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Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001062993-06-000679.txt : 20060315
<SEC-HEADER>0001062993-06-000679.hdr.sgml : 20060315
<ACCEPTANCE-DATETIME>20060315142948
ACCESSION NUMBER:		0001062993-06-000679
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060315
DATE AS OF CHANGE:		20060315

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:		06687763

	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 <strong>February 3, 2006</strong></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">Financial Statements for the
      Three Months Ended December 31, 2005</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management's Discussion and
      Analysis for the Three Months Ended December 31, 2005</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: February 3, 2006</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>FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2005
<TEXT>
<!DOCTYPE HTML PUBLIC "TKO 2006-Q1 FS.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.1</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<div align="left"><A name=page_1></A> </div>
<p align="center"> <img src="tkologo.jpg" width="600" height="80"><BR>
</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=bottom>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>FINANCIAL STATEMENTS </TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>THREE MONTHS ENDED DECEMBER 31, 2005 </TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=center >&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>(Unaudited) </TD>
  </TR>
</TABLE>
<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><B><FONT size=4>TASEKO MINES LIMITED </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Balance Sheets </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">December
      31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><I>(unaudited) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Assets </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current assets </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash and equivalents </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;20,422,209 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;21,728,789 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,184,021 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,746,378 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Concentrate inventory </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,395,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,284,800 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Supplies inventory </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,487,106 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,589,431 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Prepaid expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,636,899 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,914,214 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of future income
      taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,479,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,479,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Current
      portion of promissory note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">3,462,521 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">2,637,499 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>57,067,156 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>58,380,111 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Restricted cash </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Mineral properties, plant and equipment
      </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,892,243 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,916,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Assets under capital leases </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,291,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,794,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Reclamation deposits </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,610,669 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,281,420 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Promissory note </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">69,949,017 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">69,680,355 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Future income taxes </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,944,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,944,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;<STRONG>189,754,085 </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;190,996,878 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Liabilities and Shareholders' Equity </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Current liabilities </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;10,619,672 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;12,580,463 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Advances from related parties (note 4) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">330,093 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">105,067 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of vehicle loans </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>200,616 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>214,715 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current portion of capital lease obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,119,973 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,092,334 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of deferred revenue
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,860,506 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,748,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current portion of royalty obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,462,521 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,637,499 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>19,645,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>19,645,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">41,238,381 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">52,023,078 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Vehicle loans </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>143,317 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>181,901 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capital lease obligation </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,447,885 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,984,805 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Royalty obligation </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65,706,207 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>66,153,298 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Deferred revenue </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,356,250 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,400,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Convertible debenture </B>(note 3(c))
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,127,213 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,830,241 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Site closure
      and reclamation costs </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">17,747,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">17,314,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>150,766,253 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>161,887,323 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Shareholders' equity </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share capital (note 3) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">163,764,441 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">160,829,442 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Convertibe debenture &#150; conversion
      right (note 3(c))</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,822,462 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,822,462 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Tracking preferred shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,641,948 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,641,948 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Contributed surplus </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,565,460 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,334,614 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(166,806,479</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(173,518,911</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38,987,832 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,109,555 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Contingent gain
      (note 5) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;<STRONG>189,754,085 </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;190,996,878 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="50%" align=left><B>Approved by the Board of Directors </B></TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="50%" align=left><I>/s/ Russell E. Hallbauer </I></TD>
    <TD align=left width="50%"><I>/s/ Jeffrey R. Mason </I></TD></TR>
  <TR vAlign=top>
    <TD width="50%" align=left>Russell E. Hallbauer </TD>
    <TD align=left width="50%">Jeffrey R. Mason </TD></TR>
  <TR vAlign=top>
    <TD width="50%" align=left>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><B><FONT size=4>TASEKO MINES LIMITED </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Operations </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center colSpan=4>Three months ended December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2004 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><I>(restated - </I></TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><I>note 2</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Revenue </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Copper </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;36,148,473 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Molybdenum </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">5,122,755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>41,271,228 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Cost of sales </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(26,046,632</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Treatment and transportation </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,276,902</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Amortization </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(848,888</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(512,173</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,098,806 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(512,173</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Expenses (income) </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accretion of reclamation obligation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">433,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">393,500 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exploration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>269,629 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>32,047 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign exchange </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(32,151</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(364,270</TD>
    <TD align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Loss on sale of equipment </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,177,992 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;General and administration </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,029,967 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">397,707 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest and other income </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,626,954</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,437,221</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest expense </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,082,037 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">906,314 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Restart project </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,561,446 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Stock-based
      compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">230,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">164,549 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,386,374 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,832,064 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (loss) before income taxes </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,712,432 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,344,237</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Income
      tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</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-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;6,712,432 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(5,344,237</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings (loss) per share </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Earnings (loss) per common share - basic </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;0.06 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(0.06</TD>
    <TD align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (loss) per common share - diluted
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.06 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(0.06</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Weighted average number of common shares
      outstanding </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Basic </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">104,598,186 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">95,773,608 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>112,243,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>95,773,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Consolidated Statements of Deficit </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>(Unaudited) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=4>Three
      months ended December 31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">2005
    </TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">2004
    </TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Deficit, beginning of period </B></TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(173,518,911</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;(196,808,684</TD>
    <TD align=left width="2%">) </TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid">Earnings (loss) for
      the period </TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">6,712,432 </TD>
    <TD
    width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">(5,344,237</TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Deficit, end of
      period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">&nbsp;(166,806,479</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">&nbsp;(202,152,921</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%">) </TD>
  </TR>
</TABLE>
<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><B><font size="4">TASEKO MINES LIMITED</font></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Cash Flows</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </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>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center colSpan=4>Three months ended December 31 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="12%">2005
    </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="12%">2004
    </TD>
    <TD align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><I>(restated -</I> </TD>
    <TD align=left width="2%" >&nbsp;</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-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><I>note 2</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><I>)</I> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating activities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Earnings (loss) for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;6,712,432 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(5,344,237</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Items not involving cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Loss (gain) on sale of
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,177,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Amortization and accretion </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">848,888 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">512,173 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accretion of
      reclamation obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>433,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>393,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Stock-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">230,846 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">164,549 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Changes in non-cash operating working
      capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,437,643</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,299,421 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,991,725 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(10,400,405</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">277,315 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">48,261 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accrued interest income
