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<SEC-DOCUMENT>0001062993-05-002320.txt : 20050928
<SEC-HEADER>0001062993-05-002320.hdr.sgml : 20050928
<ACCEPTANCE-DATETIME>20050927192601
ACCESSION NUMBER:		0001062993-05-002320
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050928
DATE AS OF CHANGE:		20050927

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:		051106463

	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>August 12, 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 Nine Months Ended June 30, 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 Nine Months Ended June 30, 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: August 12, 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 NINE MONTHS ENDED JUNE 30, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "TKO Q3 2005 FS.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taskeo 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>NINE MONTHS ENDED JUNE 30, 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>&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: 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-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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="13%">June 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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""></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%" 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="13%">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="13%">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></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=left width="13%"></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="13%">(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%" background=""></TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left><B>Assets</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=left width="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp; </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="13%">&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="13%">&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><B>Current assets</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="13%" 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="13%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and equivalents (note
      3(a)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;23,072,029 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;14,892,947 </TD>
    <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;Accounts
      receivable </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="13%" bgColor=#E6EFFF>7,755,382 </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="13%" bgColor=#E6EFFF>2,766,184 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to related parties
      (note 12) </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="13%">&#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="13%">194,857 </TD>
    <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;Concentrate
      inventory </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="13%" bgColor=#E6EFFF>4,181,817 </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="13%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplies inventory </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="13%">2,993,966 </TD>
    <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="13%">&#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>&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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>1,546,151 </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="13%"
    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%" 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="13%">39,549,345 </TD>
    <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="13%">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></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="13%" 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="13%" 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><B>Prepaid lease payments </B>(note 5) </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="13%">4,531,028 </TD>
    <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="13%">&#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><B>Property, plant and equipment </B>(note
      5) </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="13%" bgColor=#E6EFFF>9,103,896 </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="13%" bgColor=#E6EFFF>26,982,979 </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><B>Reclamation deposits </B>(notes 3(f), 4, 6(a) and 6(d))
    </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="13%">18,228,081 </TD>
    <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="13%">17,647,056 </TD>
    <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><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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>69,398,987 </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="13%"
    bgColor=#E6EFFF>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%" background="" 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%" background=""><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>140,811,337</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>130,866,418</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%" 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="13%" 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="13%" 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><B>Liabilities and Shareholders' 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=""></TD>
    <TD align=left width="13%"></TD>
    <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="13%"></TD>
    <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="13%" 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="13%" 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><B>Current liabilities</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=left width="13%"></TD>
    <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="13%"></TD>
    <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;Operating
      line of credit (note 7) </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>$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF>&nbsp;&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF>&nbsp;1,857,740 </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>&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: medium none"
    align=left width="1%" background=""></TD>
    <TD align=right width="13%">11,383,615 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></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="13%">14,578,172 </TD>
    <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;Advances from
      related parties (note 12) </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="13%" bgColor=#E6EFFF>72,611 </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="13%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of vehicle
      loans (note 7) </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="13%">212,068 </TD>
    <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="13%">&#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>&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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>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%" 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="13%"
    bgColor=#E6EFFF>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%" 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="13%">35,412,294 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></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="13%">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></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="13%" 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="13%" 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><B>Vehicle loans </B>(note 7) </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="13%">236,589 </TD>
    <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="13%">&#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><B>Royalty obligation </B>(note 6(f)) </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="13%" bgColor=#E6EFFF>68,545,031 </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="13%" bgColor=#E6EFFF>67,357,000 </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><B>Deferred revenue </B>(note 6(f)) </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="13%">1,618,750 </TD>
    <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="13%">1,750,000 </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><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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>11,201,500 </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="13%"
    bgColor=#E6EFFF>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%" 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=""></TD>
    <TD align=right width="13%">&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="13%">&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 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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>117,014,164 </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="13%"
    bgColor=#E6EFFF>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%" 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=""></TD>
    <TD align=right width="13%">&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="13%">&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><B>Shareholders' 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="13%" 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="13%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital (note 8) </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="13%">159,955,292 </TD>
    <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="13%">150,481,429 </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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible
      debenture (note 8(c)) </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="13%" bgColor=#E6EFFF>21,382,728 </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="13%" bgColor=#E6EFFF>20,577,225 </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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tracking preferred shares
      (note 4) </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="13%">26,641,948 </TD>
    <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="13%">26,641,948 </TD>
    <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;Contributed
      surplus (note 8(f)) </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="13%" bgColor=#E6EFFF>5,675,144 </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="13%" bgColor=#E6EFFF>4,947,588 </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>&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%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(189,857,939</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="13%">(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%" 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="13%" bgColor=#E6EFFF>23,797,173 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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="13%" bgColor=#E6EFFF>11,159,506 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD></TR>
  <TR vAlign=top>
    <TD align=left>Nature of operations (note 1) </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="13%"></TD>
    <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="13%"></TD>
    <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>Commitments (notes 5, 6 and 7) </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="13%" 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="13%" 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>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%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="13%"></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=left width="13%"></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 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%" background="" bgColor=#E6EFFF><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF><B>140,811,337</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF><B>130,866,418</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%" background="" bgColor=#E6EFFF></TD></TR></TABLE>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<P align=justify>Approved by the Board of Directors</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="50%"><I>/s/ Ronald W. Thiessen</I> </TD>
    <TD align=left width="50%"><I>/s/ Jeffrey R. Mason</I> </TD>
  </TR>
  <TR>
    <TD width="50%">&nbsp; </TD>
    <TD width="50%">&nbsp; </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>
<DIV>
  <TABLE
style="FONT-SIZE: 9pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="39%" colSpan=4>Three months ended June 30 </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%" background=""></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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="35%" colSpan=4>Nine months ended June 30 </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%" 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%">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="12%">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="12%">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="12%">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></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=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%" 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%">(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%" 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=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%" 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%">(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%" background=""></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=""></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>
    <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>
    <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><B>Revenue</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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;32,292,944 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD align=right width="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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;57,722,140 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</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><B>Minesite operating costs</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="12%">(14,753,091</TD>
    <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%">(38,223,091</TD>
    <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><B>Treatment and transportation costs,
      net</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=right width="12%" bgColor=#E6EFFF>(6,691,473</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>(10,539,176</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 style="BORDER-BOTTOM: #000000 1px solid" align=left><B>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%" background=""></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(581,725</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%">(237,044</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%">(1,491,731</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%">(711,134</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></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>10,266,655 </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>(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="" 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>7,468,142 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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>(711,134</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><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=""></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>
    <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;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="12%" bgColor=#E6EFFF>6,634 </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>3,939,477 </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="12%" bgColor=#E6EFFF>50,375 </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>6,313,507 </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>&nbsp; &nbsp;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="12%">(33,192</TD>
    <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%">(338,795</TD>
    <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>&nbsp; &nbsp;General 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>555,142 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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>911,253 </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>1,615,838 </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>2,232,396 </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>&nbsp; &nbsp;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="12%">(1,543,153</TD>
    <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%">(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="12%">(9,212,869</TD>
    <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%">(689,358</TD>
    <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;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="12%" bgColor=#E6EFFF>1,023,593 </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>3,070,779 </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>&nbsp; &nbsp;Premium paid for acquisition of Gibraltar
      Reclamation </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>
    <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 bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Limited Partnership
      </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle 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>
    <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=middle 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></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;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%">&#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>
    <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%">6,958,018 </TD>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>&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%" background="" bgColor=#E6EFFF></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>170,310 </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>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="12%"
    bgColor=#E6EFFF>727,556 </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>3,137,066 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" 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%" background=""></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">179,334 </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%">6,148,144 </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%">2,870,902 </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%">16,088,860 </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>
    <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><B>Earnings (loss) before the following</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="12%">10,087,321 </TD>
    <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%">(6,385,188</TD>
    <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%">4,597,240 </TD>
    <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%">(16,799,994</TD>
    <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>&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%" 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>
    <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>
    <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>(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%" 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>
    <TD>&nbsp; </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>
    <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>
    <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>
    <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 style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF><B>Earnings (loss) for the 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%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;10,087,321 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>(6,385,188</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px 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 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;2,436,248 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>(16,799,994</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px 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=""></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>
    <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>
    <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><B>Earnings (loss) per share</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="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=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>&nbsp; &nbsp;Basic earnings (loss) per common share (notes
      3(j) and 8) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$</TD>
      <TD align=right width="12%">&nbsp;0.10 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
      <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
      <TD align=right width="12%">(0.08</TD>
    <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="">$</TD>
      <TD align=right width="12%">&nbsp;0.02 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
      <TD align=right width="12%">(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></TR>
  <TR vAlign=top>
      <TD align=left nowrap bgColor=#E6EFFF>&nbsp; &nbsp;Diluted earnings (loss)
        per common share (notes 3(j) and 8) &nbsp;</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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;0.08 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
      <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>(0.08</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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;0.01 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>(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="" 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=""></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>
    <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>
    <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><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: 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=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>&nbsp; &nbsp;Basic </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%">103,137,700 </TD>
    <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%">84,210,353 </TD>
    <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%">98,890,529 </TD>
    <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%">71,383,512 </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></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;Diluted </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>129,460,509 </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>84,210,353 </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>129,460,509 </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>71,383,512 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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=""></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>
    <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>
    <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>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff><B>Consolidated Statements of Deficit</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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>(Expressed in Canadian Dollars) </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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></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=#ffffff></TD>
