bgColor=#E6EFFF></TD>
    <TD

    align=left width="2%" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hunter Dickinson Inc. (a) </TD>
    <TD
    width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(104,320</TD>
    <TD

    align=left width="2%">) </TD>
    <TD
    width="1%">$</TD>
    <TD align=right
      width="12%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198,281
    </TD>
    <TD

    align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp;Hunter Dickinson Group Inc. (b) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(3,424</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid" width="1%" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(3,424</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; &nbsp;Advances
      to (from) related parties </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid" width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(107,744</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid" width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194,857
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%"></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_22"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left width="100%"><B><FONT size=4>TASEKO MINES LIMITED</FONT></B>
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">For the period ended March 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="100%">(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="100%">(Unaudited) <BR>
      &nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">Hunter Dickinson Inc. ("HDI") is a private company owned equally by nine public companies, one of which is Taseko. HDI has certain directors in common with the Company and provides geological, corporate development, administrative
and management services to, and incurs third party costs on behalf of, the Company and its subsidiaries on a full cost recovery basis pursuant to an agreement dated December 31, 1996.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">Hunter Dickinson Group Inc. is a private company with certain directors in common that provides consulting services to the Company.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(c) 	</TD>
	<TD>
<P align="justify">Tom Milner Enterprises Inc. is a private company controlled by a director of the Company that provides consulting services to the Company.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(d) 	</TD>
	<TD>
<P align="justify">Advances are non-interest bearing and due on demand.</P>
	</TD>
</TR>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TR>
	<TD width=5% valign=top>
<B>13.</B> 	</TD>
	<TD colspan=2>
<P align="justify"><B>Subsequent events</B></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD colspan=2>
<P align="justify">Subsequent to March 31, 2005, to May 3, 2005:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(a) 	</TD>
	<TD>
<P align="justify">285,000 options were exercised for gross proceeds of &#36;160,800 (note 8(d)).</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD width=5% valign=top>
(b) 	</TD>
	<TD>
<P align="justify">170,002 warrants were exercised for gross proceeds of &#36;127,502 (note 8(e)).</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black">

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>MD&A FOR THE SIX MONTHS ENDED MARCH 31, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "FINAL TKO Q2 MDA.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taskeo Mines Limited - Exhibit 99.2</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A> <br>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD
      width="100%" height="31" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR>
      &nbsp;</TD></TR></TABLE>
<P align=center><img src="tkologo.jpg" width="600" height="80"></P>
<P align=center><B>T A B L E&nbsp; O F &nbsp;C O N T E N T S</B></P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_2">1.1 </a></TD>
    <TD align=left><a href="#page_2">Date </a></TD>
    <TD width="10%" align=right><a href="#page_2">2 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_2">1.2 </a></TD>
    <TD align=left><a href="#page_2">Overview </a></TD>
    <TD width="10%" align=right><a href="#page_2">2 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_7">1.3</a> </TD>
    <TD align=left><a href="#page_7">Selected Annual Information </a></TD>
    <TD width="10%" align=right><a href="#page_7">7 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_8">1.4</a> </TD>
    <TD align=left><a href="#page_8">Results of Operations </a></TD>
    <TD width="10%" align=right><a href="#page_8">8 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_9">1.5 </a></TD>
    <TD align=left><a href="#page_9">Summary of Quarterly Results </a></TD>
    <TD width="10%" align=right><a href="#page_9">9 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_10">1.6</a> </TD>
    <TD align=left><a href="#page_10">Liquidity </a></TD>
    <TD width="10%" align=right><a href="#page_10">10 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_10">1.7 </a></TD>
    <TD align=left><a href="#page_10">Capital Resources </a></TD>
    <TD width="10%" align=right><a href="#page_10">10 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_11">1.8 </a></TD>
    <TD align=left><a href="#page_11">Off-Balance Sheet Arrangements </a></TD>
    <TD width="10%" align=right><a href="#page_11">11 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_11">1.9 </a></TD>
    <TD align=left><a href="#page_11">Transactions with Related Parties </a></TD>
    <TD width="10%" align=right><a href="#page_11">11 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_12">1.10 </a></TD>
    <TD align=left><a href="#page_12">Fourth Quarter </a></TD>
    <TD width="10%" align=right><a href="#page_12">12 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_12">1.11 </a></TD>
    <TD align=left><a href="#page_12">Proposed Transactions </a></TD>
    <TD width="10%" align=right><a href="#page_12">12 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_12">1.12 </a></TD>
    <TD align=left><a href="#page_12">Critical Accounting Estimates </a></TD>
    <TD width="10%" align=right><a href="#page_12">12 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_13">1.13 </a></TD>
    <TD align=left><a href="#page_13">Changes in Accounting Policies including
      Initial Adoption </a></TD>
    <TD width="10%" align=right><a href="#page_13">13 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_14">1.14 </a></TD>
    <TD align=left><a href="#page_14">Financial Instruments and Other Instruments
      </a></TD>
    <TD width="10%" align=right><a href="#page_14">14 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD width="10%" align=left><a href="#page_14">1.15 </a></TD>
    <TD align=left><a href="#page_14">Other MD&amp;A Requirements </a></TD>
    <TD width="10%" align=right><a href="#page_14">14 </a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_2"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>1.1 Date</B></P>
<P align="justify">
This Management Discussion and Analysis ("MD&amp;A") should be read in conjunction with the unaudited financial statements of Taseko Mines Limited ("Taseko", or the "Company") as at and for the three months ended March 31, 2005.</P>
<P align="justify"> This MD&amp;A is prepared as of May 5, 2005. All dollar figures
  stated herein are expressed in Canadian dollars, unless otherwise specified.</P>
<table width="100%" border="2" cellpadding="3" cellspacing="0" bordercolor="#000000" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td><div align="justify"><font face="Arial, Helvetica, sans-serif">This discussion
        includes certain statements that may be deemed "forward-looking statements".