      on promissory note </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,093,684</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,042,367</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,960,791</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,875,226</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,931,244</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(43,750</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Accrued interest expense on royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">377,931 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">370,054 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,551,225</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(16,740,035</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Investing activities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Purchase of property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(321,139</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,774,622</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Proceeds received on sale of
      property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,050,711 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,000,000</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Accrued interest income on reclamation deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(329,249</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(59,846</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(650,388</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,216,243 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Principal repayments under capital
      lease obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(509,281</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,213,046</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Bank operating loan </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(767,016</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Principal repayments on vehicle loans
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(52,683</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>310,042 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Advances from related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">225,026 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">80,624 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Common shares issued for cash, net of
      issue costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,934,999 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,168,950 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Accrued
      interest expense on convertible debenture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">296,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">269,975 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,895,033 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(4,150,471</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Increase in cash and equivalents</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,306,580</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,674,263</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,728,789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,892,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and equivalents, end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;20,422,209</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;8,218,684</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Supplementary cash flow disclosures</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>Cash paid for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;785,065 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;636,339 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Taxes </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;554 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<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>
<I><A name=page_1></A><BR>
</I>
<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><B><FONT size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the three months ended December 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&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 align=left><B>1. </B></TD>
    <TD align=left width="95%"><B>Basis of presentation and principles of consolidation
      </B></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=7></TD>
    <TD align=left width="95%" rowSpan=7>These interim consolidated financial
      statements are prepared in accordance with Canadian generally accepted accounting
      principles. They do not include all the disclosures as required for annual
      financial statements under generally accepted accounting principles. However,
      these interim consolidated financial statements follow the same accounting
      policies and methods of application as the Company's most recent annual
      financial statements, except for the change described in note 2. These interim
      consolidated financial statements should be read in conjunction with the
      Company's annual consolidated financial statements. </TD>
  </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2></TD>
    <TD align=left width="95%" rowSpan=2>Operating results for the three month
      period ended December 31, 2005 are not necessarily indicative of the results
      that may be expected for the full year ending September 30, 2006. </TD>
  </TR>
  <TR vAlign=top></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>2. </B></TD>
    <TD align=left width="95%"><B>Change in accounting policy </B></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=9></TD>
    <TD align=left width="95%" rowSpan=9>Effective October 1, 2005 the Company
      adopted certain new provisions of the Canadian Institute of Chartered Accountants
      Handbook Section 3860, <I>Financial Instruments &#150; Disclosure and </I><I>Presentation</I>,
      which came into effect on that date. The standard requires that convertible
      debentures which may be settled in cash, or by common shares of the Company
      at the Company's discretion, be presented as a liability. The accretion
      charges that were previously recorded through deficit have been eliminated
      and are now included as interest expense. For the year ended September 30,
      2005, this amounted to $1,075,478 (2004 &#150; $977,705). For the three
      months ending December 31, 2005 it amounted to $269,972. This change had
      no effect on net income (loss) per share. </TD>
  </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>3. </B></TD>
    <TD align=left width="95%"><B>Share capital </B></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><I>(a) </I></TD>
    <TD align=left width="95%"><I>Authorized </I></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2></TD>
    <TD align=left width="95%" rowSpan=2>Authorized share capital of the Company
      consists of 200,000,000 common shares without par value. </TD>
  </TR>
  <TR vAlign=top></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><B><FONT size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the three months ended December 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&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 BCLLIST>
  <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  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Number </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Common shares </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">of Shares
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Amount </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Balance, September 30, 2004 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>94,767,619 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="12%" bgColor=#e6efff><B>&nbsp;150,481,429 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>Issued during the year </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at $0.25
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>50,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,500 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.30 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">100,000 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">30,000 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at $0.38
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,600 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.40 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,500 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,000 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at $0.55
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>610,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>335,500 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.81 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">45,000 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">36,450 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at $1.36
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>270,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>367,200 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.40 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">44,500 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">62,300 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at $1.65
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,000 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,500 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of stock options allocated to shares
      issued on exercise </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">742,000 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at $0.75
      per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,313,336 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,735,002 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Private
      placement at $1.45 per share, net of issue costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">6,993,961 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Balance, September 30, 2005 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>103,457,316 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>160,829,442 </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>Issued during the period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at $0.75 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,913,332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,934,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Balance, December
      31, 2005 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>107,370,648 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%"><B>&nbsp;163,764,441 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&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 BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><I>(c) </I></TD>
    <TD> <P align=justify><I>Convertible debenture and conversion right</I></P></TD>
  </TR>
  <TR>
    <TD width="5%">&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 Boliden Westmin (Canada) Limited (&#147;BWCL&#148;), 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 ($4.64
        per share as at September 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 whole 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 width="5%">&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 (which is currently in the seventh year of this debenture
        term) 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. Commencing October
        1, 2005, as a result of a new accounting standard which the Company adopted
        on that date, the estimated present value of the convertible debenture
        is presented as a long term liability (note 2).</P></TD>
  </TR>
  <TR>
    <TD width="5%">&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 estimated fair value of the
        option to convert the debenture into common shares and (ii) the estimated
        fair value of the</P></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><B><FONT size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the three months ended December 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Unaudited) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&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>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 accreted to the face value of the convertible debenture over
      the life of the debenture by a charge to earnings. The continuity of the
      convertible debenture is as follows:</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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Three months </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">ended </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Year ended </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Estimated present value of convertible debenture
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;11,830,241 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;10,754,763 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accretion for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>296,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,075,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;End of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,127,213 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,830,241 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Conversion right </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Convertible debenture
      and conversion right </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;21,949,675 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;21,652,703 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>December 31, </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>September 30, </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Summary of the convertible debenture terms
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Principal amount of convertible debenture
    </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">17,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">17,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Price per common share
      of the unexercised conversion right </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.64 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.64 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Number of common shares potentially issuable
      under </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;unexercised conversion
      right </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,663,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,663,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<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><B><FONT size=4>TASEKO MINES LIMITED</FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the three months ended December 31, 2005 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(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 align=left ><B>4. </B></TD>
    <TD align=left width="95%"><B>Related party transactions and advances </B></TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ></TD>
    <TD align=left width="95%" rowSpan=2>Related party transactions not disclosed
      elsewhere in these consolidated financial statements are as follows: </TD>
  </TR>
  <TR vAlign=top></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  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Three months ended </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Year ended </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">December 31 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Transactions </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Hunter Dickinson Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Services rendered to the Company and its subsidiaries
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;and reimbursement
      of third party expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;525,237 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,222,603 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left>Hunter Dickinson Group Inc. </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    bgColor=#e6efff>&nbsp; &nbsp;Consulting services rendered to the Company </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"  bgColor=#ffffff >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>December 31 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>September 30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Advances </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Advances to (from) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left  bgColor=#ffffff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Hunter
      Dickinson Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(330,093</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp;(105,067</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>5. </B></TD>
    <TD> <P align=justify><B>Contingent gain</B></P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>Glencore Ltd. ("Glencore") purchases the whole of the
        copper concentrates produced by the Gibraltar mine pursuant to the terms
        of a written contract (the "Contract"). Gibraltar Mines Ltd. ("Gibraltar"),
        which is a wholly owned subsidiary of the Company, and Glencore have a
        dispute concerning the interpretation of the Contract. Glencore asserts
        that the Contract provides that the price to be paid for the concentrates
        should be reduced by a deduction referred to as "price participation".
        Gibraltar asserts that the Contract does not provide for any such deduction.