      <TD align=left width="12%" bgColor=#ffffff></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=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#ffffff>(Unaudited) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#ffffff></TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#ffffff></TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#ffffff></TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#ffffff></TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#ffffff></TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
      <TD align=right width="12%" bgColor=#ffffff>&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=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff></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=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="39%"
    bgColor=#ffffff colSpan=4>Three months ended June 30 </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=#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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="35%"
    bgColor=#ffffff colSpan=4>Nine months ended June 30 </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=#ffffff></TD></TR>
  <TR vAlign=top>
    <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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Deficit, beginning of 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=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>
    <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;As originally reported </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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;(199,676,759</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>(131,858,640</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>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>&nbsp;(202,711,632</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD align=right width="12%" bgColor=#E6EFFF>(121,069,356</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Adjustment 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%" background=""></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%" 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%">11,349,864 </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%">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%" 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%">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%" background=""></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;<B>As restated</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=right width="12%" bgColor=#E6EFFF>(199,676,759</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>(120,508,776</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>(191,488,684</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>(109,605,787</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></TR>
  <TR vAlign=top>
    <TD align=left>Earnings (loss) for the period </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%">10,087,321 </TD>
    <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%">(6,385,188</TD>
    <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%">2,436,248 </TD>
    <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%">(16,799,994</TD>
    <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>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%" background="" bgColor=#E6EFFF></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>(268,501</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" 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>(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="12%"
    bgColor=#E6EFFF>(805,503</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>(732,274</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=""></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>
    <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>
    <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 style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF><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%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;(189,857,939</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>(127,138,055</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px 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 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>&nbsp;(189,857,939</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>(127,138,055</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF>)
</TD></TR></TABLE></DIV>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="25%" colSpan=4
   >Three months ended June 30 </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%" background=""
   ></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%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="25%" colSpan=4
   >Nine months ended June 30 </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%" 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%"
     >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="12%"
     >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="12%"
     >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="12%"
     >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></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%" background=""
   ></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%" 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%"
   >(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%" background=""
   >&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%" background=""
   ></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%" 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%"
   >(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%" background=""
   ></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
   ><B>Operating activities</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="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=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>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Earnings (loss) for the period </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;10,087,321 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(6,385,188</TD>
    <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=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;2,436,248 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >&nbsp;(16,799,994</TD>
    <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;Items not involving
      cash </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=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>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Loss (gain) on sale of
      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%"
     >&#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%"
     >2,160,992 </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="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
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accrued
      interest on reclamation deposits </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
   >(392,595</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
   >(106,989</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
   >(581,025</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
   >(389,900</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>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Accrued interest on promissory
      note </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%"
     >(1,040,567</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   >) </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%"
     >(3,109,355</TD>
    <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
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;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
   >581,567 </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="12%" bgColor=#E6EFFF
   >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="" 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
   >1,491,731 </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
   >711,134 </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>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;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=""
   ></TD>
    <TD align=right width="12%"
     >1,023,593 </TD>
    <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%"
     >3,070,779 </TD>
    <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
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Stock-based compensation </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
   >170,310 </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
   >1,526,084 </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
   >727,556 </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
   >3,137,066 </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 nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Acquisition
      premium paid for Gibraltar Reclamation &nbsp;</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>
    <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 bgColor=#E6EFFF
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Trust Limited
      Partnership </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle 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>
    <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
   >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></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Shares issued for loan guarantee
    </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%"
     >450,000 </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%"
     >&#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%"
     >450,000 </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 align=left bgColor=#E6EFFF
   >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred
      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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >(43,750</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
   >(131,250</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="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>&nbsp;
      &nbsp; &nbsp; &nbsp;Changes in non-cash operating working capital </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>
    <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; &nbsp; &nbsp;Accounts
      receivable and prepaids </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
   >(3,720,477</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="12%" bgColor=#E6EFFF
   >62,363 </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
   >(6,325,334</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
   >769,542 </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>&nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Inventories </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%"
     >2,372,956 </TD>
    <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%"
     >(20,247</TD>
    <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%"
     >(7,175,783</TD>
    <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%"
     >(35,568</TD>
    <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
   >&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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>1,068,216 </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>1,505,315 </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
   >(3,194,557</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>715,585 </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
   ></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%"
   >10,106,574 </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%"
   >(2,731,618</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%"
   >(10,629,998</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%"
   >(6,346,886</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>
    <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><B>Investing
      activities</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=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>
    <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;Deposit on 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="" 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
   >(8,472,457</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
   >(10,833,626</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>&nbsp; &nbsp; &nbsp; &nbsp;Purchase 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%"
     >(1,372,995</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="12%"
     >(30,432</TD>
    <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%"
     >(7,059,851</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="12%"
     >(59,097</TD>
    <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 nowrap bgColor=#E6EFFF
   >&nbsp; &nbsp; &nbsp; &nbsp;Proceeds received on sale of property, plant and
      equipment &nbsp;</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
   >&#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
   >22,067,711 </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 style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&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%" background=""
   ></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%" 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%"
   >&#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=""
   ></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%"
   >&#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=""
   ></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%"
   >(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%" background=""
   >) </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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF
   >(1,372,995</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
   >(8,502,889</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>15,007,860
    </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
     >(11,294,034</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="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
   ><B>Financing activities</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="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=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>&nbsp;
      &nbsp; &nbsp; &nbsp;Bank operating loan </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%"
     >(1,432,719</TD>
    <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%"
     >1,509,289 </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="12%"
     >(1,857,740</TD>
    <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%"
     >(484,107</TD>
    <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;Advances from related parties
    </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
   >(35,133</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
   >(800,455</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
   >267,468 </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
   >(232,389</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>&nbsp;
      &nbsp; &nbsp; &nbsp;Advances from Gibraltar Reclamation Trust </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>
    <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; &nbsp; &nbsp;
      &nbsp;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
   >&#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>
    <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
   >17,097,792 </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>&nbsp;
      &nbsp; &nbsp; &nbsp;Vehicle loans </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%"
     >(51,413</TD>
    <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%"
     >448,657 </TD>
    <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
   >&nbsp; &nbsp; &nbsp; &nbsp;Common shares issued for cash,
      net of issue 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="12%" bgColor=#E6EFFF
   >345,495 </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
   >1,417,548 </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
   >9,473,863 </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
   >18,155,039 </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>&nbsp;
      &nbsp; &nbsp; &nbsp;Prepaid treatment and refining </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%"
     >528,410 </TD>
    <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>
    <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 style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >&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%" 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>
    <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>
    <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
   >(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%" 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
   ></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%"
   >(645,360</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%"
   >2,126,382 </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%"
   >3,801,220 </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%"
   >34,536,335 </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>
    <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><B>Increase
      (decrease) in cash and equivalents</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="12%"
     >8,088,219 </TD>
    <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%"
     >(9,108,125</TD>
    <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%"
     >8,179,082 </TD>
    <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%"
     >16,895,415 </TD>
    <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
   >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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>14,983,810 </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>28,427,761 </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>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%" 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>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%" 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
   ><B>Cash and equivalents, including restricted cash</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="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=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 style="BORDER-BOTTOM: #000000 2px solid" align=left
   ><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $5
      million (note 3(a)), end of period</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;23,072,029 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;19,319,636 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;23,072,029 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
   >&nbsp;19,319,636 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""
   ></TD></TR></TABLE>
<P align=justify>Supplementary cash flow disclosures (note 11)</P>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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 June 30, 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 June 30, 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, however, for the first nine months of 2005, the
        Company had net earnings of approximately $2.4 million. Management recognizes
        that the Company must continue to maintain profitable operations and/or
        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 maintain 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 June 30, 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 note 6(a), &#36;5 million is held
        in a restricted 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 copper in concentrate sales is recorded
        when the title is transferred to the customer. At that time copper concentrate
        sales are provisionally priced equal to the average price of copper over
        the previous month. Revenue is subject to adjustment upon final settlement
        of shipment weights, assays and actual realized copper prices.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">For copper in concentrate sales, whereby a fixed copper
        price has not been set, revenue from period to period is adjusted to the
        lower of the provisional price and the quoted copper market price on the
        London Metals Exchange based on five months from the date of the transfer
        of concentrate title to the customer. Upon fixing the copper price the
        sales revenue price adjustment is finalized.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">Sales of silver, as a byproduct, are credited to operating
        costs on the same time frames as copper concentrate and priced five months
        after transfer of title.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">Sales of molybdenum, as a byproduct, are credited
        to operating costs on the date of transfer of title and priced at the
        average price of the ensuing month.</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 inventory is reported at the lower
        of (i) cost, (ii) budgeted cost and (iii) net realizable value, and excludes
        molybdenum byproduct credits. Molybdenum inventory is costed at zero.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">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 amortized using the units
        of production method based on estimated tons mined and milled</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 June 30, 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">respectively. Amortization 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 over the estimated life of the property, 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.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">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>
</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 June 30, 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">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 nine months
        ended June 30, 2004, adoption of HB3110 resulted in an increase in accretion
        of site closure and reclamation costs of &#36;710,455, decrease in amortization
        of &#36;541,139 and a decrease in opening deficit at October 1, 2003 of
        &#36;11,463,569.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <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</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 June 30, 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">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 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>Earnings 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 earnings (loss) per common share is based on
        the weighted average number of common shares outstanding during the period.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width=5%></TD>
    <TD> <P align="justify">Diluted earnings (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 earnings 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% 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 June 30, 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</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 June 30, 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">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 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>
<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 June 30, 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>4.</B> </TD>
    <TD> <P align=justify><B>Arrangement agreement (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 $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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>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></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><B>Assets acquired</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="15%"><B>Amount</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>&nbsp;</TD>