        All statements in this discussion, other than statements of historical
        facts, that address future production, reserve potential, exploration
        drilling, exploitation activities and events or developments that the
        Company expects are forward-looking statements. Although the Company believes
        the expectations expressed in such forward-looking statements are based
        on reasonable assumptions, such statements are not guarantees of future
        performance and actual results or developments may differ materially from
        those in the forward-looking statements. Factors that could cause actual
        results to differ materially from those in forward-looking statements
        include market prices, exploitation and exploration successes, continued
        availability of capital and financing and general economic, market or
        business conditions. Investors are cautioned that any such statements
        are not guarantees of future performance and that actual results or developments
        may differ materially from those projected in the forward-looking statements.</font></div></td>
  </tr>
</table>
<P align="justify"> <B>1.2 Overview</B></P>
<P align="justify">
Taseko is a mineral exploration and mining company with three projects located in British Columbia, Canada. These are the Gibraltar copper-molybdenum mine and two advanced exploration projects: the Prosperity gold-copper project and the Harmony gold
project. There have been no recent activities on the Prosperity and Harmony projects.</P>
<P align="justify">
<B>Gibraltar mine</B></P>
<P align="justify">
<I>Second Quarter Highlights</I></P>
<UL>
  <LI>
    <p align="justify"> The Gibraltar mine attained commercial production for
      copper and molybdenum concentrates by the end of the quarter.</p>
  </LI>
  <LI>
    <p align="justify">Copper production was 14,156,000 pounds during the quarter,
      84% of plan, primarily because of adverse weather conditions in January.
      During the quarter, 14,137,000 pounds of payable copper in concentrate was
      sold at an average realized selling price of US&#36;1.45 per pound.</p>
  </LI>
  <LI>
    <p align="justify">Molybdenum production was 141,295 pounds during quarter,
      63% of plan, due to the delay in commissioning of the molybdenum circuit
      until February. In the quarter, 77,660 pounds of molybdenum in concentrate
      was sold at an average net realized selling price of US&#36;27.00 per pound.</p>
  </LI>
  <LI>
    <p align="justify">The British Columbia Labour Relations Board confirmed the
      validity of the Gibraltar-Ledcor Joint Venture and the legitimacy of the
      union with which Ledcor has a collective agreement ratified in September,
      2004.</p>
  </LI>
</UL>

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<A name="page_3"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<I>Joint Venture</I></P>
<P align="justify">
The Gibraltar mine is operated under a Joint Venture Operating Agreement (&#147;the Joint Venture&#148;) with Ledcor Mining Ltd. (&#147;Ledcor&#148;). Taseko (through its wholly owned operating subsidiary Gibraltar Mines Ltd.,
(&#147;Gibraltar&#148;)) has an 85% interest in the residual profits of the Joint Venture (i.e. profits after payment of usage fees to the participants for contributed assets and services) and Ledcor has a 15% interest in the residual profits. The
Joint Venture holds both rights to operate the mine, and leases on certain mining equipment, including a new electric shovel and five new mine haul trucks, but the mill and other mine assets, including mineral titles belong to Gibraltar. The Joint
Venture pays usage fees to each of Gibraltar and Ledcor for use of their respectively contributed assets as well as for services they respectively contribute to the Joint Venture. Taseko is responsible for concentrate sales, off-site activities and
certain aspects of administration, and Ledcor, as Operator of the Joint Venture, has primary responsibility for carrying out all mining and milling activities as well as recruitment of personnel and maintenance of the equipment and facilities.</P>
<P align="justify">
<I>Gibraltar Mine Performance</I></P>
<P align="justify">
Quarter two is the first quarter of commercial production at Gibraltar, and planned production levels were not achieved until the end of the quarter. The copper circuit commenced initial operations in October 2004, and the first copper concentrate
was shipped to an Asian smelter in December 2004.  A major upgrade to the molybdenum circuit was started in the first quarter, and the molybdenum circuit was commissioned during the second quarter in February. The first molybdenum in concentrate was
sold in March 2005.</P>
<P align="justify">
During the second quarter 14,156,000 pounds of copper in concentrate was produced and 141,295 pounds of molybdenum in concentrate was produced. Molybdenum produced in February and March was 80% of plan, as circuit commissioning was underway.</P>
<P align="justify">
Mining operations achieved the planned daily mining rate of 117,400 tons per day in November 2004 and maintained this production rate through the quarter ending March 31, 2005. The tons of ore mined were 15% higher and the average copper grade mined
was 6% higher compared with the tons and grade contemplated by the original mine plan, as secondary enriched, near-surface material that was not included in the original plan was mined during this period. Since mining has now moved into the primary
ore in the pit, tons and grade of the material mined are now expected to be more consistent with original mineral reserve estimates.</P>
<P align="justify">
Crusher throughput, and consequently mill throughput, was adversely affected from October 2004 through January 2005 by the wet, fine supergene and oxidized near-surface material which was being treated.  The challenges of this material were
compounded by extreme cold, and then wet weather conditions in January. The copper recovery from this material was slightly better than expected (76.8% versus planned 76.0%), but pounds of copper produced were down due to lower tons treated. Overall
performance and recoveries are improving as the mining progresses into the primary ore.  Grinding throughput has been adversely affected by the processing of courser ore feed during February and March, as a result of the crushing and screening
circuit not being optimized for the harder primary ore. Modifications to the crushing plant were well advanced at the end of the quarter and are scheduled to be completed in the third quarter.</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_4></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The following table is a summary of the operating statistics
for the second quarter compared to plan.</P>
<DIV>
  <TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
      <TD align=left></TD>
      <TD align=center width="18%"><B>Actual</B> </TD>
      <TD align=center width="18%"><B>Plan</B> </TD>
      <TD align=center width="18%"><B>Variance</B> </TD>
      <TD align=center width="18%"><B>Comments</B> </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Ore + Waste mined (tons)</B> </TD>
      <TD align=right width="18%">10,568,500 </TD>
      <TD align=right width="18%">10,800,00 </TD>
      <TD align=right width="18%">(231,500) </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=4><B>Ore milled (tons)</B> <BR>
        <BR><BR></TD>
      <TD align=right width="18%" rowSpan=4>2,802,200 <BR>
        <BR><BR></TD>
      <TD align=right width="18%" rowSpan=4>3,564,000 <BR>
        <BR><BR></TD>
      <TD align=right width="18%" rowSpan=4>(761,800) <BR>
        <BR><BR></TD>
      <TD align=left width="18%" rowSpan=4>Lower tons milled due to crushing &amp;
        screening problems in January and harder/coarser ore </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left><B>Stripping ratio</B> </TD>
      <TD align=right width="18%">2.8 </TD>
      <TD align=right width="18%">2.0 </TD>
      <TD align=right width="18%">0.8 </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper grade (%)</B> </TD>
      <TD align=right width="18%">0.328 </TD>
      <TD align=right width="18%">0.314 </TD>
      <TD align=right width="18%">0.014 </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum grade (%)</B> </TD>
      <TD align=right width="18%">0.011 </TD>
      <TD align=right width="18%">0.010 </TD>
      <TD align=right width="18%">0.001 </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper recovery</B> </TD>
      <TD align=right width="18%">76.8 </TD>
      <TD align=right width="18%">76.0 </TD>
      <TD align=right width="18%">0.8 </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum recovery</B> </TD>
      <TD align=right width="18%">21.4 </TD>
      <TD align=right width="18%">30.8 </TD>
      <TD align=right width="18%">(9.4) </TD>
      <TD align=left width="18%">No production in January </TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper production (lbs)</B> </TD>
      <TD align=right width="18%">14,156,000 </TD>
      <TD align=right width="18%">17,010,300 </TD>
      <TD align=right width="18%">(2,854,300) </TD>
      <TD align=left width="18%">Reduced tons milled </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=2><B>Molybdenum production (lbs)</B> <BR></TD>
      <TD align=right width="18%" rowSpan=2>141,295 <BR></TD>
      <TD align=right width="18%" rowSpan=2>223,800 <BR></TD>
      <TD align=right width="18%" rowSpan=2>(82,505) <BR></TD>
      <TD align=left width="18%" rowSpan=2>Moly circuit commenced production in
        February </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=2><B>Copper Production Cost, net of By</B> <BR>
        <B>product credits</B> </TD>
      <TD align=right width="18%" rowSpan=2>US$1.18 <BR></TD>
      <TD align=right width="18%" rowSpan=2>US$0.78 <BR></TD>
      <TD align=right width="18%" rowSpan=2>(US$0.40) <BR></TD>
      <TD align=left width="18%" rowSpan=2></TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left><B>OPC (1) transport &amp; treatment</B> </TD>
      <TD align=right width="18%">US$0.28 </TD>
      <TD align=right width="18%">US$0.26 </TD>
      <TD align=right width="18%">(US$0.02) </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Total cash costs of production</B> </TD>
      <TD align=right width="18%">US$1.46 </TD>
      <TD align=right width="18%">US$1.04 </TD>
      <TD align=right width="18%">(US$0.42) </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
      <TD width="18%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper sales (lbs payable)</B> </TD>
      <TD align=right width="18%">14,137,000 </TD>
      <TD align=right width="18%">16,413,500 </TD>
      <TD align=right width="18%">(2,276,500) </TD>
      <TD align=left width="18%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum sales (lbs)</B> </TD>
      <TD align=right width="18%">77,660 </TD>
      <TD align=right width="18%">223,800 </TD>
