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<SEC-DOCUMENT>0001309014-05-000321.txt : 20050613
<SEC-HEADER>0001309014-05-000321.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050610174141
ACCESSION NUMBER:		0001309014-05-000321
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20030811
FILED AS OF DATE:		20050613
DATE AS OF CHANGE:		20050610

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVINO SILVER & GOLD MINES LTD
		CENTRAL INDEX KEY:			0000316888
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-09266
		FILM NUMBER:		05890834

	BUSINESS ADDRESS:	
		STREET 1:		455 GRANVILLE ST STE 400
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046823701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL AVINO MINES LTD
		DATE OF NAME CHANGE:	19950607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AVINO MINES & RESOURCES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>htm_448.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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Avino Silver & Gold Mines Ltd.&nbsp;-&nbsp;Form&nbsp;6-K
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<A NAME="DOCUMENT_TOP">&nbsp;</A>
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<FONT size="+1"><B>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</P>

<P>
<CENTER>
<FONT SIZE="+2" FACE="Arial"><B>Form 6-K</B></FONT><BR>

</CENTER>
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<P>
<CENTER>
<FONT size="+1">
REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
</FONT>
</CENTER>
</P>
<P>
<CENTER>
For the month of August, 2003
</CENTER>
</P>
<P>
<CENTER>
Commission File Number: 0-9266
</CENTER>
</P>
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<!-- Cover Page Registrant -->
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    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	<FONT SIZE="+2"><B>Avino Silver & Gold Mines Ltd.</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
  </TR>
<TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT FACE="Courier" SIZE="+0">British Columbia</FONT><BR><FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD></TR><TR><TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT SIZE="-1">(Jurisdiction of incorporation or organization)</FONT></TD></TR><TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">&nbsp;</TD></TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
      <FONT FACE="Courier" SIZE="+0">#400 - 455 Granville Street<br>Vancouver, B.C. V6C 1T1</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
	&nbsp;
    </TD>
  </TR>
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	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 40-F
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        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):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" COLSPAN="5" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>
</TABLE>

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
        &nbsp;
    </TD>
  </TR>
</TABLE>
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<FONT SIZE="3">
<PRE>


</PRE>
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<FONT SIZE="+1">
<CENTER>
<B>SIGNATURES</B>
</CENTER>
</FONT>
<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       &nbsp;
    </TD>
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  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       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.
    </TD>
  </TR>
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="100%">
       &nbsp;
    </TD>
  </TR>
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<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="0" WIDTH="100%">
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Avino Silver & Gold Mines Ltd.
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
  </TR>

  <TR>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="40%">
       Date: June 10, 2005
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       /s/ David Wolfin<BR><HR WIDTH="30%" NOSHADE>
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
        David Wolfin
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       President
    </TD>
  </TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
  </TR>
</TABLE>
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<FONT SIZE="+1"><B>
EXHIBIT&nbsp;INDEX
</B></FONT>
</CENTER>
<BR>
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      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
    </TD>
    <TD WIDTH="15%">
      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
    </TD>
  </TR>
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    <TD NOWRAP ALIGN="CENTER" WIDTH="8%">
      <HR SIZE="1" NOSHADE>
    </TD>
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      &nbsp;
    </TD>
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      <HR ALIGN="LEFT" SIZE="1" WIDTH="88%" NOSHADE>
    </TD>
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.1<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">August 11, 2003 Cover Letter</FONT>
    </TD>
  </TR>
<!-- End Exhibit Index Item -->
<!-- Exhibit Index Item -->
  <TR VALIGN="BOTTOM">
    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.2<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">August 11, 2003 Annual Information Form</FONT>
    </TD>
  </TR>
<!-- End Exhibit Index Item -->
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.3<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">News Release </FONT>
    </TD>
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      &nbsp;
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      &nbsp;
    </TD>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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Exhibit&nbsp;&nbsp;EX-99.1
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B><I>AVINO SILVER &#038; GOLD MINES LTD.</I></B></FONT>



<P align="center" style="font-size: 12pt">#400, 455 Granville Street,



<P align="center" style="font-size: 12pt">Vancouver, B.C. V6C 1T1



<P align="left" style="font-size: 12pt">Phone #: (604)&nbsp;682-3701 TSX trading symbol: &#147;ASM&#148;
<BR>
Fax #: (604)&nbsp;669-3600


<P align="left" style="font-size: 12pt">Web Site Address: www.avino.com


<P align="left" style="font-size: 12pt">AUGUST 11, 2003


<P align="left" style="font-size: 12pt">VIA SEDAR


<P align="left" style="font-size: 12pt">British Columbia Securities Commission
<BR>
Alberta Securities Commission


<P align="left" style="font-size: 12pt">Dear Sirs:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Re: Avino Silver &#038; Gold Mines Ltd. (the &#147;Issuer&#148;) &#150; Renewal Annual Information
Form (&#147;AIF&#148;)</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">With this cover letter, we are filing the Issuer&#146;s renewal Annual Information Form for the fiscal
year ended January&nbsp;31, 2003, which also contains subsequent events up to and including the present
date.