    <TD align=left bgcolor="#E6EFFF">&nbsp; &nbsp;Property and equipment </TD>
    <TD width="1%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
    <TD width="15%" align=right bgcolor="#E6EFFF">&nbsp;8,488 </TD>
    <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation deposit </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="15%">175,000 </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 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%" background="" 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%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </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="15%">&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></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%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#E6EFFF>&nbsp;28,994,784 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left><B>Consideration given</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></TD>
    <TD align=left width="15%"></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;Cash </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="15%" bgColor=#E6EFFF>&nbsp;2,230,000 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;12,483,916 tracking preferred shares 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=right width="15%">26,641,948 </TD>
    <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>&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%" background="" 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%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </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="15%">&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></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%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="15%"
    bgColor=#E6EFFF>&nbsp;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%" background="" bgColor=#E6EFFF></TD>
  </TR>
</TABLE>
<br>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td><div align="justify">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, currently
        at $4.14. 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.</div></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=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 June 30, 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>
<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=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="5%" align=left>&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left><B>Equipment - Prosperity
        and Harmony Properties</B> </TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp;</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 1px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">June
        30, 2005 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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=right
    colSpan=4>September 30, 2004 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    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%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 0px solid"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Accumulated </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Net book </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Accumulated </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Net book </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD width="1%" background=""
    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">Cost
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">Depreciation
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">value
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">Cost
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">depreciation
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">value
      </TD>
      <TD width="2%"
    align=left background=""
    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%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">11,879 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">10,947 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">932 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp;11,879 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">10,677 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">1,202 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></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%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">14,466 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">706
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    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%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left bgcolor="#E6EFFF"></TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">Harmony
        Properties </TD>
      <TD width="1%" background="" 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">27,051
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">25,413
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">1,638
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;27,051
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">24,939
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background="" 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">2,112
      </TD>
      <TD width="2%"
    align=left background="" 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%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>&nbsp; </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left><B>Plant and equipment - Gibraltar Mine</B> </TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left></TD>
      <TD align=left></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">June
        30, 2005 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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=right
    colSpan=4>September 30, 2004 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    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%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Accumulated </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Net book </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Accumulated </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>Net book </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left></TD>
      <TD width="1%" background=""
    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">Cost
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">Depreciation
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">value
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">Cost
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">depreciation
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">value
      </TD>
      <TD width="2%"
    align=left background=""
    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">Buildings and equipment </TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp;6,059,681 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">790,552 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">5,269,129 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp;5,931,580 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">492,030 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none">$</TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">5,439,550 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left>Mine equipment </TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>10,269,824 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>3,020,510 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>7,249,314 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>32,458,793 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>2,544,160 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>29,914,633 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left bgcolor="#E6EFFF">Plant and equipment </TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">4,397,173 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">892,005 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">3,505,168 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">975,493 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">666,369 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">309,124 </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left>Vehicles </TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>916,288 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>252,731 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>663,557 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>198,519 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>115,426 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right>83,093 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">Computer
        equipment </TD>
      <TD width="1%" background="" 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">853,729
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background="" 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">265,015
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background="" 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">588,714
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background="" 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">101,162
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background="" 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">90,040
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background="" 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">11,122
      </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    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>Total Gibraltar
        mine </TD>
      <TD width="1%" background=""
    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;22,496,695
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;5,220,813
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;17,275,882
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;39,665,547
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;3,908,025
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    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;35,757,522
      </TD>
      <TD width="2%"
    align=left background=""
    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="#E6EFFF">&nbsp; </TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Net asset retirement
        obligation adjustment </B>(note 3(f)) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">(8,176,624</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid">)
      </TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">&nbsp;(8,779,655</TD>
      <TD width="2%"
    align=left background=""
    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 bgcolor="#E6EFFF">&nbsp; </TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Mineral property
        interests </B>(note 6) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">3,000
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"></TD>
      <TD width="1%" background=""
    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">3,000
      </TD>
      <TD width="2%"
    align=left background=""
    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 bgcolor="#E6EFFF">&nbsp; </TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD
    width="1%" background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=right bgcolor="#E6EFFF">&nbsp; </TD>
      <TD width="2%"
    align=left background="" bgcolor="#E6EFFF"
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left><B>Property, plant and</B> </TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></TD>
      <TD width="9%" align=left></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"></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%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">9,103,896
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="9%" align=left style="BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD
      width="9%" align=right style="BORDER-BOTTOM: #000000 2px solid">&nbsp;26,982,979
      </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"></TD>
    </TR>
  </TABLE>
  <br>
  <table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%" valign="top">&nbsp;</td>
      <td><P align=justify>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
          $18.2 million at June 30, 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>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>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>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></td>
    </tr>
  </table>
  <br>
</DIV>
<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 June 30, 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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="13%">June 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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""></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%" background=""></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%" background=""></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%" 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="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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Gibraltar Copper Mine (note 6(a)) </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="13%" bgColor=#E6EFFF>&nbsp;1,000 </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="13%" bgColor=#E6EFFF>&nbsp;1,000 </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>&nbsp;</TD>
    <TD align=left>Prosperity Gold-Copper Property (note 6(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="13%">1,000 </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="13%">1,000 </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 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%" background="" 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%" 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="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%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD 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%" background=""><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>3,000</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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%"><B>3,000</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%" background=""></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</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 June 30, 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">fiscal 2001 and 2002 (which has been paid) and a second
        payment of US&#36;0.9 million upon 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 was the commissioning and the operating of 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 contributed
        to the joint venture its own mine equipment and purchased or leased additional
        equipment as necessary. Taseko contributed 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</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 June 30, 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">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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <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</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 June 30, 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">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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <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;1,618,750 remaining
        as deferred as at June 30, 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</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 June 30, 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:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td><p align="justify">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>
      <p align="justify"> 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"> 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&#36;2.50 to US&#36;2.74 per pound, 3% if the
        price of copper averages US&#36;2.75 to US&#36;2.99 per pound and 4% if
        the price of copper averages US&#36;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&#36;0.75 for Cdn&#36;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></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 June 30, 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>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 had an unsecured $2 million operating line
        of credit with a Canadian chartered bank at an interest rate of prime,
        due on demand, with no fixed terms of repayment. All amounts owing were
        paid off in the quarter and subsequent to June 30, 2005, the line of credit
        was cancelled.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>The Company has a series of loans related to certain
        of the on-road vehicles used at the mine site, at interest rates ranging
        from 0% to 9.75%. Most of these loans have a term of 36 months, and are
        secured by the vehicles to which they relate. The required payments on
        these loans over the next five fiscal years are as follows:</P></TD>
  </TR>
</TABLE>
<BR>
<DIV>
  <TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left width=5%></TD>
      <TD align=left></TD>
      <TD align=right width="12%"><B><U>Remainder of</U></B> </TD>
      <TD align=left width="12%"></TD>
      <TD align=left width="12%"></TD>
      <TD align=left width="12%"></TD>
      <TD align=left width="12%"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left width=5%></TD>
      <TD align=left></TD>
      <TD align=right width="12%"><B><U>fiscal 2005</U></B> </TD>
      <TD align=right width="12%"><B><U>fiscal 2006</U></B> </TD>
      <TD align=right width="12%"><B><U>fiscal 2007</U></B> </TD>
      <TD align=right width="12%"><B><U>fiscal 2008</U></B> </TD>
      <TD align=right width="12%"><B><U>Total</U></B> </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left bgcolor="#E6EFFF">Principal </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF">$ 52,041 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF">$ 214,715 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF">$ 132,965 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF">$ 48,936 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF">$ 448,657 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left
      width=5%>&nbsp;</TD>
      <TD align=left style="BORDER-BOTTOM: #000000 1px solid">Interest </TD>
      <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">6,704
      </TD>
      <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">20,267
      </TD>
      <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">9,663
      </TD>
      <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">978
      </TD>
      <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">37,612
      </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left width=5%>&nbsp;</TD>
      <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">Total
      </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
        58,745 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
        234,982 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
        142,628 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
        49,914 </TD>
      <TD width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 3px double">$
        486,269 </TD>
    </TR>
  </TABLE>
  <br>
</DIV>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td>Of the above vehicle loan total principal amounts of $448,657, $212,068
      is current while $236,589 is due after one year.</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 June 30, 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>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>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <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 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%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="11%"
   >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%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="11%"
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></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%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
   >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%" 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="11%"
   >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%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   ><B>Balance, September 30, 2003</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=right width="11%" bgColor=#E6EFFF
   ><B>53,880,973</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="" 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
   ><B>$</B></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   ><B>&nbsp;99,446,319</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="" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Issued during the year </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="11%"
   ></TD>
    <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="11%"
   ></TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.50 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >4,265,000 </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="11%" bgColor=#E6EFFF
   >2,132,500 </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 vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.40 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="11%"
     >152,500 </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="11%"
     >61,000 </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 align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.25 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >75,000 </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="11%" bgColor=#E6EFFF
   >18,750 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 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="11%"
     >380,000 </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="11%"
     >209,000 </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 align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.65 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >25,500 </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=right width="11%" bgColor=#E6EFFF
   >16,575 </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>&nbsp;</TD>
    <TD 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: medium none"
    align=left width="1%" background=""
   ></TD>
    <TD align=left width="11%"
   ></TD>
    <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="11%"
     >290,000 </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 align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.58 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >276,596 </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="11%" bgColor=#E6EFFF
   >160,426 </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>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.55 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="11%"
     >414,850 </TD>
    <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="11%"
     >228,168 </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>
  </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
    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="11%" bgColor=#E6EFFF
   >302,250 </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="11%" bgColor=#E6EFFF
   >120,900 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.50 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="11%"
     >7,393,751 </TD>
    <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="11%"
     >3,696,876 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase warrants at $0.75 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >473,332 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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="11%" bgColor=#E6EFFF
   >354,999 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $0.60 per share, net of issue