      <TD align=right width="18%">(146,140) </TD>
      <TD align=left width="18%"></TD>
    </TR></TABLE></DIV>
<P align=justify>(1) OPC &#150; Off property costs are concentrate transportation,
smelting and refining costs.</P>
<P align=justify>There are no comparable figures from the previous quarter as
commercial operations had not yet been achieved.</P>
<P align=justify>Taseko is pleased to report that there has been no time lost to
accidents since the October 2004 start up. Manpower at the end of the quarter
was 242 personnel, compared to the planned complement of 253. </P>
<P align=justify><I>Mineral Reserves and Resources </I></P>
<P align=justify>According to a March 2005 technical report by J. W. Hendry, P.Eng.,
  and C.S. Wallis, P.Geo., of Roscoe Postle Associates Inc., estimated sulphide
  and oxide mineral resources on the property prior to the start of operations
  included measured resources of about 606.5 million tons grading 0.29% copper
  and 0.008% molybdenum and 230.7 million tons of indicated resources grading
  0.271% copper and 0.008% molybdenum. These mineral resources include the proven
  and probable reserves described below. </P>
<P align=justify>Based on the 12 year mine plan, proven and probable reserves
  are comprised of 163.5 million tons grading 0.313% copper and 0.010% molybdenum
  of sulphide mineralization and 16.5 million tons of oxide mineralization at
  0.148% copper. The sulphide reserves were estimated using a 0.20% copper cutoff
  and the oxide mineralization at a 0.10% acid soluble copper cut-off. The average
  stripping ratio over the life of the mine plan is 1.8:1. The forecast daily
  mining rate is 117,400 tons and the average mill throughput is projected to
  be 36,675 tons per day.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>Production Forecast</I></P>
<P align=justify>As a result of the delay in commissioning the molybdenum
circuit and lower than planned mill throughput, the Company is updating its
forecast metal production for the year. In the mine plan, the 2005 budget for
copper and molybdenum production was 63,441,000 pounds and 908,000 pounds,
respectively. The forecast for the balance of the year is as follows:</P>
<DIV>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left width="45%"></TD>
    <TD align=middle width="11%"><B>Q1</B> </TD>
    <TD align=middle width="11%"><B>Q2</B> </TD>
    <TD align=middle width="11%"><B>Q3 (1)</B> </TD>
    <TD align=middle width="11%"><B>Q4 (1)</B> </TD>
    <TD align=middle width="11%"><B>Total 2005</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>Copper (millions lbs)</B> </TD>
    <TD align=middle width="11%">12.1 </TD>
    <TD align=middle width="11%">14.2 </TD>
    <TD align=middle width="11%">16.1 </TD>
    <TD align=middle width="11%">16.2 </TD>
    <TD align=middle width="11%">58.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>Molybdenum (thousands lbs)</B> </TD>
    <TD align=middle width="11%">0 </TD>
    <TD align=middle width="11%">141 </TD>
    <TD align=middle width="11%">193 </TD>
    <TD align=middle width="11%">207 </TD>
    <TD align=middle width="11%">541 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%" rowSpan=2><B>Copper production costs, net
      of</B> <BR><B>OPC &amp; By-Product Credits</B> </TD>
    <TD align=middle width="11%" rowSpan=2>N/A <BR></TD>
    <TD align=middle width="11%" rowSpan=2>US$1.18 <BR></TD>
    <TD align=middle width="11%" rowSpan=2>US$0.70 <BR></TD>
    <TD align=middle width="11%" rowSpan=2>US$0.63 <BR></TD>
    <TD align=middle width="11%" rowSpan=2>US$0.82 <BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>OPC transport &amp; treatment</B> </TD>
    <TD align=middle width="11%">N/A </TD>
    <TD align=middle width="11%">US$0.28 </TD>
    <TD align=middle width="11%">US$0.28 </TD>
    <TD align=middle width="11%">US$0.28 </TD>
    <TD align=middle width="11%">US$0.28 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>Total cash costs of production</B> </TD>
    <TD align=middle width="11%">N/A </TD>
    <TD align=middle width="11%">US$1.46 </TD>
    <TD align=middle width="11%">US$0.98 </TD>
    <TD align=middle width="11%">US$0.91 </TD>
    <TD align=middle width="11%">US$1.10 </TD></TR></TABLE></DIV>
<P align=justify>(1) Q3 and Q4 costs projected at US$30/lb. molybdenum
(by-product credit) and $0.81 Canadian/US exchange rate.</P>
<P align=justify><I>Labour Relations Board Issue Resolved</I></P>
<P align=justify>The Company and its former union, the National Automobile,
Aerospace, Transportation and General Workers Union of Canada (the &#147;CAW&#148;),
appeared before the British Columbia Labour Relations Board (&#147;BCLRB&#148;), which
ruled on June 29, 2004 (the &#147;Original Decision&#148;) that the Company was entitled
to contract with Ledcor to commission and start up the Gibraltar mine. Further,
the BCLRB ruled that once the majority of workers on the Gibraltar site consist
of the longer term mining and mill operating personnel, a vote would be held to
determine which union would represent those employees &#150; the CAW, or the
Christian Labour Association of Canada (&#147;CLAC&#148;), which represent Ledcor&#146;s
employees. CLAC had ratified a collective agreement with Ledcor, the operator at
the Gibraltar Mine site, in September 2004.</P>
<P align=justify>The CAW applied for leave and reconsideration of the Original
Decision, on the basis that the Joint Venture (&#147;JV&#148;) formed to operate the
Gibraltar mine had not proceeded in a manner represented to the original BCLRB
panel. A representation vote was held on November 15 and 16, 2004, but before
the vote could be counted, the BCLRB had to be satisfied that the terms of the
JV Agreement had been implemented and the necessary elements of a successorship
had been established. The ballot boxes were ordered sealed by the BCLRB, pending
those determinations. A series of submissions were made by the unions and the JV
in December 2004 and January 2005.</P>
<P align=justify>On February 16, 2005, Taseko and Ledcor received a BCLRB ruling
that confirmed the joint venture was indeed the valid successor employer for the
Gibraltar operation and, accordingly, the BCLRB directed the parties to count
the ballots from the representation vote, originally held in November 2004, to
determine which union would represent the employees. The ballots were counted on
February 21, 2005; 74% of the workers voted for the CLAC union. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_6"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<I>Refinery Update</I></P>
<P align="justify">
Feasibility level studies were completed in 2002 to assess the viability of constructing a copper refinery at Gibraltar, based on a hydrometallurgical process developed by Cominco Engineering Services Ltd. A refinery located at Gibraltar would
produce cathode copper from copper concentrates at the site rather than sending these concentrates to an offshore smelter for treatment.</P>
<P align="justify">
With operations now underway at Gibraltar, the mine technical personnel are turning their focus to updating the refinery feasibility study, and this includes assessing competing technologies and refinery permitting conditions. The British Columbia
Environmental Assessment (BCEA) Office has advised Taseko that the proposed refinery would not be reviewable under the BCEA Act because the refining process would be integrated with ore milling operations at, or in the vicinity of, the fully
permitted Gibraltar mine and would be dedicated to mine operations at the site. </P>
<P align="justify">
<B>Prosperity and Harmony Update</B></P>
<P align="justify">
The Prosperity property, located 125 kilometres southwest of Williams Lake in south-central British Columbia, hosts a large gold&#150;copper deposit.  To date, in excess of &#36;55 million has been spent on exploration and geotechnical, engineering
and environmental investigations, with most work done prior to 2001.  With current gold and copper prices, Taseko is in the process of reassessing the project. Discussions are on-going with local First Nation groups. </P>
<P align="justify">
The Company&#146;s Harmony gold project, located on Graham Island, off the west coast of British Columbia, hosts a large gold deposit. The Queen Charlotte Islands-Haida Gwaii, including the area surrounding the Harmony Gold Project, is subject to
aboriginal peoples&#146; land claims which are subject to ongoing discussions. In addition, a formal land use planning process for the Queen Charlotte Islands-Haida Gwaii, co-sponsored by the Province and the Haida, was initiated in mid-2003. At
this time, recommendations from the land use table and terms of reference for further discussions are being finalized to be used by the BC government and the Haida for government to government negotiations.</P>
<P align="justify">
<B>Market Trends</B></P>
<P align="justify">
Copper prices have been increasing since late 2003.  Copper averaged US&#36;1.30/lb in 2004 and US&#36;1.49/lb over the first four months of 2005.</P>
<P align="justify">
Gold prices also continued an overall uptrend, averaging US&#36;410/oz in 2004. Gold prices have averaged approximately US&#36;429/oz over the first four months of 2005.</P>
<P align="justify">
Molybdenum oxide prices increased from US&#36;7.60/lb early in 2004 to US&#36;34.00/lb by year end. Molybdenum oxide prices were in the range of US&#36;32.00/lb at the end of the first quarter of 2005.</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_7></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>1.3 Selected Annual Information</B></P>
<P align=justify>The consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles, and are
expressed in Canadian dollars except common shares outstanding.</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>As at</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>As at</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>As at</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2003</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2002</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Balance Sheet</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left
   >Current assets </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
   >&nbsp;18,064,003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
   >&nbsp;3,832,059 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
   >&nbsp;478,982 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Mineral
      properties </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >3,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Other assets </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>112,799,415 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>16,825,852 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>18,580,835 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Total assets </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >130,866,418 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >49,471,207 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >47,873,113 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Current
      liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >40,179,912 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >3,851,136 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >7,038,456 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Other liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >79,527,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >9,472,727 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >8,611,570 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Shareholders&#146; equity </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >11,159,506 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >36,147,344 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >32,223,087 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Total shareholders&#146; equity
      &amp; liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>130,866,418 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>49,471,207 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>47,873,113 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>Year ended</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>Year ended</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>Year ended</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>September 30</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2003</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     ><B>2002</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Operations</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   ><B>(restated)</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Conference
      and travel </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >93,071 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;43,398 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;44,429 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Consulting </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >251,790 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >178,104 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >133,672 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporation
      taxes </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >45,352 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >76,135 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >577,228 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Depreciation, amortization and accretion </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >964,569 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >903,721 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >784,718 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >4,456,901 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >2,024,671 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >1,954,839 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Interest and finance charges </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >499,294 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >201,942 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >507,790 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Legal,
      accounting and audit </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >458,238 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >169,356 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >334,492 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Office and administration </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >599,450 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >292,853 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >247,061 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Premium paid
      for acquisition of Gibraltar </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation Trust Limited Partnership </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >5,095,249 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Property
      investigation </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >141,067 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Refinery project </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >500,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >1,698,826 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Restart
      project </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >14,982,008 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Shareholder communication </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >657,342 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >74,687 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >90,835 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Trust and
      filing </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >88,530 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >21,113 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >36,802 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Interest and other (income) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(6,904,209</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(721,480</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(551,842</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gain on sale
      of property, plant and equipment </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >(131,638</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >(1,314</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Income taxes </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >23,744,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Write down
      of mineral property acquisition costs </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >28,810,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >600,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Stock-based compensation
</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>5,172,244 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>65,344 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Loss for the period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >79,155,192 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >3,698,206 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >6,457,536 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Accretion expense </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >977,705 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >888,823 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >808,021 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic and
      diluted loss per share </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(1.07</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(0.09</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(0.24</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted
      average number of </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp; &nbsp;common shares outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >75,113,426 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >46,984,378 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >30,338,098 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_8"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>1.4 Results of Operations</B></P>
<P align="justify">
The Company&#146;s loss for the second quarter of fiscal 2005 was &#36;1.96 million, which is a decrease from the previous quarter&#146;s loss of &#36;5.7 million and the &#36;7.0 million loss in the second quarter of fiscal 2004. The loss relates
mainly to lower than expected copper concentrate production and sales, as well as a delay in the commissioning of Gibraltar&#146;s upgraded molybdenum circuit. Commercial production at the Gibraltar mine commenced in the current quarter,
consequently, there was a decline in the loss from the previous quarter when the Company was incurring substantial restart costs. At March 31, 2005, there was 10,602 Dry Metric Tonnes of copper concentrate inventory valued at &#36;7.3 million, and
63,700 pounds of molybdenum in concentrate inventory, which has been assigned a &#36;0 value for financial statements reporting purposes, but on a realizable selling price basis represents approximately &#36;2.1 million.</P>
<P align="justify">
During the second quarter, and for the first time since restart, Gibraltar reported copper concentrate revenues of &#36;25.4 million. Minesite operating costs were &#36;23.5 million, and treatment and transportation charges were &#36;3.8 million.
Sales of molybdenum were &#36;2.5 million and were shown as by-product revenue, and a reduction of minesite operating costs. The average selling price per pound realized in the quarter was US&#36;1.45 for copper and net US&#36;27 for molybdenum.</P>
<P align="justify">
Total net operating costs for the quarter were &#36;23.5 million including the cost of milling (&#36;9.0 million), mining (&#36;14.1 million), mine administration (&#36;1.7 million), a concentrate inventory adjustment (&#36;1.2 million) and a credit
for molybdenum sales (&#36;2.5 million).  As this was the first quarter of commercial production, there were no similar expenditures in previous periods. </P>
<P align="justify">
Net expenses for the quarter were &#36;0.8 million (before a credit of &#36;1.2 million), compared to expenses of &#36;3.1 million in the previous quarter and &#36;6.8 million in the second quarter of fiscal 2004. The &#36;1.2 million credit is an
operating expense from the previous quarter that has been classified as capital equipment.</P>
<P align="justify">
Administrative costs increased from the previous quarter.  The main increases were in the areas of shareholder communications (Q1 2005 &#150; &#36;52,822; Q2 2005 - &#36;112,241), administrative salaries and office costs (Q1 2005 &#150;
&#36;164,316; Q2 2005 &#150; &#36;236,804) and stock based compensation (Q1 2005 &#150; &#36;164,549; Q2 2005 &#150; &#36;392,697). Costs were higher in this quarter because of the increase in activity related to the commencement of production.</P>
<P align="justify">
Interest and other income was &#36;1.9 million, while offsetting royalty expense amounted to &#36;2.0 million, both principally related to the Red Mile Resources No. 2 Limited Partnership, while foreign exchange gains from operations were &#36;0.4
million.</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<A name=page_9></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>1.5 Summary of Quarterly Results</B></P>
<P align=justify>The following summary is presented in Canadian dollars except