<P align="left" style="font-size: 12pt">Because the Issuer has not commenced the work program described in its previous AIF and is now
intending to start this work program as a result having raised funds therefor, all disclosure in
this renewal AIF, under the heading &#147;Property Description and Location&#148; has not been changed from
that set out in the previous AIF. Accordingly, the report titled &#147;Avino Silver &#038; Gold Aumax
Report&#148;, prepared by J. Wayne Pickett, dated November&nbsp;28, 2002, and filed with the previous AIF, is
the report being used for this renewal AIF. This report sets out the work program which the Issuer
will be conducting. This report was filed on the SEDAR website in November, 2002.


<P align="left" style="font-size: 12pt">The Issuer&#146;s audited financial statements for the period ended January&nbsp;31, 2003 is on file with the
Securities Commissions as well as the subsequent quarterly financial statement for the period ended
April&nbsp;30, 2003.


<P align="left" style="font-size: 12pt">Yours truly,


<P align="left" style="font-size: 12pt">AVINO SILVER &#038; GOLD MINES LTD.


<P align="left" style="font-size: 12pt">Per: s/ &#147;Andrea Regnier&#148;



<P align="left" style="margin-left:4%; font-size: 12pt">Andrea Regnier
<BR>
Corporate Secretary



<P align="center" style="font-size: 10pt; display: none">


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<HTML>
<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99.2
</TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>RENEWAL<BR>
ANNUAL INFORMATION FORM</B></FONT>



<P align="center" style="font-size: 12pt"><FONT style="font-size: 18pt"><B>AVINO SILVER &#038; GOLD MINES LTD.</B></FONT>



<P align="center" style="font-size: 18pt"><FONT style="font-size: 12pt">#400, 455 Granville Street,<BR>
Vancouver, British Columbia, V6C 1T1<BR>
Phone: (604)&nbsp;682-3701 &#151;Fax: (604)&nbsp;682-3600</FONT>



<P align="center" style="font-size: 12pt">DATED: August&nbsp;11, 2003



<P align="left" style="font-size: 12pt">This Annual Information Form specifically includes by reference the audited financial statements of
the Issuer for its fiscal year ended January&nbsp;31, 2003, a copy of which is available on the SEDAR
website at www.sedar.com.


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="center" style="font-size: 12pt">ANNUAL INFORMATION FORM



<P align="left" style="font-size: 12pt"><B>CORPORATE STRUCTURE</B>


<P align="left" style="font-size: 12pt"><U>Name and Incorporation </U>


<P align="left" style="font-size: 12pt">Avino Silver &#038; Gold Mines Ltd. (the &#147;Issuer&#148;) was incorporated on May&nbsp;15, 1969 under the laws of
the Province of British Columbia by registration of its Memorandum and Articles pursuant to the
Company Act , British Columbia. On August&nbsp;22, 1969, the Issuer amalgamated with Ace Mining Company
Ltd., resulting in the Issuer becoming a public company by way of the registration of its Common
Shares under the Securities Exchange Act of 1924 and name of the Issuer being changed to Avino
Mines &#038; Resources Ltd. On April&nbsp;12, 1995, the Issuer&#146;s name was changed to International Avino
Mines Ltd. and the shares were consolidated on the basis of one new share for five old shares. The
name of the Issuer was again changed to its present name on August&nbsp;29, 1997.


<P align="left" style="font-size: 12pt">The head office of the Issuer is located at 400 &#151; 455 Granville Street, Vancouver, British
Columbia, V6C 1T1. The Issuer&#146;s auditors are Hoogendoorn Vellmer (formerly Hoogendoorn &#038; Company),
Chartered Accountants of Vancouver, British Columbia and its Registrar and Transfer agent is
Pacific Corporate Trust Company of Vancouver, British Columbia.


<P align="left" style="font-size: 12pt"><U>Intercorporate Relationships </U>


<P align="left" style="font-size: 12pt">The Issuer has no subsidiaries. However, at January&nbsp;31, 2003, the Issuer&#146;s most recently completed
fiscal year, the Issuer owned 49% of the issued and outstanding shares of Cia Minera Mexicana de
Avino, S.A. de C.V (&#147;Cia Minera&#148;), a company incorporated in Mexico, involved in the mining of
commercial ores and resource exploration and development. The Issuer&#146;s investment in this
affiliate was written down to $1 during fiscal 2002 due to the production operations being
uneconomical and was shut down.


<P align="left" style="font-size: 12pt"><B>GENERAL DEVELOPMENT OF THE BUSINESS, ACQUISITIONS AND DISPOSITIONS</B>


<P align="left" style="font-size: 12pt">The Issuer is a natural resource company, primarily engaged in the acquisition, exploration and
development of natural resource properties since its inception. During the past three years, the
Issuer&#146;s principal business activities has been the exploration and development of mineral projects
located in the Lillooet Mining Division of British Columbia and its participation in the properties
in Mexico owned by Cia Minera.