        To December 31, 2005, Glencore has withheld approximately US$3.3 million
        from invoices rendered by Gibraltar and is claiming repayment of a further
        US$0.5 million, on the basis of its interpretation of the Contract. Of
        this amount, US$1.6 million was withheld during the quarter ended December
        31, 2005.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>The dispute is set for arbitration in London, England,
        in June 2006. If Gibraltar is successful in the arbitration, and there
        is no appeal, then Gibraltar should immediately receive the full amount
        that has been withheld by Glencore.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%"></TD>
    <TD> <P align=justify>These amounts have not been accrued in the consolidated
        financial statements of the Company.</P></TD>
  </TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>MD&A FOR THE THREE MONTHS ENDED DECEMBER 31, 2005
<TEXT>
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S
      DISCUSSION AND ANALYSIS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P align=center><B>T A B L E O F 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>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_2">1.1 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_2">Date </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_2">2 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" 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 width="5%"><A
      href="#page_2">2 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;<A
      href="#page_3">Gibraltar Mine </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_3">3 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;<A
      href="#page_7">Prosperity Project </A></TD>
    <TD align=right width="5%"><A
      href="#page_7">7 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp;<A
      href="#page_7">Market Trends </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_7">7 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_8">1.3 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_8">Selected Annual Information </A></TD>
    <TD align=right width="5%"><A
      href="#page_8">8 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_9">1.4 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_9">Results of Operations </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_9">9 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_11">1.5 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_11">Summary of Quarterly Results </A></TD>
    <TD align=right width="5%"><A
      href="#page_11">11 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_12">1.6 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_12">Liquidity </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_12">12 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_13">1.7 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_13">Capital Resources </A></TD>
    <TD align=right width="5%"><A
      href="#page_13">13 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_14">1.8 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_14">Off-Balance Sheet Arrangements </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14">14 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_14">1.9 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_14">Transactions with Related Parties </A></TD>
    <TD align=right width="5%"><A
      href="#page_14">14 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_14">1.10 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_14">Fourth Quarter </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14">14 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_14">1.11 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_14">Proposed Transactions </A></TD>
    <TD align=right width="5%"><A
      href="#page_14">14 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_14">1.12 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_14">Critical Accounting Estimates </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_14">14 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_15">1.13 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_15">Change in Accounting Policies including Initial Adoption
      </A></TD>
    <TD align=right width="5%"><A
      href="#page_15">15 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_15">1.14 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_15">Financial Instruments and Other Instruments </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_15">15 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_15">1.15 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_15">Other MD&amp;A Requirements </A></TD>
    <TD align=right width="5%"><A
      href="#page_15">15 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><A
      href="#page_15">1.15.1 </A></TD>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_15">Additional Disclosure for Venture Issuers without Significant
      Revenue </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_15">15 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><A
      href="#page_16">1.15.2 </A></TD>
    <TD colspan="2" align=left><A
      href="#page_16">Disclosure of Outstanding Share Data </A></TD>
    <TD align=right width="5%"><A
      href="#page_16">16 </A></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&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 financial statements of Taseko Mines Limited
("Taseko", or the "Company") for the period ended December 31, 2005.</P>
<P align=justify>This MD&amp;A is prepared as of February 3, 2006. All dollar
figures stated herein are expressed in Canadian dollars, unless otherwise
specified.</P>
<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 rules=all width="100%" border=1>

  <TR vAlign=top>
    <TD align=left rowSpan=9>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. </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR></TABLE></DIV>
<P align=justify><B>1.2 Overview</B></P>
<P align=justify>Taseko is a mining and mineral exploration company with three
properties located in British Columbia, Canada. These are the Gibraltar
copper-molybdenum mine and two exploration projects: the Prosperity copper-gold
property and the Harmony gold property. In 2006, Taseko anticipates continuing
to focus its resources and its efforts on the Gibraltar mine and the Prosperity
project.</P>
<P align=justify>Taseko had earnings of $6.7 million during the quarter ended
December 31, 2005, compared to earnings of $16.4 million (which includes $17.5
million in tax recoveries) in the previous quarter and a loss of $5.3 million in
the same quarter of the previous fiscal year.</P>
<P align=justify>During the quarter ended December 31, 2005 the Gibraltar mine
met its copper production forecast and exceeded its molybdenum production
forecast by 11%. The mine produced 13.4 million pounds of copper and 223
thousand pounds of molybdenum.</P>
<P align=justify>The Company realized revenues of $36.2 million and $5.1 million
from sales of copper and molybdenum concentrates, respectively, from the
Gibraltar mine during the period.</P>
<P align=justify>Results of a reserve update for the Gibraltar mine were
announced on December 12, 2005: proven and probable reserves increased by 30%,
from 149 million tons to 194 million tons.</P>
<P align=justify>The Company also announced that it had re-initiated work on the
Prosperity Project. Previous feasibility work is being reviewed and permitting
activities have been re-activated, with the objective of advancing the project
toward a production decision.</P>
<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=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S
      DISCUSSION AND ANALYSIS</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><B>Gibraltar Mine</B></P>
<P align=justify>The Gibraltar mine restarted copper milling operations at the
beginning of Taseko&#146;s 2005 fiscal year, in October 2004. Molybdenum production
started in the following quarter. Hence, the period of October to December 2004
(Q1 2005) was a restart period, with commercial production beginning on January
1, 2005. The operating statistics for the first quarter of fiscal 2006 presented
below are compared to those of the previous quarter (Q4 &#150; 2005).</P>
<P align=justify><I>First Quarter 2006 Highlights</I></P>
<P align=justify><I>Copper</I></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Copper in concentrate production during the quarter was 13.4 million
  pounds of copper (100% of forecast).
  <LI>Copper concentrate sales for the quarter were 28,912 wet metric tonnes
  (WMT&#148;), containing 16.4 million pounds of copper, an increase from the 21,990
  WMT sold during the previous quarter.
  <LI>The average price realized for sales of copper in the quarter was US$1.88
  per pound.
  <LI>Copper concentrate inventory at December 31, 2005 was 13,015 WMT, of which
  10,805 WMT of inventory was in a storage facility at a dock in North
  Vancouver, BC. Of this inventory, 4,497 WMT has been purchased by a smelter
  (and the corresponding cash has been received by the Company) but will not be
  credited to revenue (currently booked as deferred revenue) until it has been
  loaded for shipping. This is a decrease in inventory from the 18,614 WMT of
  concentrate on hand at the end of the previous quarter. </LI></UL>
<P align=justify><I>Molybdenum</I></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Molybdenum in concentrate production in the quarter was 223,000 pounds
  (111% of the forecast).
  <LI>Molybdenum concentrate sales in the quarter were 192.0 WMT, containing
  196,000 pounds, an increase from the 117,000 pounds in 113 WMT sold in the
  previous quarter.
  <LI>The average price realized for sales of molybdenum in the quarter was
  US$22.45 per pound.
  <LI>At the end of the first quarter, molybdenum in concentrate inventory was
  37.3 WMT, an increase from the 9.4 WMT at the end of the previous quarter.
  </LI></UL>
<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=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
  Quarter Production Results</I></P>
<P align=justify>The following table is a summary of the operating statistics
for the current quarter (Q1- 2006) compared to the previous quarter (Q4- 2005).
Statistics for the previous quarter are shown for comparison rather than those
for the first fiscal quarter of 2005, as the latter was a restart period prior
to commercial production.</P>
<DIV align=center>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 cellSpacing=0 cellPadding=2 rules=all width="80%"
  border=1>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="15%"><B>Q1 - 2006</B> </TD>
    <TD align=right width="15%"><B>Q4 - 2005</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total tons mined (millions)* </TD>
    <TD align=right width="15%">10.1 </TD>
    <TD align=right width="15%">10.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tons of ore milled (millions) </TD>
    <TD align=right width="15%">3.0 </TD>
    <TD align=right width="15%">3.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stripping ratio </TD>
    <TD align=right width="15%">2.31 </TD>
    <TD align=right width="15%">2.42 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper grade (%) </TD>
    <TD align=right width="15%">0.286 </TD>
    <TD align=right width="15%">0.281 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum grade (%MoS2) </TD>
    <TD align=right width="15%">0.014 </TD>
    <TD align=right width="15%">0.014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper recovery (%) </TD>
    <TD align=right width="15%">78.1 </TD>
    <TD align=right width="15%">77.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum recovery (%) </TD>
    <TD align=right width="15%">42.9 </TD>
    <TD align=right width="15%">20.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper production (millions lb) </TD>
    <TD align=right width="15%">13.4 </TD>
    <TD align=right width="15%">13.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum production (thousands lb) </TD>
    <TD align=right width="15%">223 </TD>
    <TD align=right width="15%">108 </TD></TR></TABLE>
  <br>
</DIV>
<table width="80%" border="0" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td valign="top">*Total tons mined includes sulphide ore, oxide ore, low grade
      stockpile material, overburden, and waste rock which were moved from within
      pit limit to outside pit limit during the period.</td>
  </tr>
</table>
<P align=justify>Total tons mined decreased in the current quarter compared to
  the previous quarter, mainly as a result of a shortage of haul trucks available
  due to lack of tires. In order to help alleviate this industry wide problem,
  mine staff has carried out an analysis of the detailed mining sequence of the
  current pit and developed a new plan, taking into account the anticipated haulage
  truck availability and integrating the advantage of shortened haul distances.