common shares outstanding.</P>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Mar 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Dec 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Sep 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Jun 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Mar 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Dec 31, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Sep 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >Jun 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(restated) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Current assets </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >30,113,605 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >25,442,463 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >18,064,003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >20,190,322 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >28,903,882 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >10,104,482 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >3,832,059 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >4,647,965 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral
      properties </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,813,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Other assets </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>101,133,393 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>95,853,800 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>112,799,415 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF
     >28,382,111 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF
     >19,802,665 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF
     >16,868,994 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF
     >16,825,852 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF
     >16,633,867 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>Total assets</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>131,249,998</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>121,299,263</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>130,866,418</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>77,385,729</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>77,519,843</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>55,786,772</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>49,471,207</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>50,095,128</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Current
      liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >35,809,336 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >34,756,552 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >40,179,912 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >4,082,614 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >1,411,538 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,786,070 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,851,136 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,490,173 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Other liabilities </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >82,246,615 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >79,915,534 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >79,527,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >10,183,182 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >9,946,364 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >9,709,546 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >9,472,727 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >9,257,438 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Shareholders&#146; equity </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >13,194,047 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >6,627,177 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >11,159,506 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >63,119,933 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >66,161,941 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >42,291,156 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >36,147,344 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >37,347,517 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Total shareholders&#146; equity</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ><B>and liabilities</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>131,249,998</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>121,299,263</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>130,866,418</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>77,385,729</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>77,519,843</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>55,786,772</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>49,471,207</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   ><B>50,095,128</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenue </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(25,429,196</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Minesite operating costs </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >23,470,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left
     >Transportation and treatment </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >3,847,703 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Deprecation, amortization and </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>accretion
</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >526,506 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >383,500 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >253,435 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >237,044 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >237,044 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >237,046 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >256,883 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >215,633 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ><B>Expenses:</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Conference
      and travel </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >11,281 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >12,995 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >11,689 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >19,062 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >22,051 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >40,269 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >4,449 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >12,492 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Consulting </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >65,944 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >63,760 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >56,450 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >94,875 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >(10,462</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >110,927 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >30,118 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >40,309 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Corporation
      taxes </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >554 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >14,184 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >20,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >11,168 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >101,308 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(44,911</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Exploration </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >11,694 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >32,047 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >(1,856,606</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >3,939,477 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >975,538 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >1,398,492 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >602,443 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >449,458 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and
      finance charges </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >47,830 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >41,785 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >18,138 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >452,616 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >9,201 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >19,339 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >124,213 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >25,952 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Legal, accounting and audit </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >79,317 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >97,146 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >325,567 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >92,940 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >22,913 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >16,818 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >40,526 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >53,960 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Office and
      administration </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >236,804 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >164,316 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >88,512 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >199,224 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >189,976 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >121,738 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >98,580 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >78,827 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Premium paid for GRTLP </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >5,095,249 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Property
      investigation </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >4 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >141,063 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(47,805</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >37,071 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Refinery project </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >500,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Restart
      project </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(1,214,796</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >8,172,814 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >14,982,008 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Royalty expense </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >2,047,186 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Shareholder