<P align="left" style="font-size: 12pt"><U>Bralorne Property, Lillooet Mining Division, British Columbia </U>


<P align="left" style="font-size: 12pt">At January&nbsp;31, 2002, the Issuer&#146;s previous financial year end, the Issuer held a 50% joint venture
interest in the Bralorne and Pioneer mines and property located in the Lillooet Mining District of
British Columbia in the Bridge River area near Lillooet, B.C. Bralorne-Pioneer Gold Mines Ltd.
(&#147;Bralorne-Pioneer&#148;), a public company with common directors, earned a 50% joint venture interest
in these properties (the &#147;Joint Venture Property&#148;). In 1995 and the parties commenced joint venture
operations on the properties and in 1998, the Issuer granted an option to Coral Gold Corporation
(&#147;Coral&#148;), a public company with common directors, to earn a 25% interest from the Issuer&#146;s 50%
interest in the Joint Venture Properties. Coral made option payments of $700,000 during the next
two years and shared a 25% interest in all costs until it abandoned its option during the 2002
fiscal year. During the fiscal year ended January&nbsp;31, 2002, the Issuer wrote-down the carrying
value of the Bralorne Project to $1,600,000. Effective June&nbsp;20, 2002, the Issuer transferred its
interest in the Joint Venture Property to Bralorne-Pioneer for a nominal amount of $1 and the
assumption by Bralorne-Pioneer of the full amount of debenture principal and interest payable under
debentures originally issued for a loan obtained by the Issuer and Bralorne-Pioneer in 1995, the
proceeds of which to be used for further development of the Joint Venture Property.. As a result of
the disposition of the Joint Venture Property during fiscal 2003, the Issuer recognized a loss of
$40,097 and removed certain assets and liabilities from consolidation.


<P align="left" style="font-size: 12pt"><U>Olympic &#038; Minto Claims, Lillooet Mining Division, British Columbia </U>


<P align="left" style="font-size: 12pt">The Olympic and Minto properties form a contiguous group of claims situated in the Bralorne gold
camp, about 160 kilometers by air north of Vancouver, B.C and approximately 10 kilometers east of
the town of Goldbridge, B, C. and approximately 7 miles from the Bralorne Property. The property is
comprised of 8 Crown granted mineral claims and 32 reverted Crown granted mineral claims, the Minto
claims being purchased by the Issuer as to a 100% interest in 1985 and the Olympic property in
1987. During fiscal 2002, the Issuer wrote down the acquisition, exploration and development
expenditures in the amount of $728,513 to a nominal value of $1 in that the Issuer has not worked
on this property for a number of years and has no intention of doing so in the near future.


<P align="left" style="font-size: 12pt">Due to the proximity of the Olympic &#038; Minto Claims to the Bralorne Property, the Issuer&#146;s interest
in these claims is subject to the debenture assigned to Bralorne-Pioneer during the 2003 fiscal
year, resulting in the Issuer being contingently liable in the event that Bralorne-Pioneer should
be unable to satisfy its debenture obligations.


<P align="left" style="font-size: 12pt"><U>Cia Minera, Mexico </U>


<P align="left" style="font-size: 12pt">By way of the 49% ownership of the Mexican affiliate, the Issuer has a 49% interest in the Coneta
mineral property and the Avino Mine which has, over the years, been a producing silver mine located
in Durango, Mexico. During fiscal 2002, it was determined that production at the Avino mine was
uneconomical and the mining and milling was suspended due to the declining prices for silver, gold
and copper. It was decided that the mine would be maintained on a standby basis pending an
improvement in the metal prices. As a result, the carrying value of the Issuer&#146;s investment in Cia
Minera affiliate was reduced to a nominal $1.00. Cia Minera has determined that the price of
silver must reach and maintain U.S $5.50 per ounce before it will consider reopening the mine.
Negotiations have been underway with the shareholders of this affiliate to purchase their interests
which would result in the Issuer holding 100% of the mine and properties.


<P align="left" style="font-size: 12pt"><U>Eagle Property, Mayo Mining Division, Yukon Territory </U>


<P align="left" style="font-size: 12pt">By agreement dated December&nbsp;31, 2002, the Issuer acquired a 100% interest in a silver property,
known as the Eagle Project, from Thomas Gelfand of Vancouver, B.C., who is not at arm&#146;s length to
the Issuer. The Eagle Project is located in the United Keno Hill camp in the Mayo District of the
Yukon Territory and comprises 14 crown leases over 516 ha. Consideration for this acquisition was
the issuance of 200,000 common shares at the deemed price of $0.50 per share for total
consideration of $100,000.