  As a result of the new detailed mine plan and existing tire supply contracts,
  continuing tire shortages are not expected to affect metal production during
  2006. </P>
<P align=justify>Copper produced in concentrate during the quarter was 13.4
million pounds, a 3% increase from the 13.0 million pounds produced in the
previous quarter, and 100% of the forecast for the quarter. Mill throughput and
copper recoveries were lower than expected, related to some mechanical problems
and ore variability, but these were offset by higher head grades.</P>
<P align=justify>Copper sales were 16.4 million pounds in 28,912 WMT of
concentrate, an increase from 12.8 million pounds in 21,990 WMT of concentrate
sold in the previous quarter. Copper concentrate inventory at December 31, 2005
was 13,015 WMT, a decrease in inventory from the 18,614 WMT of concentrate on
hand at the end of the previous quarter. </P>
<P align=justify>Molybdenum produced in concentrate during the quarter was 223
thousand pounds, a substantial increase from the 108 thousand pounds produced in
the previous quarter, and 11% higher than the forecast for the quarter, mainly
as a result of higher recoveries. Several modifications to the circuit were
completed in the previous quarter and, coupled with a much better understanding
of the operation of the circuit, have led to the improved performance.</P>
<P align=justify>Molybdenum sales total 196,000 pounds in 192.0 WMT of
concentrate, an increase from the 117,000 pounds sold in the previous quarter.
At the end of the quarter, molybdenum in concentrate inventory was 37.3 WMT, an
increase from the 9.4 WMT at the end of the previous quarter.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Production unit costs were above forecast as a result of higher
prices for haulage truck tires, labour, fuel, steel feed for the mill, reagents
and miscellaneous supplies. A sharp increase in industry activity has lead to
supply shortages and the higher prices. In addition, the shovel fleet and both
mill underwent unscheduled one time repairs during the period, which also
affected unit costs. </P>
<P align=justify><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First
  Quarter Actual Compared to Forecast</I></P>
<P align=justify>The forecasted copper and molybdenum production for 2006 are
60.1 million pounds and 874,000 pounds, respectively. Forecast production and
costs, broken down by quarter, are tabulated below, and compared to the actual
results for the current quarter.</P>
<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"
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Q1 (F)</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Q1 (A)</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Q2 (F)</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Q3 (F)</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Q4 (F)</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper (millions
      lb) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">13.4
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">13.4
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">15.2
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">15.7
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">15.8
      </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Molybdenum
      (thousands lb) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">200
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">223
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">220
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">227
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%">227
      </TD>
    </TR>
  <TR vAlign=top>
      <TD align=left rowSpan=2>Copper production costs<SUP>1 </SUP>, net of by product
        credits*, per lb of copper </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$1.03 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$1.10 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.81 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.81 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.80 </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD align=left rowSpan=2>Off Property Costs<SUP>2 </SUP>for transport, treatment
        (smelting &amp; refining) &amp; sales per lb of copper </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.30 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.33 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.34 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.34 </TD>
      <TD vAlign=center align=center width="15%" rowSpan=2>US$0.34 </TD>
    </TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total cash costs
        of production per lb of copper </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">US$1.33 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">US$1.43 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">US$1.15 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">US$1.15 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">US$1.14 </TD>
    </TR></TABLE></DIV>
<P align=justify><SUP>1</SUP>Excludes mining equipment lease costs but includes
contractor overhead costs. The by-product credit is based on pounds of
molybdenum sold. The forecast production costs for 2006 are based on a
molybdenum sales price of US$25 per pound for the first quarter and US$20 per
pound for the remainder of the year. <BR><SUP>2</SUP>Off-property costs are
higher than would otherwise be expected due to price participation assessments
applied by Glencore Ltd. (see Results of Operations).</P>
<P align=justify><I>Labour</I></P>
<P align=justify>There were no lost time accidents during the quarter. </P>
<P align=justify>The number of personnel at the end of the quarter was 258,
compared to 248 at the end of the previous quarter and the planned complement of
285.</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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Mineral Reserves and Resources</I></P>
<P align=justify>At year end, a detailed review of the geological model,
confirmation of pit wall locations established in previous mine optimization
studies, and an analysis of current price and mining cost projections was
initiated. This work allowed for expansion of the previously defined pits,
specifically at the PGE Connector and Granite Lake deposits. Overall proven and
probable reserves were increased by 30%, from 149 million tons to 194 million
tons. Results are tabulated below:</P>
<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"
borderColor=#000000 cellSpacing=0 cellPadding=2 rules=all width="100%"
  border=1>
    <TR vAlign=top>
    <TD align=center colSpan=5 rowSpan=2><B>Mineral Reserves at October 1,
      2005</B><B><SUP>1</SUP></B> <BR>at 0.20% Copper cut-off </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD align=center width="15%">&nbsp; </TD>
      <TD align=center width="15%"><B>Tons</B> </TD>
      <TD align=center width="15%">&nbsp; </TD>
      <TD align=center width="15%">&nbsp; </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Pit</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Category</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>(millions)</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Cu%</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Mo%</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>Pollyanna </TD>
      <TD align=left width="15%">Proven </TD>
      <TD align=right width="15%">27.3 </TD>
      <TD align=right width="15%">0.315 </TD>
      <TD align=center width="15%">0.010 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="15%">Probable </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2.9 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">0.288
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">0.010 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%"
    bgColor=#ffff80><B>Subtotal</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>30.2</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>0.312</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#ffff80><B>0.010</B> </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>PGE Connector </TD>
      <TD align=left width="15%">Proven </TD>
      <TD align=right width="15%">35.9 </TD>
      <TD align=right width="15%">0.296 </TD>
      <TD align=center width="15%">0.010 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD align=left width="15%">Probable </TD>
      <TD align=right width="15%">5.6 </TD>
      <TD align=right width="15%">0.283 </TD>
      <TD align=center width="15%">0.011 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>PGE Connector Additional </TD>
      <TD align=left width="15%">Proven </TD>
      <TD align=right width="15%">7.1 </TD>
      <TD align=right width="15%">0.303 </TD>
      <TD align=center width="15%">0.016 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="15%">Probable </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">7.7 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">0.275
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">0.016 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%"
    bgColor=#ffff80><B>Subtotal</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>56.3</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>0.293</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#ffff80><B>0.012</B> </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>Granite Lake </TD>
      <TD align=left width="15%">Proven </TD>
      <TD align=right width="15%">70.7 </TD>
      <TD align=right width="15%">0.322 </TD>
      <TD align=center width="15%">0.009 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD align=left width="15%">Probable </TD>
      <TD align=right width="15%">6.9 </TD>
      <TD align=right width="15%">0.321 </TD>
      <TD align=center width="15%">0.007 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>Granite Lake Additional </TD>
      <TD align=left width="15%">Proven </TD>
      <TD align=right width="15%">26.3 </TD>
      <TD align=right width="15%">0.308 </TD>
      <TD align=center width="15%">0.008 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="15%">Probable </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">3.6 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">0.310
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">0.005 </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%"
    bgColor=#ffff80><B>Subtotal</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>107.5</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#ffff80><B>0.318</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#ffff80><B>0.009</B> </TD>
    </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>194.0</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%"><B>0.310</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>0.010</B> </TD>
    </TR></TABLE></DIV>
<P align=justify><SUP>1</SUP>Long term metal prices of US$1.10/lb for copper and
US$6.00/lb for molybdenum were used for the estimates.</P>
<P align=justify>The resource and reserve estimation was completed by Gibraltar
mine staff under the supervision of John W. McManus, P.Eng., Vice President of
Operations for Taseko and a Qualified Person under National Instrument 43-101.