      communications </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >112,241 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >52,822 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >34,142 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >18,694 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >530,704 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >73,802 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >7,833 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >4,223 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Trust and filing </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >67,787 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >6,114 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >53,052 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >13,842 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >17,241 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >4,395 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >1,250 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >8,421 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and
      other (income) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(1,934,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(5,735,716</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(6,214,851</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(228,670</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(325,399</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(135,289</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(129,811</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(353,537</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Gain on sale of property plant </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>and
      equipment </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(17,000</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >2,177,992 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Income taxes </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >23,744,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign
      exchange </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >(357,051</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >51,448 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Write down of mineral property </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>acquisition
      costs </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >28,810,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >Stock-based compensation
</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>392,697 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>164,549 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>2,035,178 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>1,526,084 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>296,686 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>1,314,296 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>65,344 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss for
      the period</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>1,964,947</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>5,686,126</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>62,355,198</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>6,385,188</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>7,071,910</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>3,342,896</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>1,155,331</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     ><B>1,027,898</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Accretion
      expense on </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >convertible debenture </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>267,027 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>269,975 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>245,431 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>244,091 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>242,752 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>245,431 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>888,823 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
    bgColor=#E6EFFF>&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="6%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Basic and diluted loss per </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >share </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.02</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.06</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.82</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.08</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.11</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.06</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.04</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >(0.02</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   >) </TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="6%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted
      average number of </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="6%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >common shares outstanding </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="6%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >(thousands) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >97,781 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >95,774 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >75,113 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >84,210 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >72,609 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >57,481 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >46,984 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="6%"
   >53,635 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>



<A name="page_10"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>1.6 Liquidity</B></P>
<P align="justify">
Historically, Taseko&#146;s sole source of funding was the sale of equity securities for cash primarily through private placements to sophisticated investors and institutions. As a consequence of the acquisition of the Gibraltar mine in 1999, Taseko
received funding pursuant to a &#36;17 million non-interest-bearing convertible debenture financing by Boliden Westmin (Canada) Ltd.  As Taseko has the right and the intention to convert the debenture into common shares, the &#36;17 million
debenture is classified as equity rather than as a liability on the Company&#146;s balance sheet.</P>
<P align="justify">
Reclamation deposits totaling approximately &#36;17.8 million, including interest, and certain plant and equipment are secured to fund reclamation at the Gibraltar, Prosperity and Harmony properties.  The &#36;26.6 million liability shown as
tracking preferred shares of the subsidiary, Gibraltar, is the net book value of 12,483,916 shares issued as part of the cost to acquire the Harmony gold project. As Taseko has the right and the intention to settle these preferred shares with common
shares of the Company, they have been included in shareholders&#146; equity in the balance sheet.</P>
<P align="justify">
At March 31, 2005, Taseko had a working capital deficiency of &#36;5.7 million, as compared &#36;9.3 million deficiency at the end of December 2004, and positive working capital of &#36;27.5 million at March 31, 2004. The increase in working capital
from the end of the previous quarter was primarily a result of proceeds received on copper and molybdenum shipments during the quarter, and from the proceeds of an equity private placement (of &#36;7.5 million) announced in February 2005.  The
working capital deficiency is caused primarily by a potential tax provision (see below).</P>
<P align="justify">
The Company has accrued a tax provision of a subsidiary company of &#36;23.7 million in the accompanying financial statements. This provision reflects an amount which management believes is less than likely of ever becoming payable.  The subsidiary
has a June 30, 2005 taxation year end.  Prior to making its ultimate tax calculations, the subsidiary will consider its current and past tax filing positions in addition to tax planning strategies which might be put in place subsequent to the
Company's financial reporting date of September 30, 2004.  Further, the Company would exhaust all appeals if any taxes were actually assessed against the subsidiary. The amount represents a potential liability which has been recognized in a
conservative manner in accordance with Canadian generally accepted accounting principles. It does not represent a payable amount based on any filed, or expected to be filed, tax return. It does not arise from a transaction in any completed taxation
year, nor has any taxation authority assessed the amount or any portion thereof as payable. Accordingly there is no immediate impact on liquidity.</P>
<P align="justify">
Management anticipates that revenues from copper and molybdenum sales along with the funds from a &#36;7.5 million financing, completed in February 2005, will be sufficient to cover operating costs and working capital during 2005.</P>
<P align="justify">
<B>1.7 Capital Resources</B></P>
<P align="justify">
In March 2004, the Company entered into an agreement to purchase a mining shovel for approximately US&#36;10.1 million. In May 2004, the Company entered into an agreement to purchase five mining trucks for approximately US&#36;8.2 million.
Subsequent to September 30, 2004, the Company entered into arrangement with Ledcor Mining Ltd. (&#147;Ledcor&#148;), whereby the shovel and trucks were sold to a third party leasing company. Ledcor has subsequently leased the equipment and will be
reimbursed for making the equipment available to the Joint Venture in order to facilitate the operation of the Gibraltar mine.</P>

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<A name="page_11"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
The Company has an unsecured &#36;2 million operating line of credit with a Canadian chartered bank at an interest rate of prime, with no fixed terms of repayment. At March 31, 2005, there was &#36;1.43 million outstanding on this operating line of
credit.</P>
<P align="justify">
The Company has various loans on its on-road vehicles totaling &#36;500,070, of which &#36;209,474 is current.</P>
<P align="justify">
<B>1.8 Off-Balance Sheet Arrangements</B></P>
<P align="justify">
<I>Gibraltar Reclamation Trust Limited Partnership </I></P>
<P align="justify">
On December 31, 2003, the Company reached agreements with Gibraltar Reclamation Trust Limited Partnership (the &#147;GRT Partnership&#148;), a largely arm&#146;s-length private Vancouver-based mining investment partnership, which completed a
financing to raise proceeds of &#36;18.6 million to partially fund a planned restart of the Gibraltar copper mine. As part of the financing the GRT Partnership entered into a Joint Venture arrangement with Gibraltar Mines Ltd. to proceed towards
restarting the Gibraltar open pit copper mine. Gibraltar Mines Ltd., as its contribution to the Joint Venture, agreed to contribute the use of its mine assets and fund the start-up expenses of the Gibraltar mine, and the GRT Partnership funded a
qualifying environmental trust (&#147;QET&#148;) for &#36;17.1 million, which has allowed Gibraltar to access other funds currently held by the Government of British Columbia as a security for the mine&#146;s environmental reclamation obligations.