<P align="left" style="font-size: 12pt"><U>Aumax Property, Lillooet Mining Division, British Columbia </U>


<P align="left" style="font-size: 12pt">By agreement dated for reference December&nbsp;11, 2002 (the &#147;Aumax Agreement&#148;), the Issuer acquired a
100% interest in 6 mineral claims known as the Aumax 1-6 mineral claims from Gary Polischuk, who is
at arm&#146;s length to the Issuer, for $4,000 on execution of the Aumax Agreement and the issuance of
200,000 common shares of the Issuer, at the deemed price of $0.50 per share for total consideration
of $104,000, on receipt of TSX Venture Exchange acceptance of the property purchase. The property
consists of 6 unpatented mineral claims comprising 39 units, located about 16 kilometres south-west
of Lillooett, British Columbia.


<P align="left" style="font-size: 12pt">Due to the fact that the Aumax Claims are located in an area of general interest to the Bralorne
Property, the Aumax Claims are also subject to the debenture assigned to Bralorne-Pioneer during
the past fiscal year.


<P align="left" style="font-size: 12pt">It is anticipated that the Issuer will concentrate its exploration and development activities
during the next fiscal year on the Aumax Property .


<P align="left" style="font-size: 12pt"><B>NARRATIVE DESCRIPTION OF THE BUSINESS</B>


<P align="left" style="font-size: 12pt">At January&nbsp;31, 2003, the end of the Issuer&#146;s most recently completed fiscal year, the Issuer&#146;s
business consisted of the exploration and development of mineral properties. The Issuer is
continually investigating new exploration opportunities and mineral exploration is carried out on
properties identified by management as having favourable exploration potential. During the past
fiscal year, the Issuer had no operating revenues. The Issuer&#146;s focus for the 2003 fiscal year was
the identification and acquisition of two properties of merit, one located in British Columbia and
the other located in the Yukon Territory.


<P align="left" style="font-size: 12pt">The Issuer owns 1,791,392 common shares of Bralorne-Pioneer with a quoted value as at January&nbsp;31,
2003 of $716,557. The Issuer also owns 141,200 common shares of Levon Resources Ltd., a related
company with common directors. The investment in Levon Resources Ltd. was written down to a quoted
market value of $7,060 at January&nbsp;31, 2001 by a charge to operations of $7,060 and a quoted market
value of $4,236 at January&nbsp;31, 2002 by a charge to operations of $2,824. The quoted market value of
these shares as at January&nbsp;31, 2003 was $15,532.


<P align="left" style="font-size: 12pt">Because it is the Issuer&#146;s intentions to concentrate its exploration and development activities
during the next year on the Aumax Property, the following information on the Issuer&#146;s Aumax
Property is taken from a report prepared for the Issuer by J. Wayne Pickett, MSc, P.Geo.(NFL &#038;
B.C.), dated November&nbsp;28, 2002, titled &#147;Avino Silver &#038; Gold Aumax Report&#148;. The Aumax Report has
been filed with the regulatory authorities via the SEDAR website and may reviewed on the website at
www.SEDAR.com. <U>PROPERTY DESCRIPTION AND LOCATION </U>


<P align="left" style="font-size: 12pt">The Aumax Property located about 16 kilometres southwest of Lillooet, British Columbia consists of
6 unpatented mineral claims comprising 39 units (about 9.8 km) registered to Gary Polischuk of
Lillooet,
<BR>
B.C. The claims are on N.T.s. map sheet area 92J/9E at latitude 50&#176;34&#146; north and longitude
122&#176;03&#146;west in the Lillooet Mining Division.


<P align="left" style="font-size: 12pt">Particulars of the Aumax Property is set out in the following table:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Claim Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tenure #</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Registered Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Good Standing Until</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B># of Units</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">368966</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;9, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">368967</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;9, 2004
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">371390</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">371391</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">371392</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aumax #6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">371393</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary Polischuk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September&nbsp;1, 2003
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt">The Issuer acquired a 100% right, title and interest in the Aumax Claims on reciept of TSX Venture
Exchange acceptance of the agreement with Gary Polischuk and on payment of $4,000 and issuance of
200,000 of its common shares to Gary Polischuk.


<P align="left" style="font-size: 12pt">The Aumax Property has not been legally surveyed and to the extent known to the author of the Aumax
Report, the property is not subject to any environmental liabilities at the time of writing nor is
the property subject to the terms of any royalties, back-in rights, payments or other agreements
and encumbrances other than those that may be indicated by the Issuer in the future, should such
information become known.


<P align="left" style="font-size: 12pt">A &#147;Mineral &#038; Coal Notice of Work and Reclamation&#148; must be filed to and approved by the British
Columbia Ministry of Energy and Mines, Energy and Minerals Division, Mines Branch, prior to
carrying out proposed mechanical trenching and diamond drilling as well as for any road
construction required for access.


<P align="left" style="font-size: 12pt">Quartz vein hosted silver and gold represents the deposit type being explored in the Aumax area.
Mineralization has been discovered at two locations on the property, the Aumax Silver/Gold Zone and
the Upper Gold Zone. Refer to the Aumax Report, Figures 2,7,8, and 16 to 22, for further
particulars of known mineralized showings on the Aumax Property.