      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="11%"
     >6,700,000 </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="11%"
     >3,910,728 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Private placement at $2.00 per share, net of issue 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="11%" bgColor=#E6EFFF
   >3,900,000 </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="11%" bgColor=#E6EFFF
   >7,323,943 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $1.25 per share, net of issue
      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="11%"
     >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=""
   ></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="11%"
     >8,933,206 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;For acquisition of Gibraltar 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=left width="11%" 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="11%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;at $2.79 per share, net of issue
      costs (note 6(d)) </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="11%"
     >7,967,742 </TD>
    <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="11%"
     >22,193,039 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Loan guarantee at $2.00 per share (note 8(d)) </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="11%" bgColor=#E6EFFF
   >225,000 </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="11%" bgColor=#E6EFFF
   >450,000 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >&nbsp; &nbsp;Farmout agreement at $2.79 per share (note 6(e)) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
   >335,125 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
   >935,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   ><B>Balance, September 30, 2004</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   ><B>94,767,619</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF
   ><STRONG>$</STRONG></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >&nbsp;<STRONG>150,481,429</STRONG> </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>&nbsp;</TD>
    <TD align=left>Issued during the period </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="11%"
   ></TD>
    <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="11%"
   ></TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.25 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" 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=right width="11%" bgColor=#E6EFFF
   >5,000 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.30 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="11%"
     >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=""
   ></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="11%"
     >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>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.38 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" 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=right width="11%" bgColor=#E6EFFF
   >7,600 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.40 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="11%"
     >22,500 </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="11%"
     >9,000 </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 align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $0.55 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >610,000 </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="11%" bgColor=#E6EFFF
   >335,500 </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 vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.81 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="11%"
     >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=right width="11%"
     >24,300 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $1.36 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >270,000 </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="11%" bgColor=#E6EFFF
   >367,200 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.40 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="11%"
     >44,500 </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="11%"
     >62,300 </TD>
    <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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Share purchase options at $1.65 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="11%" bgColor=#E6EFFF
   >10,000 </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="11%" bgColor=#E6EFFF
   >16,500 </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 vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.75 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="11%"
     >2,163,336 </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="11%"
     >1,622,502 </TD>
    <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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#E6EFFF
   >&nbsp; &nbsp;Private placement at $1.45 per share, net of issue costs </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#E6EFFF>5,204,361 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#E6EFFF>6,993,961 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
   ><B>Balance, June 30, 2005</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"
   ><B>103,262,316</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""
   ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="11%"

     >&nbsp;<STRONG>159,955,292</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%" background=""
   ></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 June 30, 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>(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 June 30, 2005). BWCL&#146;s purchase
        of the convertible debenture was receivable as to $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></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>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></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>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></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 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%" background=""></TD>
    <TD width="12%" align=right nowrap style="BORDER-TOP: #000000 2px solid">Nine
      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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""></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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <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%">June 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="12%">September 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-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%">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%" 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%">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%" background=""></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </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>
    <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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Present value of convertible debenture </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>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Beginning of period </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;10,754,763 </TD>
    <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;9,777,058 </TD>
    <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>&nbsp;</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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#E6EFFF>805,503 </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>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="" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;End of period </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%">11,560,266 </TD>
    <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%">10,754,763 </TD>
    <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>&nbsp;</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%" background="" 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%" 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>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%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#ffffff>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%" background="" bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>&nbsp;21,382,728 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background="" bgColor=#ffffff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#ffffff>&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%" background=""
bgColor=#ffffff></TD>
  </TR>
</TABLE>
<BR>
<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 June 30, 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 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%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
   >June 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%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   ></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right 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%" background=""
   ></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%" background=""
   ></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%" 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%"
   >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%" background=""
   ></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <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>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Summary of the convertible debenture terms </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>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Principal amount of convertible debenture
    </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%"
     >17,000,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="12%"
     >17,000,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >&nbsp; &nbsp; &nbsp;Price per common share of the unexercised conversion right
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="12%" bgColor=#E6EFFF
   >&nbsp;4.39 </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
   >&nbsp;4.39 </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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Number of common shares potentially issuable
      under </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left bgColor=#E6EFFF
   >&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=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>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%" background="" 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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#E6EFFF>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%" 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>
    <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>
<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=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" background=""
   >&nbsp;</TD>
      <TD colSpan=4
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >For the nine month</TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle style="BORDER-TOP: #000000 2px solid"
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle style="BORDER-TOP: #000000 2px solid"
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle style="BORDER-TOP: #000000 2px solid"
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle style="BORDER-TOP: #000000 2px solid"
   ></TD>
      <TD width="2%"
    align=middle background=""
    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 width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD align=center colSpan=4
   >period ended </TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=middle
   ></TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=middle></TD>
      <TD align=middle></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD align=center colSpan=4
   >June 30, </TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=10>For the years ended September 30, </TD>
      <TD width="2%"
    align=middle background=""
    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=middle></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    colSpan=4><B>2005</B> </TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%"
    align=center background=""
    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=middle background=""
    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=middle></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
     >Number </TD>
      <TD width="2%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
     >Average </TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
     >Number </TD>
      <TD width="2%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
   >Average </TD>
      <TD width="2%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
   >Number </TD>
      <TD width="2%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%"
    align=center background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=center
   >Average </TD>
      <TD width="2%"
    align=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=middle></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%"
    align=center background=""
    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=middle background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%"
    align=center background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%"
    align=center background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%"
    align=center background=""
    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 background=""
    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 width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >8,627,500 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >1.13 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >4,685,000 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.48 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >4,145,000 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD align=left>Granted during the period </TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >1,125,000 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >1.15 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >8,855,500 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >1.12 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >770,000 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right
     >0.41 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left
   >&nbsp;</TD>
      <TD align=left bgColor=#E6EFFF
   >Exercised during the period </TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >(1,127,000</TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >) </TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.76 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >(4,898,000</TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >) </TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >(40,000</TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >) </TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.50 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Expired/cancelled during period </TD>
      <TD width="1%" background=""
    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"
   >&nbsp; &nbsp;(70,000</TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
      <TD width="1%" background=""
    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"
   >1.49 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   >) </TD>
      <TD width="1%" background=""
    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 background=""
    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 width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >8,555,500 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >1.18 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >8,627,500 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >1.13 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >4,685,000 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
      <TD width="1%" background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   >$</TD>
      <TD width="9%" align=right bgColor=#E6EFFF
   >0.48 </TD>
      <TD width="2%"
    align=left background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
   ></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Contractual remaining life (years) </TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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"
   >1.62 </TD>
      <TD width="2%"
    align=left background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
   ></TD>
      <TD width="1%" background=""
    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 background=""
    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
   >Range of exercise prices </TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
      <TD width="1%" background="" 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 background="" bgColor=#E6EFFF
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
   ></TD>
    </TR>
  </TABLE>
  <br>
  <table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%" valign="top">&nbsp;</td>
      <td><P align=justify>As at June 30, 2005, 7,740,500 of the options outstanding
          had vested with optionees.</P>
        <P align=justify>Subsequent to June 30, 2005, to July 31, 2005, a total
          of 30,000 options were exercised for gross proceeds of $7,500.</P>
        <P align=justify>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></td>
    </tr>
  </table>
  <br>
</DIV>
<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 June 30, 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 vAlign=top>
    <TD width="5%" align=left></TD>
    <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 width="13%" align=right nowrap>Nine months ended </TD>
    <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="13%">Year ended </TD>
    <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 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="13%">June 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="13%">September 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-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="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%" 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="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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left><B>Total compensation cost recognized in operations,</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=left width="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp;<B>credited to contributed surplus</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"
    align=left width="1%" background="" bgColor=#E6EFFF><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="13%"
    bgColor=#E6EFFF>&nbsp;<STRONG>727,556</STRONG> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"
    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 3px double"
    align=right width="1%" background="" bgColor=#E6EFFF><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="13%"
    bgColor=#E6EFFF><B>&nbsp;5,172,244</B> </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 3px double"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
  </TR>
</TABLE>
<br>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td>The weighted average assumptions used to estimate the fair value of options
      during the period were:</td>
  </tr>
</table>
<br>
<TABLE width="75%" border=0 align="center" cellPadding=0
cellSpacing=0
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black">
  <TR vAlign=top>
    <TD align=left width="50%" bgColor=#E6EFFF>Risk free interest rate </TD>
    <TD align=right width="50%" bgColor=#E6EFFF>3% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="50%">Expected life </TD>
    <TD align=right width="50%">2.6 years </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="50%" bgColor=#E6EFFF>Volatility </TD>
    <TD align=right width="50%" bgColor=#E6EFFF>92% </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="50%">Expected dividends </TD>
    <TD align=right width="50%">nil </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%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <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="8%">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=middle width="1%" background=""></TD>
    <TD align=right width="8%">September 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=left width="8%"></TD>
    <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="8%"></TD>
    <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="8%"></TD>
    <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="8%">June 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>&nbsp;</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%" background=""></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%" 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="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%" 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="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%" 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="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%" 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="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%" 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="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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left 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="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$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=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" 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=right width="8%" 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="8%" 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="8%" 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="8%" 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>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>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="1%" background=""></TD>
    <TD align=right width="8%">&nbsp; &nbsp;$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=left width="1%" background=""></TD>
    <TD align=right width="8%">6,226,668 </TD>
    <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="8%">&#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="8%">(2,163,336</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="8%">&#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="8%">4,063,332<SUP>(</SUP><I><SUP>i</SUP></I><SUP>)</SUP></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
      background="">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>March 10, 2005 </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="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$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=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" bgColor=#E6EFFF>3,900,000 </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="8%" 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="8%" 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="8%" bgColor=#E6EFFF>(3,900,000</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="8%" 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>&nbsp;</TD>
    <TD align=left>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="1%" background=""></TD>
    <TD 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: 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="8%">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=""></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="8%">&#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="8%">&#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="8%">&#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="8%">&nbsp;8,000,000<SUP>(<EM>ii</EM>)</SUP></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%"