Under the Joint Venture agreement, the GRT Partnership became entitled to certain revenues or production share from the Gibraltar mine following the resumption of production.</P>
<P align="justify">
To facilitate the start-up transactions, five directors and officers of the Company personally guaranteed certain obligations (each as to one fifth) to third parties on behalf of the Company to the extent of &#36;4.5 million. In consideration of the
guarantee, they each received compensation equal to 10% of the amount guaranteed, calculated as 45,000 shares each having a value of &#36;2.00 each.</P>
<P align="justify">
In March 2004, Taseko elected to exercise its call rights for the GRT Partnership and issued 7,967,742 shares valued at &#36;2.79 each.  Certain directors and officers participated as investors in the GRT Partnership in the aggregate amount of
&#36;1,300,000, or about 7% of the financing. These directors and officers received shares as a consequence of Taseko exercising the call right. The acquisition of the GRT Partnership provides Taseko with 100% control of those elements necessary for
a mine restart decision and will eliminate any royalty entitlement held by the GRT Partnership.</P>
<P align="justify">
<B>1.9 Transactions with Related Parties</B></P>
<P align="justify">
Hunter Dickinson Inc. (&#147;HDI&#148;) carries out investor relations, geological, corporate development, administrative and other management activities for, and incurs third party costs on behalf of, the Company. Taseko reimburses HDI on a full
cost-recovery basis.</P>
<P align="justify">
Costs for services rendered by HDI to the Company increased to &#36;234,281 in the second quarter of fiscal 2005, as compared to &#36;177,357 in the previous quarter and decreased as compared to &#36;203,317 in the second quarter of 2004.</P>
<P align="justify">
Tom Milner Enterprises Inc. is a private company controlled by a director of the Company that provides consulting services to the Company. During the three months ended March 31, 2005, the Company paid approximately &#36;40,000 to this private
company as compared to &#36;58,000 in the previous quarter.</P>

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<A name="page_12"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>1.10 Fourth Quarter</B></P>
<P align="justify">
No applicable.</P>
<P align="justify">
<B>1.11 Proposed Transactions</B></P>
<P align="justify">
There are no proposed asset or business acquisitions or dispositions, other than those in the ordinary course, before the board of directors for consideration. </P>
<P align="justify">
<B>1.12 Critical Accounting Estimates</B></P>
<P align="justify">
The Company's accounting policies are presented in note 3 of the accompanying financial statements. The preparation of consolidated financial statements in accordance with generally accepted accounting principles requires management to select
accounting policies and make estimates. Such estimates may have a significant impact on the financial statements. These include:</P>
<UL>
<LI>
revenue recognition,</LI>
<LI>
the estimation of mineral resources and reserves,</LI>
<LI>
the carrying values of mineral properties,</LI>
<LI>
the carrying values of property, plant and equipment,</LI>
<LI>
reclamation obligation, and</LI>
<LI>
the valuation of stock-based compensation expense.</LI>
</UL>
<P align="justify">
Actual amounts could differ from the estimates used and, accordingly, affect the results of operations.</P>
<P align="justify">
<I>Revenue recognition</I></P>
<P align="justify" style="margin-left:5%;">
Revenue from the sale of copper concentrate is recorded at market prices when title is transferred and the rights and obligations of ownership have passed to the customer. Concentrate sales are provisionally priced at the time of shipment and are
typically subject to adjustment upon final settlement of shipment weights, assays and metal prices.  Such adjustments are recorded to revenue in the period of final settlement.</P>
<P align="justify" style="margin-left:5%;">
Proceeds from the sale of by-products, such as molybdenum, are credited to minesite operating costs. </P>
<P align="justify">
<I>Mineral resources and reserves, and the carrying values of mineral properties, and of property, plant and equipment</I></P>
<P align="justify" style="margin-left:5%;">
Mineral resources and reserves are estimated by professional geologists and engineers in accordance with recognized industry, professional and regulatory standards.  These estimates require inputs such as future metals prices, future operating
costs, and various technical geological, engineering, and construction parameters. Changes in any of these inputs could cause a significant change in the resources and reserves determined, which in turn could have a material effect on the carrying
value of property, plant and equipment.</P>

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<A name="page_13"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify" style="margin-left:5%;">
The carrying value of mineral properties is also dependant on the valuation used for the common shares and warrants of the Company issued for the acquisition of mineral properties. The value of the common shares issued is the price of the common
shares of the Company at the date of issuance to effect the acquisition.</P>
<P align="justify" style="margin-left:5%;">
The carrying value of property, plant, and equipment is dependant on rates used for depreciation, which themselves are estimates.</P>
<P align="justify">
<I>Stock-based compensation expense</I></P>
<P align="justify" style="margin-left:5%;">
From time to time, the Company may grant share purchase options to employees, directors, and service providers. The Company uses the Black-Scholes option pricing model to estimate a value for these options. This model, and other models which are
used to value options, require inputs such as expected volatility, expected life to exercise, and interest rates. Changes in any of these inputs could cause a significant change in the stock-based compensation expense charged in a period.</P>
<P align="justify">
<I>Site closure and reclamation obligation</I></P>
<P align="justify" style="margin-left:5%;">
The Company has an obligation to close and reclaim its properties, and has estimated the costs necessary to comply with existing reclamation standards. At March 31, 2005 the Company has estimated total site closure and reclamation costs to be
&#36;32.7 million for its current properties. The estimates are reviewed both in-house and by outside consultants and government authorities on a routine basis as to the accuracy of remaining costs to be incurred. Estimates are adjusted as necessary
and reflected on a prospective basis. Changes in this estimate could cause a significant charge to the reclamation expense recorded during a period.</P>
<P align="justify">
<B>1.13 Change in Accounting Policies including Initial Adoption</B></P>
<P align="justify">
Effective October 1, 2004, the Company adopted the CICA&#146;s Handbook Section 3110, &#147;Asset Retirement Obligations&#148; (&#147;HB 3110&#148;). HB 3110 requires the recognition of any statutory, contractual or other legal obligation, related
to the retirement of tangible long&#150;lived assets when such obligations are incurred, if a reasonable estimate of fair value can be made. These obligations are measured initially at fair value and the resulting costs capitalized into the carrying
value of the related asset. In subsequent periods, the liability is adjusted for the accretion of the discount and any changes in the amount or timing of the underlying future cash flows. The asset retirement cost is amortized to operations over the
life of the asset.</P>
<P align="justify">
Prior to adoption of HB 3110, a reserve for future site closure and mine reclamation costs was established based upon the estimated costs to comply with existing reclamation standards.</P>
<P align="justify">
The Company adopted HB 3110 retroactively with restatement of prior periods presented.</P>

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<A name="page_14"></A>

<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align="justify">
<B>1.14 Financial Instruments and Other Instruments</B></P>
<P align="justify">
None.</P>
<P align="justify">
<B>1.15 Other MD&amp;A Requirements</B></P>
<P align="justify" style="margin-left:5%;">
<B>1.15.1 Other MD&amp;A Requirements</B></P>
<P align="justify" style="margin-left:5%;">
Additional information relating to the Company, including the Company's Annual Information Form, is available on SEDAR at <U><FONT color="#0000ff">www.sedar.com</FONT></U>.</P>
<P align="justify" style="margin-left:5%;">