<P align="left" style="font-size: 12pt"><U>ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY </U>


<P align="left" style="font-size: 12pt">A logging road that branches off Highway 99 (the Duffy Lake Road) about 23 km southwest of Lillooet
provides access to the western portion of the property. The Aumax Property, which is in a
rain/snow shadow of the Shulaps Range, has a semi-arid climate with mean annual precipitation from
30-50 centimetres. Temperatures range from -10&#176; to 0&#176;C in the cool dry winters to 18&#176; to 20&#176;C in
the hot dry summers.


<P align="left" style="font-size: 12pt">Topography in the area is moderate to steep, rising from 1000 m in the western portion of the
property to about 2100 m approximately midway along its southern boundary.


<P align="left" style="font-size: 12pt"><U>HISTORY </U>


<P align="left" style="font-size: 12pt">In 1999, Gary Polischuk discovered tetrahedrite-bearing quartz boulders and a separate gold-bearing
C-horizon soil gossan on what is currently the Aumax Property. No work prior to that time has been
documented on the property.


<P align="left" style="font-size: 12pt"><U>GEOLOGICAL SETTING </U>


<P align="left" style="font-size: 12pt">Meta-volcanic rocks and cherts of the Mississippian to Middle Jurassic Bridge River Complex
underlie most of the Aumax Property. Rocks of the Bridge River Complex are in fault contact with
early Cretaceous clastic sedimentary rocks of the Cayoosh Assemblage, which underlie the extreme
northwestern portion of the property. A late Cretaceous or Early Tertiary granodiorite body
underlies the area immediately southwest of the property. The Bridge River Complex comprises an
oceanic assemblage of greenstone and pelagic ribbon cherts accompanied by lesser amounts of
siliceous siltstone locally interleaved with small amounts of graywacke, limestone and ultramafic
rocks. The Cayoosh Assemblage is a turbiditic sequence characterized by upward-coarsening mostly
fine-grained clastic sedimentary rocks including phyllitic argillite, siltstone, sandstone and
conglomerate. In the Aumax property area, the Bridge River Complex has been structurally emplaced
over the Cayoosh Assemblage along the sub-horizontal to shallow or moderate notheast-dipping
Cayoosh Creek fault. The topography shows linear features in two prominent directions: north to
north-northwesterly and east to east-southeasterly.


<P align="left" style="font-size: 12pt"><U>EXPLORATION </U>


<P align="left" style="font-size: 12pt">In that this is a new property acquisition, the Issuer has conducted no exploration work on the
Aumax Property, to date.


<P align="left" style="font-size: 12pt">Mineralized quartz boulders noted by Randy Polischuk during establishment of a logging road were
the first indications of potential silver/gold mineralization in the Aumax Silver/Gold Zone area.
Gary Polischuk subsequently prospected, soil sampled and dug several hand trenches in the area
thereby partially uncovering tetrahedrite-bearing quartz veining material. For particulars of
exploration conducted by others on the Aumax Property, refer to the Aumax Report.


<P align="left" style="font-size: 12pt"><U>MINERALIZATION </U>


<P align="left" style="font-size: 12pt">At the Aumax Silver/Gold Zone of mineralization, large transported slabs of intermediate tuffs and
cherty argillite of the Bridge River Complex host tetrahedrite-bearing quartz veins that are highly
anomalous in silver (up to 630g/t of 18 oz/ton) and gold (&#062;1g/t). In addition, angular
tetrahedrite-bearing quartz boulders, typically 1.5 m across, locally contain high grade silver (up
to 2700 g/t or 78 oz./ton) and gold (up to 8 g/t). Quartz veins hosting the mineralization are
milky white and locally brecciated, vuggy and drusy. The veins generally contain trace to moderate
amounts of hematite and limonite and locally disseminated black sulphosalts, malachite and azurite.
Anomalous silver in the veins is accompanied by anomalous arsenic, antimony, and copper suggesting
theat the silver is contained mostly within tetrahedrite possibly accompanied by other sulphosalts.
Anomalous lead also typical of the veins is probably contained in trace amounts of gelana. Altered
zones flanking the silver-bearing quartz veins are anomalous in gold and arsenic but generally not
in silver.
<BR>
A gold-silver-arsenic-in-soil anomaly 100-250 m wide extends down slope to the northwest for about
350 m from the Aumax Silver/Gold Zone. A gap in the anomaly in the area of the mineralized boulders
probably reflects a change in slope from a steep to more moderate incline. Upslope from the gap,
soils anomalous in one or more of gold, silver and arsenic outline additional anomalies that
probably reflect mineralization further upslope to the southeast.


<P align="left" style="font-size: 12pt">It is possible that the source of the silver-bearing quartz boulders is uphill to the southeast.
Test pits dug in the vicinity of accessible anomalous areas upslope from the mineralized boulders
did not reach bedrock and therefore the anomalies remain unexplained. Anomalies furthest upslope
were not readily accessible by excavator and have not been tested.