      background="">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</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%" background="" 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%" background="" 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%" background="" 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%" 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="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%" 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="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%" 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="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%" 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="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%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR vAlign=top>
    <TD 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%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">(2,163,336</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""></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%" background="">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=right width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="8%">17,642,693 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background=""></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%">&nbsp;</TD>
    <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 June 30, 2005,
        management had not given notice of this accelerated expiry.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <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>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td>Subsequent to June 30, 2005, to July 31, 2005, a total of 100,000 warrants
      were exercised for gross proceeds of $75,000.</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 June 30, 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:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td>The continuity of share purchase warrants during the previous fiscal year
      is as follows:</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%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background=""></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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left></TD>
    <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="8%">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=middle width="1%" background=""></TD>
    <TD align=right width="8%">September 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=left width="8%"></TD>
    <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="8%"></TD>
    <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="8%">September 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 width="5%" align=left>&nbsp;</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%" background=""></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%" 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="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%" 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="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%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background=""></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%" 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="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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>October 19, 2003 </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="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$0.58 </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="8%" bgColor=#E6EFFF>276,596 </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="8%" 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="8%" bgColor=#E6EFFF>(276,596</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="8%" 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 width="5%" align=left>&nbsp;</TD>
    <TD align=left>December 27, 2003 </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="8%">&nbsp; &nbsp;$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=""></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="8%">414,850 </TD>
    <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="8%">&#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="8%">(414,850</TD>
    <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="8%">&#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 width="5%" align=left>&nbsp;</TD>
    <TD align=left 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="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$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=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" 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=right width="8%" 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="8%" 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="8%" 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>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>December 31, 2003 </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="8%">&nbsp; &nbsp;$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=""></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="8%">302,250 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></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="8%">&#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="8%">(302,250</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="">) </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="8%">&#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 width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>December 31, 2004 </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="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$0.50 </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=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" bgColor=#E6EFFF>7,393,751 </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="8%" 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="8%" bgColor=#E6EFFF>(7,393,751</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="8%" 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 width="5%" align=left>&nbsp;</TD>
    <TD align=left>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="1%" background=""></TD>
    <TD align=right width="8%">&nbsp; &nbsp;$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=left width="1%" background=""></TD>
    <TD align=right width="8%">&#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="8%">6,700,000 </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="8%">(473,332</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=right width="8%">6,226,668 </TD>
    <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 width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>March 10, 2005 </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="8%" bgColor=#E6EFFF>&nbsp; &nbsp;$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=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD align=right width="8%" 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="8%" bgColor=#E6EFFF>3,900,000 </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="8%" 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="8%" bgColor=#E6EFFF>3,900,000 </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 width="5%" align=left>&nbsp;</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%" background=""></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%" 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="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%" 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="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%" 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="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%" 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="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%" background=""></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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" background="" 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%" 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>
    <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
    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="15%" bgColor=#E6EFFF
   >&nbsp;65,344 </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>&nbsp;</TD>
    <TD align=left>Changes during fiscal 2004: </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="15%"
   ></TD>
    <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
   >&nbsp;</TD>
    <TD 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: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="15%" bgColor=#E6EFFF
   >5,172,244 </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
   >&nbsp;</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%" background=""
   ></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%" background=""
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Contributed surplus, September 30, 2004 </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="15%" bgColor=#E6EFFF
   >4,947,588 </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>&nbsp;</TD>
    <TD align=left>Changes during fiscal 2005: </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="15%"
   ></TD>
    <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
   >&nbsp;</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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#E6EFFF>727,556 </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
   >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
   >Contributed surplus, June 30, 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%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
   >5,675,144 </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_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 June 30, 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
    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="13%"
     ><B>Nine months</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="13%"
     ><B>Nine months</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=left width="13%"
   ></TD>
    <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 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="13%"
     ><B>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="13%"
     ><B>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="13%"
     ><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 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="13%"
     ><B>June 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="13%"
     ><B>June 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="13%"
     ><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-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="13%"
   ><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%" 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="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%" 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="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%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Balance, beginning of period, </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="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>as previously reported </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="13%"
     >32,700,000 </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=""
   >$</TD>
    <TD align=right width="13%"
     >32,700,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background=""
   >$</TD>
    <TD align=right width="13%"
     >32,700,000 </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 align=left
   >&nbsp;</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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    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%" 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="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%" background="" 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%" background="" 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%" background="" bgColor=#E6EFFF
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>As restated </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="13%"
     >10,420,000 </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="13%"
     >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=""
   ></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="13%"
     >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=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Site closure and reclamation </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="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>liability incurred </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="13%"
     >&#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="13%"
     >&#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="13%"
     >&#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
   >&nbsp;</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%" background="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>781,500 </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="13%"
    bgColor=#E6EFFF>710,455 </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="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%" background="" bgColor=#E6EFFF
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</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%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >11,201,500 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background=""
   ></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=right width="1%" background=""
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >10,183,182 </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="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%" background=""
   ></TD>
  </TR>
</TABLE>
<br>
<table style="font-size: 10pt;border-color:#000000;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top">&nbsp;</td>
    <td><p align=justify>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>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
        $18.2 million at June 30, 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></td>
  </tr>
</table>
<br>
<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 June 30, 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 width="5%" 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%" background=""
   ></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%" 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="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%" background=""
   ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   >$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >&nbsp;7,472,000 </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="13%" bgColor=#E6EFFF
   >&nbsp;&#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>&nbsp;</TD>
    <TD align=left>Loss carry forwards </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="13%"
     >1,412,000 </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="13%"
     >1,778,000 </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 align=left
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >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="" 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="13%" bgColor=#E6EFFF
   >1,085,000 </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>&nbsp;</TD>
    <TD align=left>Reclamation obligation </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="13%"
     >5,359,000 </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="13%"
     >&#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
   >&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF
   >Royalty obligation </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="13%" bgColor=#E6EFFF
   >23,979,000 </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="13%" 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>&nbsp;</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%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >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%" 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="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%" background=""
   ></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: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="13%" bgColor=#E6EFFF
   >38,977,000 </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="13%" bgColor=#E6EFFF
   >3,638,000 </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>&nbsp;</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%" background=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
   >(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%" 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="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%" background=""
   >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</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%" background="" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF
     >&nbsp;<STRONG>&#150;</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%" background="" 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%" background="" bgColor=#E6EFFF
   >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF
     >&nbsp;<STRONG>&#150;</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%" background="" bgColor=#E6EFFF
   ></TD>
  </TR>
</TABLE>
<P align=justify>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. 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, nor has any taxation authority assessed the amount or any portion thereof
  as payable.</P>
<P align=justify>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_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 June 30, 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 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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">June 30,
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      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=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center
      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=middle width="2%" background=""></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 width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">2004
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Issuance of common shares on acquisition of
      remaining </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="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;business of GESL Partnership (note 6(d)) </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="13%">&nbsp;&#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="">$</TD>
    <TD align=right width="13%">&nbsp;&#150; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;3,500,000 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Issuance of common shares on 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="" bgColor=#E6EFFF></TD>
    <TD align=left width="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation Trust Limited Partnership (note 6(d))
    </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="13%">&#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="13%">22,230,000 </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="13%">&#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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Issuance of common shares for loan guarantee
      (note 6(d)) </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="13%" 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="13%" bgColor=#E6EFFF>450,000 </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="13%" 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>&nbsp;</TD>
    <TD align=left>Accretion of convertible debenture (note 8(c)) </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="13%">805,503 </TD>
    <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="13%">977,705 </TD>
    <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="13%">888,823 </TD>
    <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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Fair value of stock options allocated to shares
      issued 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="" bgColor=#E6EFFF></TD>
    <TD align=left width="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;exercise
      (note 8(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%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#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=""></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="13%">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%" 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="13%">&#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=""></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="13%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="13%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="13%" bgColor=#ffffff>&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=#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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    bgColor=#ffffff>June 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    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=middle width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    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=middle width="2%" background="" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle
    bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%"
    bgColor=#ffffff>2005 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%"
    bgColor=#ffffff>2004 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="2%" background="" bgColor=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%"
    bgColor=#ffffff>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%" background="" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left><B>Supplemental cash flow information</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=left width="13%"></TD>
    <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="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Cash paid during the period for </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="13%" 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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Interest </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;174,020 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;&nbsp;&nbsp;49,294 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$</TD>
    <TD align=right width="13%">&nbsp;101,942 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#E6EFFF>&nbsp; &nbsp;Taxes </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF>&nbsp;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%" background="" 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%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp; 45,352 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#E6EFFF>&nbsp;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%" 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_23></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 June 30, 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>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></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%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">Nne months
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%">Year ended
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: #000000 2px solid; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=middle></TD>
    <TD align=middle></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background=""></TD>
    <TD align=center width="13%">ended June 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="1%" background=""></TD>
    <TD align=center width="13%">September 30, </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=middle width="2%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD 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"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="13%">2005