Mr. McManus verified the methods used to determine grade and tonnage in the
geological model, reviewed the long range mine plan, and directed the updated
economic evaluation. A technical report has been filed on www.sedar.com.</P>
<P align=justify>Mineral resources, in addition to the mineral reserves, are
tabulated below:</P>
<DIV align=center>
  <TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
borderColor=#000000 cellSpacing=0 cellPadding=2 rules=all width="60%"
  border=1>
    <TR vAlign=bottom>
    <TD align=center colSpan=4 rowSpan=2><B>Mineral Resources at October 1,
      2005</B> <BR>at 0.20% Copper cut-off </TD></TR>
  <TR vAlign=bottom></TR>
  <TR vAlign=top>
      <TD width="25%" rowSpan=3 align=left vAlign=center><B>Category</B> </TD>
    <TD vAlign=center align=center width="25%" rowSpan=3><B>Tons</B>
      <BR><B>(millions)</B> </TD>
    <TD vAlign=center align=center width="25%" rowSpan=3><B>Cu%</B> </TD>
    <TD vAlign=center align=center width="25%" rowSpan=3><B>Mo%</B></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
      <TD width="25%" rowSpan=2 align=left>Measured <BR>
        Indicated </TD>
    <TD align=center width="25%" rowSpan=2>410 <BR>204 </TD>
    <TD align=center width="25%" rowSpan=2>0.286 <BR>0.269 </TD>
    <TD align=center width="25%" rowSpan=2>0.008 <BR>0.008 </TD></TR>
  <TR vAlign=top></TR>
  <TR>
      <TD width="25%" rowSpan=2 align=left><B>Total</B> </TD>
      <TD width="25%" rowSpan=2 align="center"><B>614</B> </TD>
    <TD align=center width="25%" rowSpan=2><B>0.280</B> </TD>
      <TD width="25%" rowSpan=2 align="center"><B>0.008</B> </TD>
    </TR>
  <TR vAlign=top></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>Plans for 2006</I></P>
<P align=justify>A $2 million definition drilling program is planned for the
spring of 2006. This work will focus on more fully defining the mineral
resources between the existing pits and tying together the extensive
mineralization zones, with the objective of upgrading additional resources into
reserve categories. Concurrently, an engineering study has been initiated to
evaluate the economics of expanding the mill capacity by 25%.</P>
<P align=justify>Once these studies are completed, the Company will re-assess
the economics of constructing a copper refinery at the site.</P>
<P align=justify><B>Prosperity Project</B></P>
<P align=justify>Taseko holds a 100% interest in the Prosperity property,
located 125 kilometres southwest of the City of Williams Lake in south-central
British Columbia. The Company carried out extensive exploration, engineering,
mine planning, environmental and socio-economic studies on the property prior to
2001, outlining a large porphyry copper-gold deposit.</P>
<P align=justify>The Company is currently reviewing previous feasibility studies
and re-assessing the project economics based on new technologies, concepts, and
innovative approaches to mine development. This includes reexamining optimal
mining rates and the sizes of the mining equipment previously proposed,
analyzing the economics of constructing and operating a single line mill rather
than multiple smaller lines, and evaluating potential improvements that could be
realized with state-of-the-art metallurgical technologies such as large tank
flotation circuits and expert computerized mill control systems. The work
program also includes reassessing major infrastructure plans, such as the
power-line route, to determine if there are synergies to be achieved with the
other communities of interest in the area.</P>
<P align=justify><B>Market Trends</B></P>
<P align=justify>Copper prices have been increasing since late 2003. Copper
prices averaged US$1.30/lb in 2004 and have averaged US$1.59/lb in 2005. Copper
prices have continued to increase in 2006, averaging US$2.09/lb in January.</P>
<P align=justify>Molybdenum prices increased from US$7.60/lb to US$34/lb in
2004. The average molybdenum price in 2005 was US$33/lb. Prices have decreased
since December 2005, but appear to be stablizing. The average price for January
2006 was US$24/lb.</P>
<P align=justify>Gold prices have been increasing over the past two years, and
this uptrend has accelerated since September 2005. Overall, the gold price
increased from US$410/oz in 2004 to US$445/oz in 2005. The gold price has also
increased in 2006, averaging US$549/oz in January. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="FONT-SIZE: 10pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&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>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>As at</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>As at</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>As at</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2004</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2003</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Balance
      Sheet</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2005</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;58,380,111 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;18,064,003 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,832,059 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral properties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">28,813,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>132,613,767 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>112,799,415 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>16,825,852 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">190,996,878 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">130,866,418 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">49,471,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">52,023,078 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">40,179,912 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,851,136 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>109,864,245 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>95,601,763 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,086,058 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Shareholders&#146;
      equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">29,109,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(4,915,257</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,534,013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</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-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;190,996,878 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;130,866,418 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;49,471,207 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>As at</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>As at</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2004</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2003</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Statement of
      operations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2005</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(87,638,300</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of production </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">57,799,558 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transportation and treatment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,548,560 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,657,165 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">42,564 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accretion of reclamation obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,574,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,431,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,300,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">505,586 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">4,456,901 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD align=left width="1%"
    >&nbsp;</TD>
    <TD align=right
      width="12%">2,024,671 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>34,080 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss (gain) on sale of equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,160,992 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(131,638</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,411,688 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,334,840 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>855,646 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and other income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(10,547,609</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,154,209</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(721,480</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,250,831 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,476,999 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,090,765 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Premium paid for acquisition of Gibraltar Reclamation Trust
      LP </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,095,249 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Refinery project </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>500,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restart project </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,346,650 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,982,008 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Stock-based compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,129,026 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,172,244 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>65,344 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Write down of mineral property acquisition costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">28,810,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current income tax expense (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,099,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>23,744,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Future income tax
      expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(13,423,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Loss (earnings) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;(23,289,773</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;82,366,624 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;5,025,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Basic earnings (loss) per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(1.10</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(0.11</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Diluted earnings (loss) per share </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.21 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(1.10</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(0.11</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Basic weighted average number of common shares outstanding
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">100,021,655 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">75,113,426 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">46,984,378 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Diluted weighted average number of common
      shares outstanding </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>110,732,926 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>75,113,426 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>46,984,378 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><B>1.4 Results of Operations</B></P>
<P align=justify>The Company&#146;s earnings for the quarter ended December 31, 2005
were $6.7 million, compared to a loss of $5.3 million in the first quarter of
2005. The increase in earnings is due to the resumption of mining activities at
the Gibraltar copper-molybdenum mine in January 2005.</P>
<P align=justify>The Company reported revenues of $41.3 million, compared to
$nil in the first fiscal quarter of 2005. Revenues consisted of copper
concentrate sales of $36.2 and molybdenum concentrate sales of $5.1 million. In
late September 2005, the Company received funds of approximately $14.3 million
from the sale of copper. The Company was unable to recognize the revenue from
this sale as the copper was held in a storage facility at the dock as there were
no ships available at that time to transport the copper to smelters in Asia.