<P align="left" style="font-size: 12pt">The Upper Gold Zone of mineralization is located about 1.2 km to the southeast of the Aumax
Silver/Gold Zone and approximately 600 m higher at about 2000 m elevation. The zone is indicated
by a C-horizon soil gossan trending about 150 degrees. Soil samples collected from the gossan
returned 0.7 to 4.5 g/t Au. Gold is accompanied by silver (up to 30 g/t or 1 oz./ton), and As (up
to 2.6%). Other soil samples collected in the area are also anomalous in gold. Samples of quartz
veins cutting greenstone and/or chert flanking the gossan returned anomalous gold (up to 200 ppb).


<P align="left" style="font-size: 12pt">Soils in the Upper Gold Zone are highly anomalous in gold (up to 4.3 g/t). Quartz veins cutting
greenstone and chert in the area do have anomalous concentrations of gold (90 to 220 ppb) but,
unless there has been a very high degree of mechanical and/or chemical concentration of gold during
weathering and soil formation, these veins are not the source of soil anomaly.


<P align="left" style="font-size: 12pt"><U>SAMPLING AND ANALYSIS </U>


<P align="left" style="font-size: 12pt">Rock sampling previously carried out on the property by others included grab samples of vein
material and altered zones considered to have potential for mineralization. In the trenched areas,
vein material and altered zones were chip sampled, where possible at right angles to strike and
dip. Details of location, number, type and nature of the samples are presented in the Aumax Report
at Appendix&nbsp;C. Initial rock sampling prior to the 1999 Gold-Ore program was carried out by
prospector and registered property owner, Gary Polischuk.


<P align="left" style="font-size: 12pt">The soil sampling program was carried out using flagged cross lines trending east and west of a
north-south baseline marked by pickets at 25 to 50 m intervals. Soils were collected at 25 m
centres over an area 200 by 200 m centred on the Aumax Zone. Additional soils at 50 m intervals
expanded the are to 500 m by 500 m. A total of 175 soil samples were collected from the gridded
area. The samples, which consisted mostly of silty to gravelly eluvium were collect at 15 to 20 cm
depth after removing the topsoil utilizing a &#147;pelican pick&#148;. An enriched &#147;B-horizon&#148; is developed
only locally, but where present was included in the soil sample.


<P align="left" style="font-size: 12pt">Analytical methods and analyses are presented in the Aumax Report at Appendices A and B.


<P align="left" style="font-size: 12pt">Reconnaissance soil sampling carried out prior to the 1999 Gold-Ore exploration program was
conducted by the registered property owner Gary Polischuk


<P align="left" style="font-size: 12pt"><U>SECURITY OF SAMPLES </U>


<P align="left" style="font-size: 12pt">Samples collected in the field were placed in clear plastic bags and sealed to prevent cross
contamination. The sealed bags were placed in larger bags for transport to Eco-Tech Labs in
Kamloops, B.C. for analysis. They were shipped from Lillooet either by bus or by the author of the
Aumax Report. Quality control measures employed by the lab included repeat analyses and insertion
of standards as indicated in the Aumax Report at Appendix&nbsp;B.


<P align="left" style="font-size: 12pt"><U>MINING OPERATIONS </U>


<P align="left" style="font-size: 12pt">No mining operations are being considered at this time.


<P align="left" style="font-size: 12pt"><U>EXPLORATION AND DEVELOPMENT </U>


<P align="left" style="font-size: 12pt">A two phase-exploration program is recommended in the Aumax Report. Phase 1 comprises prospecting,
geological mapping, and additional soil sampling to be carried out upslope from the Aumax
Gold/Silver Zone as far as the upper Gold Zone about 1.2 km to the southeast. Additional soil
sampling, prospecting and geological mapping is recommended along linears in the area, particularly
in the areas where the linears intersect. A Phase 2 mechanical trenching and drilling program is
contingent on the location of areas of interest during Phase 1. A budget of $30,000 is proposed in
order to carry out the Phase 1 program.


<P align="left" style="font-size: 12pt"><B>RISK FACTORS</B>


<P align="left" style="font-size: 12pt">The Issuer&#146;s properties are in the exploration stage and are without a known body of commercial
ore. The business of exploration for minerals involves a high degree of risk and few properties
become producing mines. There is no assurance that the Issuer&#146;s future exploration and development
activities will result in any discoveries of commercial bodies of ore. Whether an ore body will be
commercially viable depends on a number of factors including the particular attributes of the
deposit such as size, grade, proximity to infrastructure, as well as mineral prices and government
regulations, including regulations relating to prices, taxes, royalties, land tenure, land use,
importing and exporting of minerals and environmental protection. The exact effect of these factors
cannot be accurately predicted but the combination of these factors may result in a mineral deposit
being unprofitable.