    </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=middle width="1%" background=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center 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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Hunter Dickinson Inc. </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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Services rendered to the Company and its subsidiaries
    </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="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>and reimbursement of third party expenses (a)
    </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>$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF>645,938 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF>$&nbsp;</TD>
    <TD align=right width="13%"
      bgColor=#E6EFFF>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806,970 </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>&nbsp;</TD>
    <TD align=left>Hunter Dickinson Group Inc. </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="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>&nbsp; &nbsp;Consulting services rendered to
      the Company (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>$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF>9,600 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="13%" bgColor=#E6EFFF>12,800 </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>&nbsp;</TD>
    <TD align=left>Tom Milner Enterprises Inc. </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="13%"></TD>
    <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="13%"></TD>
    <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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px 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 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>136,672 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" background="" bgColor=#E6EFFF>$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#E6EFFF>&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 1px solid"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD bgColor=#ffffff>&nbsp; </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=#ffffff></TD>
    <TD align=right width="13%" bgColor=#ffffff>&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=#ffffff></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=#ffffff></TD>
    <TD align=right width="13%" bgColor=#ffffff>&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=#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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    bgColor=#ffffff>June 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%" background="" 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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="13%"
    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%" background="" bgColor=#ffffff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Advances</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=center 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%" 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=center
      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%" background=""></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgColor=#E6EFFF>Advances to (from) (d) </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="13%" 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="13%" 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>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hunter Dickinson Inc. (a) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$</TD>
    <TD align=right width="13%">(69,187</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="1%" background="">$&nbsp;</TD>
    <TD align=right
      width="13%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198,281
    </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>
  </TR>
  <TR vAlign=top>
    <TD 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"
    align=left width="1%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    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%" background="" 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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    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%" background="" bgColor=#E6EFFF>) </TD>
  </TR>
  <TR vAlign=top>
    <TD 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"
    align=left width="1%" background="">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">(72,611</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="2%" background="">) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 2px solid"
    align=left width="1%" background="">$&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="13%">&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%" background=""></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%">&nbsp;</TD>
    <TD vAlign=top width="5%">(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 vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(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 vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(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 vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD> <P align=justify>Advances are non-interest bearing and due on demand.</P></TD>
  </TR>
</TABLE>
<BR>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_24"></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 June 30, 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>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 June 30, 2005, to July 31,
        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">30,000 options were exercised for gross proceeds of
        &#36;7,500 (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">100,000 warrants were exercised for gross proceeds
        of &#36;75,000 (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 NINE MONTHS ENDED JUNE 30, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "TKO Q3 MDA.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko 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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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=center><img src="tkologo.jpg" width="600" height="80"></P>
<P align=center><B>T A B L E&nbsp;&nbsp; O F &nbsp;&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="8%" align=left><a href="#page_2">1.1 </a></TD>
    <TD width="8%" align=left><a href="#page_2">Date </a></TD>
    <TD align=left></TD>
    <TD width="5%" align=right><a href="#page_2">2 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_2">1.2 </a></TD>
    <TD colSpan=2 align=left><a href="#page_2">Overview </a></TD>
    <TD align=right><a href="#page_2">2 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left></TD>
    <TD colSpan=2 align=left><a href="#page_2">Gibraltar Mine </a></TD>
    <TD align=right><a href="#page_2">2 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left></TD>
    <TD colSpan=2 align=left><a href="#page_6">Market Trends </a></TD>
    <TD align=right><a href="#page_6">6 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_7">1.3 </a></TD>
    <TD colSpan=2 align=left><a href="#page_7">Selected Annual Information </a></TD>
    <TD align=right><a href="#page_7">7 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_8">1.4 </a></TD>
    <TD colSpan=2 align=left><a href="#page_8">Results of Operations </a></TD>
    <TD align=right><a href="#page_8">8 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_8">1.5 </a></TD>
    <TD colSpan=2 align=left><a href="#page_8">Summary of Quarterly Results </a></TD>
    <TD align=right><a href="#page_8">8 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_9">1.6 </a></TD>
    <TD colSpan=2 align=left><a href="#page_9">Liquidity </a></TD>
    <TD align=right><a href="#page_9">9 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_10">1.7 </a></TD>
    <TD colSpan=2 align=left><a href="#page_10">Capital Resources </a></TD>
    <TD align=right><a href="#page_10">10 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_11">1.8 </a></TD>
    <TD colSpan=2 align=left><a href="#page_11">Off-Balance Sheet Arrangements
      </a></TD>
    <TD align=right><a href="#page_11">11 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_11">1.9 </a></TD>
    <TD colSpan=2 align=left><a href="#page_11">Transactions with Related Parties
      </a></TD>
    <TD align=right><a href="#page_11">11 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_11">1.10 </a></TD>
    <TD colSpan=2 align=left><a href="#page_11">Fourth Quarter </a></TD>
    <TD align=right><a href="#page_11">11 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_12">1.11 </a></TD>
    <TD colSpan=2 align=left><a href="#page_12">Proposed Transactions </a></TD>
    <TD align=right><a href="#page_12">12 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_12">1.12 </a></TD>
    <TD colSpan=2 align=left><a href="#page_12">Critical Accounting Estimates
      </a></TD>
    <TD align=right><a href="#page_12">12 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_13">1.13 </a></TD>
    <TD colSpan=2 align=left><a href="#page_13">Change in Accounting Policies
      including Initial Adoption </a></TD>
    <TD align=right><a href="#page_13">13 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_14">1.14 </a></TD>
    <TD colSpan=2 align=left><a href="#page_14">Financial Instruments and Other
      Instruments </a></TD>
    <TD align=right><a href="#page_14">14 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left colSpan=2>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left><a href="#page_14">1.15 </a></TD>
    <TD colSpan=2 align=left><a href="#page_14">Other MD&amp;A Requirements </a></TD>
    <TD align=right><a href="#page_14">14 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left></TD>
    <TD align=left><a href="#page_14">1.15.1 </a></TD>
    <TD><a href="#page_14">Additional Disclosure for Venture Issuers without Significant
      Revenue </a></TD>
    <TD align=right><a href="#page_14">14 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=left></TD>
    <TD align=left><a href="#page_15">1.15.2 </a></TD>
    <TD><a href="#page_15">Disclosure of Outstanding Share Data </a></TD>
    <TD align=right><a href="#page_15">15 </a></TD>
  </TR>
</TABLE>
<BR>
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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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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 nine months ended June 30, 2005.</P>
<P align="justify"> This MD&amp;A is prepared as of August 12, 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 size="2" 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 properties located in British Columbia, Canada. These are the Gibraltar copper-molybdenum mine and two exploration projects: the Prosperity gold-copper property and the Harmony gold
property.  There have been no recent activities on the Prosperity and Harmony properties.</P>
<P align="justify">
Effective July 11, 2005, Russell E. Hallbauer, P.Eng., joined the Company as President and CEO.</P>
<P align="justify">
<B>Gibraltar Mine</B></P>
<P align="justify">
<I>Third Quarter Highlights</I></P>
<UL>
<LI>
Gibraltar recorded revenues of &#36;32.3 million from sales of copper concentrate, and &#36;7.9 million was realized as product revenue from sales of molybdenum.</LI>
<LI>
The average prices for sales realized in the quarter were US&#36;1.51 for copper and US&#36;34 for molybdenum.</LI>
<LI>
Copper concentrate production during the quarter was 27,500 wet metric tonnes (&#147;WMT&#148;), or 15.5 million pounds of copper (96% of forecast).</LI>
<LI>
Copper concentrate sales for the quarter were 32,100 WMT (containing approximately 17.3 million pounds of copper, and 13% above forecast), an increase from the 26,500 WMT<BR>
(containing approximately 14.7 million pounds of copper) from the previous quarter, as a result of increased production and drawdown of inventories from the previous quarter end.</LI>
<LI>
Copper concentrate inventory at June 30, 2005 was 6,900 WMT (containing approximately 4.1 million pounds of copper), a decrease from the 11,500 WMT (containing approximately 6.7 million pounds of copper) of inventory on hand at the end of the
previous quarter.</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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>
<UL>
<LI>
Molybdenum in concentrate production during the quarter was 178,000 pounds (92% of forecast).</LI>
<LI>
Molybdenum in concentrate sales were 223,000 pounds, an increase from the 78,000 pounds sold in the previous quarter.</LI>
<LI>
Molybdenum in concentrate inventory was 18,000 pounds, a decrease from 63,000 pounds at the end of the previous quarter.</LI>
</UL>
<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 CMI Ltd. (&#147;Ledcor&#148;). Taseko (through its wholly owned operating subsidiary Gibraltar Mines Ltd., (&#147;Gibraltar&#148;))
has an 85% interest in any 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 any residual profits. The Joint Venture holds both
rights to operate the mine, and usage of certain leased mining equipment provided by a Ledcor affiliate, including a new electric shovel and five new mine haul trucks. 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">
The copper circuit commenced initial operations in October 2004, and the first copper concentrate was shipped to a smelter in December 2004. A major upgrade to the molybdenum circuit was started in the first fiscal quarter, and the molybdenum
circuit was commissioned in February 2005. The first molybdenum in concentrate was sold in March 2005. The molybdenum circuit ramp up continued in the third fiscal quarter with the circuit achieving 92% of forecast production.</P>
<P align="justify">
Mining operations achieved a daily mining rate of 114,000 tons per day in the quarter ended June 30, 2005. In the third quarter, the tons of ore mined were 5.4% lower than forecast, due to extended hauls required for overburden to perform
reclamation work on waste rock dumps. The average copper grade mined was 1.6% higher than forecast. Crusher screen modifications to improve mill feed size scheduled to be completed in June were delayed resulting in coarser product feeding the mill,
which in turn affected mill throughput by 3.5% .</P>

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<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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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 third quarter compared to forecast.</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="15%"><B>Actual</B> </TD>
      <TD align=center width="15%"><B>Forecast</B> </TD>
      <TD align=center width="15%"><B>Variance</B> </TD>
      <TD align=center width="15%"><B>Comments</B> </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=3><B>Ore + Waste Mined (tons)</B> <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>10,330,184 <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>10,920,000 <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>-5.4% <BR>
        <BR></TD>
      <TD align=left width="15%" rowSpan=3>Extended hauling distance for overburden
        to be used for reclamation of waste dumps. </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left rowSpan=3><B>Ore milled (tons)</B> <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>3,051,370 <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>3,162,900 <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>-3.5% <BR>
        <BR></TD>
      <TD align=left width="15%" rowSpan=3>Lower mill throughput due to harder
        ore and coarse feed to rod mills. </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left><B>Stripping ratio</B> </TD>
      <TD align=right width="15%">2.38 </TD>
      <TD align=right width="15%">2.45 </TD>
      <TD align=right width="15%">-2.9% </TD>
      <TD align=left width="15%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper grade (%)</B> </TD>
      <TD align=right width="15%">0.314% </TD>
      <TD align=right width="15%">0.309% </TD>
      <TD align=right width="15%">+1.6% </TD>
      <TD align=left width="15%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum grade (%MoS</B><B><SUB>2</SUB></B><B>)</B> </TD>
      <TD align=right width="15%">0.018% </TD>
      <TD align=right width="15%">0.016% </TD>
      <TD align=right width="15%">+12.5% </TD>
      <TD align=left width="15%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=3><B>Copper Recovery (%)</B> <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>80.8% <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>82.6% <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>-2.2% <BR>
        <BR></TD>
      <TD align=left width="15%" rowSpan=3>Copper recovery was adversely affected
        by mining of some supergene ore. </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left rowSpan=3><B>Molybdenum Recovery (%)</B> <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>26.5% <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>30.8% <BR>
        <BR></TD>
      <TD align=right width="15%" rowSpan=3>-13.9% <BR>
        <BR></TD>
      <TD align=left width="15%" rowSpan=3>Molybdenum recovery adversely affected
        by variability in ore feed. </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper Production (lbs)</B> </TD>
      <TD align=right width="15%">15,498,361 </TD>
      <TD align=right width="15%">16,169,000 </TD>
      <TD align=right width="15%">-4.1% </TD>
      <TD align=left width="15%"></TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum Production (lbs)</B> </TD>
      <TD align=right width="15%">177,593 </TD>
      <TD align=right width="15%">193,000 </TD>
      <TD align=right width="15%">-8.0% </TD>
      <TD align=left width="15%"></TD>
    </TR>
  <TR>
    <TD>&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
      <TD width="15%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Copper Sales (lbs)</B> </TD>
      <TD align=right width="15%">17,253,555 </TD>
      <TD align=right width="15%">16,169,000 </TD>
      <TD align=right width="15%">+6.7% </TD>
      <TD align=left width="15%">Includes reduction in inventory. </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left><B>Molybdenum Sales (lbs)</B> </TD>
      <TD align=right width="15%">223,187 </TD>
      <TD align=right width="15%">193,000 </TD>
      <TD align=right width="15%">+15.6% </TD>
      <TD align=left width="15%">Includes reduction in inventory. </TD>
    </TR></TABLE></DIV>
<P align=justify>Copper produced in concentrate during the quarter was 15.5
million pounds, an increase from 14.2 million pounds produced in the previous
quarter. Molybdenum produced in concentrate during the quarter was 178,000
pounds, an increase from 141,295 pounds produced in the second quarter. Copper
recovery was adversely affected by mining of some supergene ore in the quarter.
Molybdenum recovery continues to be a challenge due to the variability in the
ore feed. Copper concentrate sales for the quarter were 32,100 WMT, 13% above
forecast, an increase from 26,500 WMT in the previous quarter. The Company also
sold 223,000 pounds of molybdenum, an increase from 78,000 pounds sold in the
previous quarter. </P>
<P align=justify>At quarter end, the copper concentrate inventory was 6,900 WMT
(containing about 4.1 million pounds of copper), a decrease from 11,500 WMT
(containing about 6.7 million pounds of copper) in inventory at the end of the
previous quarter. Molybdenum in concentrate inventory was 18,000 pounds, a
decrease from 63,000 pounds at the end of the previous quarter. </P>
<P align=justify>Taseko is pleased to report that there has been no time lost
accidents since the October 2004 mine start up. </P>
<P align=justify><I>Labour</I></P>
<P align=justify>Manpower at the end of the quarter was 247 personnel, compared
to 242 at the end of the second quarter and the planned complement of 254.</P>
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<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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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 Christian Labour Association of Canada (&#147;CLAC&#148;) represents
the unionized workers at Gibraltar. According to BC labour laws, the
representing union can be challenged during certain specific time periods of a
collective agreement, in an effort to change union representation. The Canadian
Auto Workers exercised that option in the third quarter, and a union
certification vote was held in June and counted under the supervision of the BC
Labour Relations Board on July 26, 2005. The majority of the unionized workers
voted to retain CLAC. As the representative union at the Gibraltar mine site,
CLAC is now free from the threat of any further challenges until 2007. </P>
<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, at the end of the second fiscal
quarter, the Company updated its metal production forecasts for the year. The
2005 forecasted copper and molybdenum production was 63,441,000 pounds and
908,000 pounds, respectively. The actual results to date and a forecast for the
balance of the year are 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 (A)</B> </TD>
    <TD align=middle width="11%"><B>Q2 (A)</B> </TD>
    <TD align=middle width="11%"><B>Q3 (A)</B> </TD>
    <TD align=middle width="11%"><B>Q4 (F) </B><B><SUP>(2)</SUP></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%"><B>12.1</B> </TD>
    <TD align=middle width="11%"><B>14.2</B> </TD>
    <TD align=middle width="11%"><B>15.5</B> </TD>
    <TD align=middle width="11%"><B>15.5</B> </TD>
    <TD align=middle width="11%"><B>57.3</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>Molybdenum (thousands lbs)</B> </TD>
    <TD align=middle width="11%"><B>0</B> </TD>
    <TD align=middle width="11%"><B>141</B> </TD>
    <TD align=middle width="11%"><B>178</B> </TD>
    <TD align=middle width="11%"><B>178</B> </TD>
    <TD align=middle width="11%"><B>497</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%" rowSpan=2><B>Copper production costs, net
      of</B> <BR><B>OPC</B><B><SUP>(3) </SUP></B><B>&amp; by product credits</B>
    </TD>
    <TD vAlign=center align=middle width="11%" rowSpan=2><B>N/A</B> </TD>
    <TD vAlign=center align=middle width="11%" rowSpan=2><B>US$1.18</B> </TD>
    <TD vAlign=center align=middle width="11%" rowSpan=2><B>US$0.77</B> </TD>
    <TD vAlign=center align=middle width="11%" rowSpan=2><B>US$0.77</B> </TD>
    <TD vAlign=center align=middle width="11%" rowSpan=2><B>US$0.90</B> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>OPC</B><B><SUP>(3) </SUP></B><B>transport
      &amp; treatment</B> </TD>
    <TD align=middle width="11%"><B>N/A</B> </TD>
    <TD align=middle width="11%"><B>US$0.28</B> </TD>
    <TD align=middle width="11%"><B>US$0.25</B> </TD>
    <TD align=middle width="11%"><B>US$0.25</B> </TD>
    <TD align=middle width="11%"><B>US$0.26</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="45%"><B>Total cash costs of production</B> </TD>
    <TD align=middle width="11%"><B>N/A</B> </TD>
    <TD align=middle width="11%"><B>US$1.46</B> </TD>
    <TD align=middle width="11%"><B>US$1.02</B> </TD>
    <TD align=middle width="11%"><B>US$1.02</B> </TD>
    <TD align=middle width="11%"><B>US$1.16</B> </TD></TR></TABLE>
</DIV>
<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>(A) actual (F) forecast</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Q4 costs assume a US$30/lb molybdenum by-product credit
      and a $0.81 Canadian/US exchange rate.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Off Property Costs (&#147;OPC&#148;) are concentrate
      transportation, smelting and refining costs.</P></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 at considerable cost savings, rather than sending these
concentrates to an offshore smelter for treatment and this would provide
significant advantages to the operation.</P>
<P align=justify>With mining operations now underway at Gibraltar, mine
technical personnel are turning their focus to updating the refinery feasibility
study, to include the evaluation and assessment of competing technologies. The
updated refinery feasibility study is expected to be completed in the near term.