Consequently, the Company recorded this sale as deferred revenue as at September
30, 2005.</P>
<P align=justify>At December 31, 2005 a portion of this copper concentrate
remained unshipped and that portion has been recorded as deferred revenue in the
amount of $4.7 million and will be recognized as revenue upon shipment to the
customer.</P>
<P align=justify>Total production costs for the period were $26 million. These
costs include mining (Q1-2006 &#150; $11.1 million; Q1-2005 &#150; $nil), milling (Q1-2006
&#150; $8.4 million; Q1-2005 &#150; $nil), mine administration (Q1-2006 &#150; $1.5 million;
Q1-2005 &#150; $nil), administration fees paid to Ledcor (Q1-2006 &#150; $1.1 million;
Q1-2005 &#150; $nil), royalties (Q1-2006 - $0.2 million; Q1-2005 &#150; $nil), molybdenum
treatment expenses (Q1-2006 &#150; $0.2 million; Q1-2005 - $nil), and an inventory
reduction (Q1- 2006 - $3.9 million; Q1- 2005 &#150;$nil), offset by silver credits
(Q1 &#150; 2006 - $0.4 million; Q1 -2005 - $nil).</P>
<P align=justify>Transportation and treatment costs were $6.3 million for
Q1-2006 compared to $nil in Q1-2005. Amortization expense increased to $0.8
million compared to $0.5 million in the same period of fiscal 2005.</P>
<P align=justify>Glencore Ltd. (&#147;Glencore&#148;) purchases the whole of the copper
concentrates produced by the Gibraltar mine pursuant to the terms of a written
contract. Gibraltar Mines Ltd. and Glencore have a dispute concerning the
interpretation of the contract. Glencore asserts that the contract provides that
the price to be paid for the concentrates should be reduced by a deduction
referred to as "price participation". Gibraltar asserts that the contract does
not provide for any such deduction. To December 31, 2005, Glencore had withheld
approximately US$3.3 million from invoices rendered by Gibraltar and is claiming
repayment of a further US$0.5 million, on the basis of its interpretation of the
contract. Of this amount, US$1.6 million was withheld during the quarter ended
December 31, 2005.</P>
<P align=justify>The dispute is set for arbitration in London, England, in June
2006. If Gibraltar is successful in the arbitration, and there is no appeal,
then Gibraltar should immediately receive the full amount that has been withheld
by Glencore.</P>
<P align=justify>Exploration expenses increased to $0.3 million in Q1-2006
compared to $0.03 million in Q1-2005 due to exploratory drilling at the
Gibraltar mine site and due diligence relating to potential new projects.
General and administrative costs increased to $1.0 million in Q1-2006 from $0.4
million in Q1-2005 due to the increased level of activity associated with an
operating mine. Interest and other income decreased to $1.6</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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify>million in Q1-2006 from $6.4 million Q1-2005 due to a one time
payment received by the Company in Q1-2005 of $5.25 million for fees relating to
the Red Mile royalty agreement. Interest expense increased to $1.1 million in
Q1-2006 from $0.9 million in Q1-2005 due to an increase in interest payments on
the Company&#146;s royalty obligations.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>1.5 Summary of Quarterly Results</B></P>
<P align=justify>The following summary is presented in Canadian dollars except
common shares outstanding.</P>
<TABLE
style="FONT-SIZE: 8pt; BORDER-LEFT-COLOR: black; BORDER-BOTTOM-COLOR: black; BORDER-TOP-COLOR: black; BORDER-COLLAPSE: collapse; BORDER-RIGHT-COLOR: black"
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=right nowrap>Mar 31 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=right nowrap>Sep 30 2005 </TD>
    <TD width="10%" align=right nowrap>Jun 30 2005 </TD>
    <TD width="10%" align=right nowrap>Mar 31 2005 </TD>
    <TD width="10%" align=right nowrap>Dec 31 2004 </TD>
    <TD width="10%" align=right nowrap>Sep 30 2004 </TD>
    <TD width="10%" align=right nowrap>Jun 30 2004 </TD>
    <TD width="10%" align=right nowrap>2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">Dec
      31 2005 </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(restated) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Current assets </TD>
    <TD align=right width="10%" bgColor=#e6efff>57,067,156 </TD>
    <TD align=right width="10%" bgColor=#e6efff>58,380,111 </TD>
    <TD align=right width="10%" bgColor=#e6efff>50,973,406 </TD>
    <TD align=right width="10%" bgColor=#e6efff>31,423,939 </TD>
    <TD align=right width="10%" bgColor=#e6efff>24,673,141 </TD>
    <TD align=right width="10%" bgColor=#e6efff>18,064,003 </TD>
    <TD align=right width="10%" bgColor=#e6efff>19,733,394 </TD>
    <TD align=right width="10%" bgColor=#e6efff>28,903,882 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mineral properties </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">3,000 </TD>
    <TD align=right width="10%">28,813,296 </TD>
    <TD align=right width="10%">28,813,296 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>132,683,929 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>132,613,767 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>120,521,937 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>118,945,024 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>115,055,389 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>112,799,415 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>28,493,334 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>19,884,305 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Total assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>189,754,085</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>190,996,878</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>171,498,343</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>150,371,963</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>139,731,530</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>130,866,418</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>77,040,024</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>77,601,483</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Current liabilities </TD>
    <TD align=right width="10%">41,238,381 </TD>
    <TD align=right width="10%">52,023,078 </TD>
    <TD align=right width="10%">46,801,857 </TD>
    <TD align=right width="10%">41,968,895 </TD>
    <TD align=right width="10%">40,893,737 </TD>
    <TD align=right width="10%">40,179,912 </TD>
    <TD align=right width="10%">3,625,687 </TD>
    <TD align=right width="10%">1,411,538 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Other liabilities </TD>
    <TD align=right width="10%" bgColor=#e6efff>109,527,872 </TD>
    <TD align=right width="10%" bgColor=#e6efff>109,864,245 </TD>
    <TD align=right width="10%" bgColor=#e6efff>112,549,977 </TD>
    <TD align=right width="10%" bgColor=#e6efff>108,391,925 </TD>
    <TD align=right width="10%" bgColor=#e6efff>107,763,788 </TD>
    <TD align=right width="10%" bgColor=#e6efff>95,601,763 </TD>
    <TD align=right width="10%" bgColor=#e6efff>25,891,582 </TD>
    <TD align=right width="10%" bgColor=#e6efff>25,289,741 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Shareholders&#146; equity </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">38,987,832 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">29,109,555 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">12,146,509 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">11,143 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(8,925,995) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(4,915,257) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">47,522,755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">50,900,204 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Total shareholders&#146;
      equity</B> </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>and liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>189,754,085</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>190,996,878</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>171,498,343</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>150,371,963</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>139,731,530</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>130,866,418</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>77,040,024</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>77,601,483</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="10%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Revenue </TD>
    <TD align=right width="10%">(41,271,228) </TD>
    <TD align=right width="10%">(27,698,995) </TD>
    <TD align=right width="10%">(31,520,306) </TD>
    <TD align=right width="10%">(28,418,999) </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Mine site operating costs </TD>
    <TD align=right width="10%" bgColor=#e6efff>26,046,632 </TD>
    <TD align=right width="10%" bgColor=#e6efff>20,901,551 </TD>
    <TD align=right width="10%" bgColor=#e6efff>13,262,656 </TD>
    <TD align=right width="10%" bgColor=#e6efff>23,635,351 </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Transportation and treatment </TD>
    <TD align=right width="10%">6,276,902 </TD>
    <TD align=right width="10%">4,400,743 </TD>
    <TD align=right width="10%">5,300,114 </TD>
    <TD align=right width="10%">3,847,703 </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Amortization </TD>
    <TD align=right width="10%" bgColor=#e6efff>848,888 </TD>
    <TD align=right width="10%" bgColor=#e6efff>779,415 </TD>
    <TD align=right width="10%" bgColor=#e6efff>710,398 </TD>
    <TD align=right width="10%" bgColor=#e6efff>655,179 </TD>
    <TD align=right width="10%" bgColor=#e6efff>512,173 </TD>
    <TD align=right width="10%" bgColor=#e6efff>844 </TD>
    <TD align=right width="10%" bgColor=#e6efff>849 </TD>
    <TD align=right width="10%" bgColor=#e6efff>(179) </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Expenses:</B> </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Accretion of reclamation </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >obligation </TD>