<P align="left" style="font-size: 12pt">The market price of metals is highly speculative and volatile. Instability in metal prices may
affect the interest in mining properties and the development of and production from such
properties.


<P align="left" style="font-size: 12pt">The Issuer does not have sufficient funds to complete all of its exploration and development
programs. Therefore, additional funds will be required. The only sources of future funds for its
exploration and development programs is the sale of equity capital or by entering into an option
and joint venture agreement with another party. There is no assurance that the Issuer will be
successful in obtaining further financing. A failure to obtain further financing could result in
the loss or substantial dilution of the Issuer&#146;s interests in its properties.


<P align="left" style="font-size: 12pt">Existing and possible future environmental legislation, regulations and actions could give rise to
additional expense, capital expenditures, restrictions and delays in the activities of the Issuer,
the extent of which cannot be predicted. Regulatory requirements and environmental standards are
subject to constant evaluation and may be significantly increased, which could materially affect
the business of the Issuer or its ability to develop its properties. Before production can commence
on any of its mineral properties, the Issuer must obtain regulatory and environmental approvals.
There is no assurance that such approvals will be obtained on a timely basis. The cost of
compliance with changes in governmental regulations has the potential to reduce the profitability
of operations or preclude entirely the economic development of the property.


<P align="left" style="font-size: 12pt"><B>SELECTED CONSOLIDATED FINANCIAL INFORMATION</B>


<P align="left" style="font-size: 12pt"><U>Annual Information </U>


<P align="left" style="font-size: 12pt">The following table provides particulars of net sales and revenues, net income from continuing
operations, in total and on a per share and fully diluted bases, total net income or loss on a per
share and fully diluted share basis and total assets and long term financial liabilities during the
Issuer&#146;s three preceding financial years:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2001</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues/Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">643</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net Income or (Loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(186,991</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,290,582</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,118,491</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Per Share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.68</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(0.24</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">814,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,239,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,026,775</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt">During the past three fiscal years, there were no changes in the Issuer&#146;s accounting policies, no
significant acquisitions or dispositions or major changes in the direction of the Issuer&#146;s
business, other than as explained herein.


<P align="left" style="font-size: 12pt"><U>Quarterly Information </U>


<P align="left" style="font-size: 12pt">The following table provides particulars of the Issuer&#146;s net sales and revenues, net income from
continuing operations in total on a per share and fully diluted basis and net income or loss in
total on a per share and fully diluted basis for the last 8 quarterly periods ending January&nbsp;31,
2003.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">October 31, 2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">July 31, 2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">April 30, 2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">January 31, 2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">October 31, 2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">July 31, 2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">April 30, 2001</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000">Revenues</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">0</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">$0</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" colspan="3">Net Income Or</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($186,991)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($63,435)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($39,023)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($36,486)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($3,290,580)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($130,763)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($398,148)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($195,381)</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000">(Loss) Per Share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.03)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.01)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.01)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.01)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.68)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.02)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.03)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">($0.02)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt"><U>Dividends </U></FONT>


<P align="left" style="font-size: 12pt">No dividends have been declared by the Issuer, nor does the Issuer have a dividend policy or any
intention to commence such a policy.


<P align="left" style="font-size: 12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>


<P align="left" style="font-size: 12pt"><U>Results of Operations </U>


<P align="left" style="font-size: 12pt">The Issuer considers its business to comprise a single operating segment, being the exploration and
development of resource properties within the geographic area of Canada.


<P align="left" style="font-size: 12pt">For the year ended January&nbsp;31, 2003, the Issuer reported a net loss of $186,991, or $0.03 per
share, compared to a net loss of $3,290,582 or $0.68 per share for the fiscal year ended January
31, 2002.
<BR>
The Issuer had no operating revenues.


<P align="left" style="font-size: 12pt">There were no write-downs or write-offs during the 2003 fiscal year. Comparative figures for 2002
include a write-down of the Bralorne Project of $1,664,905 and a loss in Cia Mineral of $1,259,438.
Also included in the comparative figures for the 2002 fiscal year as compared to the 2003 fiscal
year, set out in the audited financial statements of the Issuer, was $105,294 in interest expense
and $120,268 in foreign exchange loss compared to $Nil during the 2003&nbsp;year. The Issuer assigned
all outstanding debentures to Bralorne-Pioneer and therefore did not accrue interest or foreign
exchange during the most recently completed fiscal year. Included in the net loss for 2003 is
$40,097 representing the loss on the sale of the Joint Venture Properties to Bralorne-Pioneer.


<P align="left" style="font-size: 12pt">The balance of the loss for 2003 relates to administrative expenses of $119,638 compared to
$137,853 for the 2002 fiscal year. Audit and accounting fees have decreased by approximately $3,010
as a result, in part, of re-categorizing certain expenses. Legal fees have declined by $6,053 from
$8,161 in 2002 to $2,108 in 2003 due in part to preparing certain general corporate documentation
in house.