<B>1.15.2 Additional Disclosure for Venture Issuers without Significant Revenue</B></P>
<P align="justify" style="margin-left:5%;">
Not applicable.</P>

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<A name=page_15></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center width="100%"><B>SIX MONTHS ENDED MARCH 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="100%"><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> <BR> &nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>1.15.3 Disclosure of Outstanding Share Data</B></P>
<P align=justify>The following details the share capital structure as at May 5,
2005, the date of this MD&amp;A. These figures may be subject to minor
accounting adjustments prior to presentation in future consolidated financial
statements.</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >Exercise </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >Expiry date </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >price </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >Number </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >Number </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Common shares </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >103,192,316 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Share purchase options </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >May 9, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;0.38 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >20,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >July 29, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >0.25 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >30,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD width="12%" align=right nowrap bgColor=#E6EFFF
   >September 29, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >0.55 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >1,780,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >September 20, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >0.81 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >15,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >September 20, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >1.40 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >100,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >September 20, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >1.65 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >45,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >September 20, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >1.40 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >3,490,500 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >September 29, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >1.36 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >1,970,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >September 29, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >1.50 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>10,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >7,460,500 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
BCLSPANVALID="1"></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >Warrants </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >January 8, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >0.40 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >375,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >December 31, 2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >0.75 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >4,113,332 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >September 28, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >2.25 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >8,000,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="12%" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >September 18, 2006 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >1.66 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
   >5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >17,692,693 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR>
  <TR>
    <TD bgColor=#E6EFFF>&nbsp;
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left colSpan=6
     >Preferred shares redeemable into Taseko Mines Limited
      common shares </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="12%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=right width="12%"
     >12,483,916 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD></TR></TABLE>
<P align=justify>The Company's auditors have not reviewed this MD&amp;A or the
unaudited quarterly financial statements to which this MD&amp;A relates.</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM 52 - 109FT2 - CEO
<TEXT>
<!DOCTYPE HTML PUBLIC "CEO Certificate 52109FT.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.3</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>FORM 52 - 109FT2</B></P>
<P align=center><B>CEO Certification of Interim Filings During Transition
Period</B></P>
<P align=justify>I, Ronald W. Thiessen, Chief Executive Officer of <B>Taseko
Mines Limited</B>, certify that:</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>I have reviewed the interim filings (as this term is
      defined in Multilateral Instrument 52-109 <I>Certification of Disclosure
      in Issuers&#146; Annual and Interim Filings</I>) of Taseko Mines Limited (the
      issuer) for the interim period ending March 31, 2005;</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Based on my knowledge, the interim filings do not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated or that is necessary to make a statement not
      misleading in light of the circumstances under which it was made, with
      respect to the period covered by the interim filings; and</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Based on my knowledge, the interim financial statements
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      results of operations and cash flows of the issuer, as of the date and for
      the periods presented in the interim filings.</P></TD></TR></TABLE><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><i>/s/
      Ronald W. Thiessen </i></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">May 9,
      2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="45%">Ronald W. Thiessen </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">Date </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="45%">Chief Executive Officer </TD>
    <TD align=left width="10%"></TD>
    <TD align=left width="45%"></TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52 - 109FT2 - CFO
<TEXT>
<!DOCTYPE HTML PUBLIC "CFO Certificate 52109FT.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>FORM 52 - 109FT2</B></P>
<P align=center><B>CFO Certification of Interim Filings During Transition
Period</B></P>
<P align=justify>I, Jeffrey R. Mason, CA, Chief Financial Officer of <B>Taseko
  Mines Limited</B>, certify that:</P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD> <P align=justify>I have reviewed the interim filings (as this term is
        defined in Multilateral Instrument 52-109 <I>Certification of Disclosure
        in Issuers&#146; Annual and Interim Filings</I>) of Taseko Mines Limited
        (the issuer) for the interim period ending March 31, 2005;</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD> <P align=justify>Based on my knowledge, the interim filings do not contain
        any untrue statement of a material fact or omit to state a material fact
        required to be stated or that is necessary to make a statement not misleading
        in light of the circumstances under which it was made, with respect to
        the period covered by the interim filings; and</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD> <P align=justify>Based on my knowledge, the interim financial statements
        together with the other financial information included in the interim
        filings fairly present in all material respects the financial condition,
        results of operations and cash flows of the issuer, as of the date and
        for the periods presented in the interim filings.</P></TD>
  </TR>
</TABLE>
<br>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"><i>/s/
      Jeffrey R. Mason</i></TD>
    <TD width="10%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%">May 9,
      2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="45%">Jeffrey R. Mason, CA </TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">Date </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="45%">Chief Financial Officer </TD>
    <TD align=left width="10%"></TD>
    <TD align=left width="45%"></TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