The British Columbia Environmental Assessment (&#147;BCEA&#148;) 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 of the
fully permitted Gibraltar mine. </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-copper
deposit. To date, in excess of $55 million has been spent on exploration and
geotechnical, engineering and environmental investigations, with most work done
prior to </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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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">
2001. With current gold and copper prices, Taseko is in the process of looking for an extension to the environmental approval process. Discussions are ongoing 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. 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. Government-to-government negotiations between the BC
government and the Haida are in progress. </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;1.52/lb to the end of July 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 last year end. Molybdenum oxide prices have averaged approximately US&#36;34.00/lb since April 2005, and are US&#36;30/lb in late July, 2005.</P>
<P align="justify">
Gold prices have dropped over the current quarter of 2005; however, the average price of approximately US&#36;428/oz over the first six months of calendar 2005 is still higher than the US&#36;410/oz average price over the 2004 calendar year.</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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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="10%"><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="11%"><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="10%"><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="10%"><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="11%"><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="10%"><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="10%"><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="11%"><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="10%"><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="10%"><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="11%"><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="10%"><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="">$</TD>
    <TD align=right width="10%">&nbsp;18,064,003 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="">$</TD>
    <TD align=right width="11%">&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="10%">&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="10%">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="11%">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="10%">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="10%"
    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="11%"
    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="10%"
    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="10%">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="11%">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="10%">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="10%" 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="11%" 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="10%" 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="10%">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="11%">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="10%">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="10%" 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="11%" 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="10%" 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="10%">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="11%">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="10%">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="10%"
    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="11%"
    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="10%"
    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>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff>&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=#ffffff></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    width="1%" background="" bgColor=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff>&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=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="11%" bgColor=#ffffff><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="" bgColor=#ffffff></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=#ffffff></TD>
    <TD align=right width="10%" bgColor=#ffffff><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="" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff><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="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><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="" 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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#ffffff><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="" 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%" background="" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#ffffff><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="" bgColor=#ffffff></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>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="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="10%" bgColor=#E6EFFF>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="" 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>$</TD>
    <TD align=right width="11%" bgColor=#E6EFFF>&nbsp;43,398 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF></TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="10%" bgColor=#E6EFFF>&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="" bgColor=#E6EFFF></TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""></TD>
    <TD align=right width="10%">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=""></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="11%">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=""></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="10%">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=""></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD>
    <TD align=right width="10%" bgColor=#E6EFFF>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="" 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="11%" bgColor=#E6EFFF>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="" 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="10%" bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""></TD>
    <TD align=right width="10%">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=""></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="11%">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=""></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="10%">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=""></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="10%" bgColor=#E6EFFF>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="" 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="11%" bgColor=#E6EFFF>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="" 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="10%" bgColor=#E6EFFF>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="" 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="10%">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=""></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="11%">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=""></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="10%">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=""></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="10%" bgColor=#E6EFFF>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="" 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="11%" bgColor=#E6EFFF>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="" 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="10%" bgColor=#E6EFFF>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="" 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="10%">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=""></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="11%">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=""></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="10%">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=""></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD>
    <TD align=left width="10%" 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="11%" 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="10%" 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>&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=right width="1%" background=""></TD>
    <TD align=right width="10%">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=""></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="11%">&#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="10%">&#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>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="" bgColor=#E6EFFF></TD>
    <TD align=right width="10%" bgColor=#E6EFFF>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="" 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="11%" 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="10%" 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>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=""></TD>
    <TD align=right width="10%">&#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="11%">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=""></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="10%">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=""></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD>
    <TD align=right width="10%" bgColor=#E6EFFF>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="" 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="11%" 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="10%" 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 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=""></TD>
    <TD align=right width="10%">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=""></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="11%">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=""></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="10%">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=""></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="10%" bgColor=#E6EFFF>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="" 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="11%" bgColor=#E6EFFF>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="" 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="10%" bgColor=#E6EFFF>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="" 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="10%">(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="">) </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="11%">(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="">) </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="10%">(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="">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD>
    <TD align=right width="10%" 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="11%" bgColor=#E6EFFF>(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="" 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="10%" bgColor=#E6EFFF>(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="" bgColor=#E6EFFF>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""></TD>
    <TD align=right width="10%">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=""></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="11%">&#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="10%">&#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 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="" bgColor=#E6EFFF></TD>
    <TD align=right width="10%" bgColor=#E6EFFF>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="" 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="11%" 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="10%" bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>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=""></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">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=""></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="11%">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=""></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="10%">&#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=""></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#E6EFFF>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="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#E6EFFF>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="" 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="11%"
    bgColor=#E6EFFF>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="" 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="10%"
    bgColor=#E6EFFF>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="" 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=""></TD>
    <TD align=right width="10%">&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="11%">&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="10%">&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 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%" background="" bgColor=#E6EFFF></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    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%" 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="11%"
    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="10%"
    bgColor=#E6EFFF>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="" 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=""></TD>
    <TD align=right width="10%">&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="11%">&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="10%">&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 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="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="10%" bgColor=#E6EFFF>&nbsp;(1.07</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" bgColor=#E6EFFF>) </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=right width="1%" background="" bgColor=#E6EFFF>$</TD>
    <TD align=right width="11%" bgColor=#E6EFFF>&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="" 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="10%" bgColor=#E6EFFF>&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="" 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=""></TD>
    <TD align=right width="10%">&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="11%">&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="10%">&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>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="" bgColor=#E6EFFF></TD>
    <TD align=left width="10%" 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="11%" 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="10%" 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>&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=""></TD>
    <TD align=right width="10%">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=""></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="11%">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=""></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="10%">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=""></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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>For the first time, the Company reports earnings for the third
quarter of fiscal 2005 of $10.1 million, which is an improvement from the
previous quarter&#146;s loss of $1.96 million and the $6.4 million loss in the third
quarter of fiscal 2004. The earnings relate mainly to higher than expected
copper and molybdenum concentrate sales, at increased prices for both
commodities. At June 30, 2005, there was approximately 6,900 WMT of copper
concentrate inventory valued at $4.2 million, and 18,000 pounds of molybdenum in
concentrate inventory, which has been assigned a $0 value for financial
statements reporting purposes, but on a realizable selling price basis
represents approximately $0.5 million.</P>
<P align=justify>The Company reported revenues of $32.3 million, compared to
$25.4 million in the previous quarter. Current revenues are associated with
copper concentrate sales, less treatment, refining and transportation charges of
$6.7 million (Q2 &#150; $3.8 million). Molybdenum concentrate sales were $7.9 million
(Q2 &#150; $2.5 million); these sales are classified as by-product revenue and shown
as a reduction of mine site operating costs. Interest and other income was $1.5
million (Q2 &#150; $1.9 million), and the related offsetting royalty expense amounted
to $1.0 million (Q2 &#150; $2 million), both of which are principally related to the
Red Mile Resources No. 2 Limited Partnership. </P>
<P align=justify>Total mine site operating costs for the quarter, net of
molybdenum in concentrate revenues, were $14.8 million compared to $23.4 million
in the previous quarter. Total operating costs include mining (Q3 &#150;$11.7
million; Q2 &#150; $14.1 million), milling (Q3 &#150; $6.0 million; Q2 &#150; $9.0 million),
mine administration (Q3 &#150; $2.0 million; Q2 &#150; $1.6 million) and a drawdown of
copper concentrate inventory (Q3 &#150; $3.1 million; Q2 &#150; $1.2 million).</P>
<P align=justify>Total treatment, refining and transportation costs for the
quarter were $6.7 million (Q2 - $3.8 million).</P>
<P align=justify>Administrative costs decreased from the previous quarter. The
main areas of reduced costs were shareholder communications (Q3 &#150; $44,641; Q2 -
$112,241), administrative salaries and office costs (Q3 $206,954; Q2 &#150;
$236,804), trust and filing (Q3 - $8,027 Q2 &#150; $67,787) and stock-based
compensation (Q3 - $200,310; Q2 - $392,697).</P>
<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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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></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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%" bgColor=#E6EFFF
   >39,549,345 </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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></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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
    bgColor=#E6EFFF>101,258,992 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" 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="7%"
    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="7%"
    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="7%"
    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="7%"
    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="7%"
    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="7%"
    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="7%"
    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></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="7%"
   ><B>140,811,337</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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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></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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%"
     >35,412,294 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background=""
   ></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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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></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="7%" bgColor=#E6EFFF
   >81,601,870 </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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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></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="7%"
   >23,797,173 </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="7%"
   >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="7%"
   >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="7%"
   >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="7%"
   >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="7%"
   >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="7%"
   >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="7%"
   >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></TR>
  <TR vAlign=top>
    <TD align=left nowrap 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%"
   ><B>140,811,337</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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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="7%"
   ><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></TR></TABLE><BR>
<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=bottom>
    <TD align=center width="100%"><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>
<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></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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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></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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
     >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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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="7%"
   >(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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   >(32,292,944</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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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>Mine site
      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=""
   ></TD>
    <TD align=right width="7%"
     >14,753,091 </TD>
    <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="7%"
     >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=""
   ></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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   >6,691,473 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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>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=""
   ></TD>