    <TD align=right width="10%">433,000 </TD>
    <TD align=right width="10%">393,500 </TD>
    <TD align=right width="10%">393,500 </TD>
    <TD align=right width="10%">393,500 </TD>
    <TD align=right width="10%">393,500 </TD>
    <TD align=right width="10%">357,750 </TD>
    <TD align=right width="10%">357,750 </TD>
    <TD align=right width="10%">357,750 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Conference and travel </TD>
    <TD align=right width="10%" bgColor=#e6efff>71,485 </TD>
    <TD align=right width="10%" bgColor=#e6efff>60,369 </TD>
    <TD align=right width="10%" bgColor=#e6efff>36,301 </TD>
    <TD align=right width="10%" bgColor=#e6efff>11,281 </TD>
    <TD align=right width="10%" bgColor=#e6efff>12,995 </TD>
    <TD align=right width="10%" bgColor=#e6efff>11,689 </TD>
    <TD align=right width="10%" bgColor=#e6efff>19,062 </TD>
    <TD align=right width="10%" bgColor=#e6efff>22,051 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Consulting </TD>
    <TD align=right width="10%">115,335 </TD>
    <TD align=right width="10%">101,736 </TD>
    <TD align=right width="10%">82,694 </TD>
    <TD align=right width="10%">65,944 </TD>
    <TD align=right width="10%">63,760 </TD>
    <TD align=right width="10%">56,450 </TD>
    <TD align=right width="10%">94,875 </TD>
    <TD align=right width="10%">(10,462) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Corporation taxes </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>(6,825) </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>554 </TD>
    <TD align=right width="10%" bgColor=#e6efff>14,184 </TD>
    <TD align=right width="10%" bgColor=#e6efff>20,000 </TD>
    <TD align=right width="10%" bgColor=#e6efff>11,168 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Exploration </TD>
    <TD align=right width="10%">269,629 </TD>
    <TD align=right width="10%">455,211 </TD>
    <TD align=right width="10%">6,634 </TD>
    <TD align=right width="10%">11,694 </TD>
    <TD align=right width="10%">32,047 </TD>
    <TD align=right width="10%">(1,892,174) </TD>
    <TD align=right width="10%">3,959,724 </TD>
    <TD align=right width="10%">980,197 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Interest and finance charges
    </TD>
    <TD align=right width="10%" bgColor=#e6efff>1,082,037 </TD>
    <TD align=right width="10%" bgColor=#e6efff>1,501,780 </TD>
    <TD align=right width="10%" bgColor=#e6efff>932,688 </TD>
    <TD align=right width="10%" bgColor=#e6efff>910,049 </TD>
    <TD align=right width="10%" bgColor=#e6efff>906,314 </TD>
    <TD align=right width="10%" bgColor=#e6efff>263,569 </TD>
    <TD align=right width="10%" bgColor=#e6efff>696,707 </TD>
    <TD align=right width="10%" bgColor=#e6efff>251,953 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Legal, accounting and audit </TD>
    <TD align=right width="10%">362,495 </TD>
    <TD align=right width="10%">176,167 </TD>
    <TD align=right width="10%">74,022 </TD>
    <TD align=right width="10%">79,317 </TD>
    <TD align=right width="10%">97,146 </TD>
    <TD align=right width="10%">325,567 </TD>
    <TD align=right width="10%">92,940 </TD>
    <TD align=right width="10%">22,913 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Office and administration </TD>
    <TD align=right width="10%" bgColor=#e6efff>390,319 </TD>
    <TD align=right width="10%" bgColor=#e6efff>527,896 </TD>
    <TD align=right width="10%" bgColor=#e6efff>236,954 </TD>
    <TD align=right width="10%" bgColor=#e6efff>236,804 </TD>
    <TD align=right width="10%" bgColor=#e6efff>164,316 </TD>
    <TD align=right width="10%" bgColor=#e6efff>88,512 </TD>
    <TD align=right width="10%" bgColor=#e6efff>199,224 </TD>
    <TD align=right width="10%" bgColor=#e6efff>189,976 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Premium paid for GRTLP </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">5,095,249 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Property investigation </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>4 </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Restart project </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">(1,214,796) </TD>
    <TD align=right width="10%">7,561,446 </TD>
    <TD align=right width="10%">14,982,008 </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Shareholder communications
</TD>
    <TD align=right width="10%" bgColor=#e6efff>69,247 </TD>
    <TD align=right width="10%" bgColor=#e6efff>90,326 </TD>
    <TD align=right width="10%" bgColor=#e6efff>44,641 </TD>
    <TD align=right width="10%" bgColor=#e6efff>112,241 </TD>
    <TD align=right width="10%" bgColor=#e6efff>52,822 </TD>
    <TD align=right width="10%" bgColor=#e6efff>34,142 </TD>
    <TD align=right width="10%" bgColor=#e6efff>18,694 </TD>
    <TD align=right width="10%" bgColor=#e6efff>530,704 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Trust and filing </TD>
    <TD align=right width="10%">21,086 </TD>
    <TD align=right width="10%">8,300 </TD>
    <TD align=right width="10%">8,027 </TD>
    <TD align=right width="10%">67,787 </TD>
    <TD align=right width="10%">6,114 </TD>
    <TD align=right width="10%">53,052 </TD>
    <TD align=right width="10%">13,842 </TD>
    <TD align=right width="10%">17,241 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Interest and other (income)
    </TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,626,954) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,324,344) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,552,559) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,233,485) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(6,437,221) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(4,464,851) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(228,670) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(325,399) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Loss on sale of property plant </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >and equipment </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>(17,000) </TD>
    <TD align=right width="10%" bgColor=#e6efff>2,177,992 </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Income taxes </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">(17,522,000) </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">23,744,000 </TD>
    <TD align=right width="10%">&#150; </TD>
    <TD align=right width="10%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Foreign exchange </TD>
    <TD align=right width="10%" bgColor=#e6efff>(32,151) </TD>
    <TD align=right width="10%" bgColor=#e6efff>324,275 </TD>
    <TD align=right width="10%" bgColor=#e6efff>194,365 </TD>
    <TD align=right width="10%" bgColor=#e6efff>(120,290) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(364,270) </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Write down of mineral property </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >acquisition costs </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>28,810,296 </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="10%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Stock-based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">230,846 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">401,470 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">170,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">392,697 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">164,549 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">2,035,178 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">1,526,084 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">296,686 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>Earnings (loss) for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>6,712,432</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>16,429,425</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>11,619,561</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>585,023</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(5,334,237)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(64,420,220)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(6,771,081)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(7,439,848)</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Basic and diluted loss per
</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">0.06
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">0.14
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">0.12
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">0.01
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(0.06) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(0.85) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(0.08) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(0.11) </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><B>1.6 Liquidity</B></P>
<P align=justify>Historically, Taseko&#146;s sole source of funding was the sale of
equity securities for cash primarily through private placements to sophisticated
investors and institutions. As a consequence of the acquisition of the Gibraltar
mine in 1999, Taseko received funding pursuant to a $17 million
non-interest-bearing convertible debenture financing by Boliden Westmin (Canada)
Ltd. The net present value of the convertible debenture is classified as a
liability on the Company&#146;s balance sheet.</P>
<P align=justify>Reclamation deposits totaling approximately $18.6 million
(including interest) and certain plant and equipment are secured to fund
reclamation at the Gibraltar, Prosperity and Harmony properties. The $26.6
million liability shown as tracking preferred shares of the subsidiary,
Gibraltar Mines Ltd, 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 December 31, 2005, Taseko had positive working capital of
$13.0 million, as compared to a $16.2 million working capital deficit at the end