    <TD align=left width="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >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="7%" bgColor=#E6EFFF
   >581,725 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left
     ><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=""
   ></TD>
    <TD align=left width="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   >36,301 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""
   ></TD>
    <TD align=right width="7%"
     >82,694 </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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >(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=""
   >) </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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" 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="7%" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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=right width="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%"
     >6,634 </TD>
    <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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >(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=""
   >) </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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%" bgColor=#E6EFFF
   >72,503 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%"
     >74,022 </TD>
    <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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%" bgColor=#E6EFFF
   >206,954 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""
   ></TD>
    <TD align=right width="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >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=""
   ></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="7%"
     >&#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="7%"
     >&#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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" 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="7%" 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="7%" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >(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="" bgColor=#E6EFFF
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""
   ></TD>
    <TD align=right width="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" 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="7%" 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>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=""
   ></TD>
    <TD align=right width="7%"
     >1,023,593 </TD>
    <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="7%"
     >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=""
   ></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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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 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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   >44,641 </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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%"
     >8,027 </TD>
    <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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%"
     >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=""
   ></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="7%" bgColor=#E6EFFF
   >(1,543,153</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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >(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="" bgColor=#E6EFFF
   >) </TD></TR>
  <TR vAlign=top>
    <TD align=left>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=""
   ></TD>
    <TD align=left width="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" 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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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>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=""
   ></TD>
    <TD align=right width="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >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=""
   ></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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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="7%"
     >&#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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   >(33,192</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="7%" bgColor=#E6EFFF
   >(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="" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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 </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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" 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="7%" 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="7%" 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="7%" bgColor=#E6EFFF
   >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="" 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="7%" 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="7%" 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="7%" 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="7%" 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 style="BORDER-BOTTOM: #000000 1px solid" align=left
   >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=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
   >200,310 </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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></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="7%"
   >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=""
   ></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#E6EFFF
   ><B>Earnings (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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="7%" bgColor=#E6EFFF
   ><B>10,087,321</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="" 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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%" bgColor=#E6EFFF
   ><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="" bgColor=#E6EFFF
   ><B>)</B> </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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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
   >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=""
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
   >(268,501</TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" 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="7%"
   >(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=""
   >) </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="7%"
   >(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=""
   >) </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="7%"
   >(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=""
   >) </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="7%"
   >(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=""
   >) </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="7%"
   >(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=""
   >) </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="7%"
   >(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=""
   >) </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="7%"
   >(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></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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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 </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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#E6EFFF>0.10 </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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
    bgColor=#E6EFFF>(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="" 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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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="7%"
     >&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
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=left width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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>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=""
   ></TD>
    <TD align=left width="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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="7%"
   ></TD>
    <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
   >(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="" bgColor=#E6EFFF
   ></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%"
    bgColor=#E6EFFF>103,138 </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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" 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="7%"
    bgColor=#E6EFFF>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="" bgColor=#E6EFFF
   ></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 $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 $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 $18.2 million,
including interest, and certain plant and equipment are secured to fund
reclamation at the Gibraltar, Prosperity and Harmony properties. The </P>
<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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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">
&#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 June 30, 2005, Taseko had positive working capital of &#36;4.1 million, as compared to a &#36;5.7 million deficiency at the end of March 2005, and positive working capital of &#36;16.1 million at June 30, 2004. The increase in working capital
from the end of the previous quarter was primarily a result of net proceeds received on copper and molybdenum shipments during the quarter.</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 current cash balances including 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 an arrangement (see &#147;Joint Venture&#148; section) with an affiliate of Ledcor CMI 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>
<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. All amounts were paid off in the quarter and subsequently the line of credit was
cancelled. </P>
<P align="justify">
The Company has various loans on its on-road vehicles totaling &#36;448,657, of which &#36;212,068 is current.</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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>1.8 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 units of 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 provided 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 remained unchanged at &#36;234,300 in the third quarter of fiscal 2005, as compared to &#36;234,281 in the previous quarter and decreased as compared to &#36;138,017 in the third 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 June 30, 2005, the Company paid approximately &#36;39,000 to this private
company as compared to &#36;40,000 in the previous quarter.</P>
<P align="justify">
<B>1.10 Fourth Quarter</B></P>
<P align="justify">
Not applicable.</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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>1.11 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 significant 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 when title is transferred to the customer. Concentrate sales are provisionally priced at the time of shipment equal to the average price over the previous month and are typically subject to
adjustment upon final settlement of shipment weights, assays and metal prices as well as actual pricing between the date of shipment and the refinery out turn date, of about 5 months from the date of shipment.  Such adjustments are recorded to
revenue in the period of final settlement.</P>
<P align="justify" style="margin-left:5%;">
Revenue is determined based on the quantity of payable copper times the actual sales price, if established in advance, or based on the London Metals Exchange indicative price at the expected date of out turn by the refinery.</P>
<P align="justify" style="margin-left:5%;">
Proceeds from the sale of silver and molybdenum are considered by-product revenues and are credited to mine site 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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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">
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">
<B>1.15.1 Additional Disclosure for Venture Issuers without Significant Revenue</B></P>
<P align="justify">
Not applicable.</P>

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

<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=bottom>
    <TD align=center width="100%"><B>NINE MONTHS ENDED JUNE 30, 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>1.15.2 Disclosure of Outstanding Share Data</B></P>
<P align=justify>The following details the share capital structure as at August
12, 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="17%"
   ></TD>
    <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 align=right width="9%"
     >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="9%"
   ></TD>
    <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="9%"
   ></TD>
    <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="17%"
   >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-BOTTOM: #000000 1px solid" align=right width="9%"
   >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="9%"
   >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="9%"
   >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="17%" 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 align=left width="9%" 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="9%" 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="9%" bgColor=#E6EFFF
   >103,442,316 </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="17%"
     >&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 align=right width="9%"
     >&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="9%"
     >&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="9%"
     >&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 option </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="17%" 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 align=right width="9%" 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="9%" bgColor=#E6EFFF
   >1,740,000 </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="9%" 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="17%"
     >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 align=right width="9%"
     >$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="9%"
     >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="9%"
   ></TD>
    <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="17%" 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 align=right width="9%" 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="9%" 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="9%" 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="17%"
     >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 align=right width="9%"
     >$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="9%"
     >35,000 </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="9%"
   ></TD>
    <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="17%" 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 align=right width="9%" 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="9%" bgColor=#E6EFFF
   >3,530,500 </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="9%" 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="17%"
     >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 align=right width="9%"
     >&nbsp;$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="9%"
     >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="9%"
   ></TD>
    <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="17%" align=right nowrap bgColor=#E6EFFF
   >September 26, 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 align=right width="9%" bgColor=#E6EFFF
   >&nbsp;$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 align=right width="9%" bgColor=#E6EFFF
   >10,000 </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="9%" 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="17%"
     >September 28, 2007 </TD>
    <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 align=right width="9%"
     >$1.15 </TD>
    <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="9%"
   >1,125,000 </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=""
   ></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="9%"
     >8,525,500 </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></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="17%" 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 align=right width="9%" 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="9%" 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="9%" 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>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=""
   ></TD>
    <TD align=right width="17%"
     >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=""
   ></TD>
    <TD align=right width="9%"
     >$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=""
   ></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="9%"
     >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=""
   ></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="9%"
   ></TD>
    <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="17%" bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="9%" bgColor=#E6EFFF
   >$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="" 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="9%" bgColor=#E6EFFF
   >3,863,332 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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="9%" 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="17%"
     >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=""
   ></TD>
    <TD align=right width="9%"
     >$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=""
   ></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="9%"
     >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=""
   ></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="9%"
   ></TD>
    <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="17%" bgColor=#E6EFFF
   >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="" bgColor=#E6EFFF
   ></TD>
    <TD align=right width="9%" bgColor=#E6EFFF
   >$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="" 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="9%"
    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%" 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="9%" bgColor=#E6EFFF
   >17,442,693 </TD>
    <TD
    style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none"
    align=left width="2%" background="" 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="17%"
     >&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 align=right width="9%"
     >&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="9%"
     >&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="9%"
     >&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
   >Convertible Debenture, </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="17%" bgColor=#E6EFFF
   >July 21, 2009 </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 align=right width="9%" bgColor=#E6EFFF
   >$4.64 </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="9%" bgColor=#E6EFFF
   >3,872,437 </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="9%" bgColor=#E6EFFF
   >3,872,437 </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>Boliden
      Westmin (Canada) Limited </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="17%"
   ></TD>
    <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 align=left width="9%"
   ></TD>
    <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="9%"
   ></TD>
    <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="9%"
   ></TD>
    <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="17%" 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 align=right width="9%" 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="9%" 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="9%" 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=5
     >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="9%"
   ></TD>
    <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="9%"
     >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>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM 52 - 109FT2 - CEO
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<html>
<head>
<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.3</TITLE>

</head>

<BODY bgcolor="#FFFFFF" 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, Russell E. Hallbauer, 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 June 30, 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 align=left width="45%"><I>/s/ Russell E.</I> <I>Hallbauer</I></TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">August 12, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><hr noshade align="center" width="100%" size=1 color="black"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr noshade align="center" width="100%" size=1 color="black">
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="45%">Russell E. Hallbauer </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>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52 - 109FT2 - CFO
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<html>
<head>
<TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.4</TITLE>

</head>

<BODY bgcolor="#FFFFFF" 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 June 30, 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 align=left width="45%"><i>/s/ Jeffrey R. Mason</i></TD>
    <TD align=left width="10%">&nbsp;</TD>
    <TD align=left width="45%">August 12, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><hr noshade align="center" width="100%" size=1 color="black"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr noshade align="center" width="100%" size=1 color="black">
    </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
<FILENAME>tkologo.jpg
<TEXT>
begin 644 tkologo.jpg
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