of December 31, 2004. The increase in working capital was primarily a result of
operations from the Gibraltar mine, and the recognition of tax loss
carryforwards.</P>
<P align=justify>The Company has accrued a tax provision of a subsidiary company
of $19.6 million in the consolidated financial statements. This provision is net
of a $23.7 million income tax expense recorded in 2004 which management believes
is less than likely of ever becoming payable. 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. 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. No taxation authority has
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, along with current cash balances will be sufficient to cover
operating costs and working capital during fiscal 2006.</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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=justify><B>1.7 Capital Resources</B></P>
<P align=justify>The capital leases associated with certain of the Company's
mining shovels and mine haul trucks are payable in US dollars at interest rates
ranging from approximately 6% to 10%. These capital leases have terms of 48
months, and are secured by the mining equipment to which they relate. Minimum
required payments on these leases until they are extinguished are as
follows:</P>
<TABLE width="80%" 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>&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=right width="15%">Year ended&nbsp;&nbsp;</TD>
    <TD align=right width="15%">Year ended&nbsp;&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="15%">Remainder of fiscal&nbsp;&nbsp;</TD>
    <TD align=right width="15%">September 30,&nbsp;</TD>
    <TD align=right width="15%">September 30,&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2007
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2008
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">Total
    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Principal </TD>
    <TD align=right width="15%" bgColor=#e6efff>US$ 1,358,299 </TD>
    <TD align=right width="15%" bgColor=#e6efff>US$ 1,894,677 </TD>
    <TD align=right width="15%" bgColor=#e6efff>US$ 9,273,127 </TD>
    <TD align=right width="15%" bgColor=#e6efff>US$ 12,526,103 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">461,087 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">531,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">430,738 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">1,422,998 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>US$ 1,819,386 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>US$ 2,425,850 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>US$ 9,703,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>US$ 13,949,101 </TD>
  </TR></TABLE>
<P align=justify>A lease guarantee fee of approximately US$46,500 ($54,000) per
month, until the earlier of October 2008 or the extinguishment of the leases, is
payable in addition to the above amounts.</P>
<P align=justify>The Company has the right and the obligation to acquire this
equipment for residual values totaling approximately US$7.3 million ($8.5
million) at the end of the lease term in September 2008.</P>
<P align=justify>The Company has various loans on its on-road vehicles totaling
$343,933, of which $200,616 is current.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<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><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>1.8 Off-Balance Sheet Arrangements</B></P>
<P align=justify>None</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 during the
three months ended December 31, 2005 were $525,237, as compared to $177,357 in
the three months ended December 31, 2004.</P>
<P align=justify><B>1.10 Fourth Quarter</B></P>
<P align=justify>Not applicable.</P>
<P align=justify><B>1.11 Proposed Transactions</B></P>
<P align=justify>There are no proposed asset or business acquisitions or
dispositions, other than those in the ordinary course, before the board of
directors for consideration. </P>
<P align=justify><B>1.12 Critical Accounting Estimates</B></P>
<P align=justify>The Company's 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 style="TEXT-ALIGN: justify">
  <LI>the estimation of mineral resources and reserves,
  <LI>the carrying values of concentrate inventories and supplies inventories
  <LI>the carrying values of mineral properties,
  <LI>the carrying values of property, plant and equipment,
  <LI>rates of amortization of property, plant and equipment, and of assets
  under capital lease,
  <LI>the carrying values of the reclamation liability,
  <LI>the carrying values of the capital leases,
  <LI>the carrying values of the convertible debenture and conversion right,
  </LI></UL>
<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=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<UL style="TEXT-ALIGN: justify">
  <LI>income taxes,
  <LI>the valuation allowances for future income taxes,
  <LI>the carrying values of the receivables from sales of concentrate,
  <LI>the assumptions used in determining the reclamation obligation, and
  <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><B>1.13 Change in Accounting Policies including Initial
Adoption</B></P>
<P align=justify><I>Convertible debentures</I></P>
<P align=justify>Effective October 1, 2005 the Company adopted certain new
provisions of the Canadian Institute of Chartered Accountants Handbook Section
3860, Financial Instruments &#150; Disclosure and Presentation. The standard requires
that convertible debentures which may be settled in cash, or by common shares of
the Company at the Company's discretion, be presented as a liability. The
accretion charges that were previously recorded through deficit have been
eliminated and now included as interest expense. For the year ended September
30, 2005, this amounted to $1,075,478 (2004 &#150; $977,705). For the three months
ending December 31, 2005 it amounted to $269,972. This change had no effect on
net income (loss) per share.</P>
<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 www.sedar.com.</P>
<P align=justify><B>1.15.1 Additional Disclosure for Venture Issuers without
Significant Revenue</B></P>
<P align=justify>Not applicable. The Company is not a Venture Issuer.</P>
<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=bottom>
    <TD align=center><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>THREE MONTHS ENDED DECEMBER 31, 2005</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT'S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&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
February 3, 2006, 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>&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=right width="15%">Exercise </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="15%">Expiry
      date </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">price
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">Number </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">Number </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Common shares </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="15%" bgColor=#e6efff>108,413,148 </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share purchase option </TD>
    <TD align=left width="15%" bgColor=#e6efff>September 29, 2006 </TD>
    <TD align=right width="15%" bgColor=#e6efff>$ 0.55 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,350,000 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="15%">September 20, 2006 </TD>
    <TD align=right width="15%">$ 1.40 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="15%">3,223,000 </TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>September 29, 2006 </TD>
    <TD align=right width="15%" bgColor=#e6efff>$ 1.36 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,960,000 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="15%">September 26, 2006 </TD>
    <TD align=right width="15%">$ 1.50 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="15%">10,000 </TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>September 28, 2010 </TD>
    <TD align=right width="15%" bgColor=#e6efff>$ 1.15 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,480,000 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="15%">September 28, 2007 </TD>
    <TD align=right width="15%">$ 1.15 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="15%">495,000 </TD>
    <TD align=left width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>December 14, 2007 </TD>
    <TD align=right width="15%" bgColor=#e6efff>$ 1.29 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>135,000 </TD>
    <TD align=right width="15%" bgColor=#e6efff>8,653,000 </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Warrants </TD>
    <TD align=left width="15%" bgColor=#e6efff>September 28, 2006 </TD>
    <TD align=right width="15%" bgColor=#e6efff>$ 1.40 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>8,000,000 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="15%">September 18, 2006 </TD>
    <TD align=right width="15%">$ 1.66 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">5,204,361 </TD>
    <TD align=right width="15%">13,204,361 </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Convertible Debenture, </TD>
    <TD align=left width="15%">July 21, 2009 </TD>
    <TD align=right width="15%">$ 4.64 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="15%">3,663,793 </TD>
    <TD align=right width="15%">3,872,437 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Boliden Westmin (Canada) Limited </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp; </TD>
    <TD width="15%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff colSpan=4>Preferred shares redeemable into
      Taseko Mines Limited common shares </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="15%" bgColor=#e6efff>12,483,916 </TD>
  </TR>
</TABLE>
<BR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