<P align="left" style="font-size: 12pt">Expenditures, during the past fiscal year, were reduced by $13,726 in shareholder information and
$6,029 in salaries and benefits. These reductions were the result of the Issuer reducing its
investor-relations activities during the past fiscal year. Regulatory and compliance fees increased
by $3,385 as a result of increases in fees imposed by the regulatory authorities.


<P align="left" style="font-size: 12pt">Coral Gold Corp. terminated its option to earn a 25% interest in the Issuer&#146;s 50% interest in the
Bralorne &#038; Loco properties. During the 2003&nbsp;year, the Issuer transferred all of its interest in the
Bralorne project to Bralorne-Pioneer Gold Mines Ltd., a company with some common directors, for $1
and the assumption by Bralorne-Pioneer of the full amount of debenture principal and interest
payable under the terms of the debentures.


<P align="left" style="font-size: 12pt">The Cia Minera mine is in temporary closure until market prices for silver improves. Cia Minera has
determined that the price of silver, which is the main metal recovered from the mine, must reach
and maintain U.S.$5.50 per ounce before it will consider reopening the mine. The mine does not
have a current feasibility report nor has it conducted sufficient exploration to determine an
expected life of the mine. In 1998 an estimate for mine life was obtained and at that time, it was
determined to be 3&nbsp;years. During the 2002 fiscal year, the carrying value of this property was
reduced to $1. The Issuer has been negotiating with the shareholders of Cia Minera, the Mexican
affiliated company to purchase their interests which would result in the Issuer holding 100% of
this company.


<P align="left" style="font-size: 12pt">Under a Management Consulting Agreement dated August&nbsp;1, 1997, between the Issuer and Frobisher
Securities Inc., a private company controlled by the President of the Issuer, the Issuer pays
Frobisher remuneration of $2,500 per month, plus out of pocket expenses. Included in the amounts
due to related parties as at the close of the 2003 fiscal year is $53,004 due under this agreement.
Additionally the President of the Issuer made a cash loan to the Issuer in the amount of $52,500
which amount is reflected in the fiscal year- end audited statements in amounts due to related
parties. The Issuer also has a contract with Oniva International Services Corp. (&#147;Oniva&#148;), a
private company owned by the Issuer and three other affiliated companies, whereby Oniva provides
administrative services to the Issuer. At January&nbsp;31, 2003, $258,639 is payable to Oniva. The
Issuer intends to settle these outstanding debts by way of the issuance of common shares of the
Issuer.


<P align="left" style="font-size: 12pt"><U>Liquidity and Capital Resources </U>


<P align="left" style="font-size: 12pt">At January&nbsp;31, 2003, the Issuer had no operating revenues and does not anticipate any operating
revenues until the Issuer is able to find, acquire, place into production and operate a profitable
mining property.


<P align="left" style="font-size: 12pt">Historically the Issuer has raised funds through equity financing and the exercise of options and
warrants to fund its operations. The Issuer had a working capital deficiency of $196,610 at January
31, 2003. Although the Issuer is planning to settle a large portion of its debt with shares, the
Issuer will require to re-finance in order to maintain its operations.


<P align="left" style="font-size: 12pt"><U>Contingent Liabilities </U>


<P align="left" style="font-size: 12pt">Although the Issuer has assigned its interest in the Joint Venture Properties to Bralorne-Pioneer
and Bralorne-Pioneer has assumed the Issuer&#146;s liabilities under the debentures issued in 1995, the
Issuer could be subject to liability under the debentures should Bralorne-Pioneer not meet its
commitments by October&nbsp;25, 2003, in that the debentures are secured by a first charge on the
Issuer&#146;s interest in the properties located in the area of common interest as the Joint Venture
Properties.


<P align="left" style="font-size: 12pt"><U>Competition </U>


<P align="left" style="font-size: 12pt">The mining industry in which the Issuer is engaged is in general highly competitive. Competitors
include well-capitalized mining companies, independent mining companies and other companies 11
<BR>
having financial and other resources far greater than those of the Issuer. The Issuer competes with
other mining companies in connection with the acquisition of gold and other precious metal
properties. In general, properties with a higher grade of recoverable mineral and/or which are
more readily mineable afford the owners a competitive advantage in that the cost of production of
the final mineral product is lower. Thus, a degree of competition exists between those engaged in
the mining industry to acquire the most valuable properties.


<P align="left" style="font-size: 12pt">Subsequent to the 2003 fiscal year end, the Issuer conducted the following transactions, which are
not described elsewhere in the Annual Information Circular:


<P align="left" style="font-size: 12pt">(a)&nbsp;25,000 incentive stock options expired (see table below) on February&nbsp;3, 2003;
<BR>
(b)&nbsp;83,000 shares were issued, for total proceeds of $48,140, as a result of the exercise of stock
options at the exercise price of $0.58 per share.
<BR>
(c)&nbsp;On June&nbsp;3, 2003, the Company announced a private placement of 1,000,000 units at $0.42 per
unit. Each unit consisting of one share and one non-transferable share purchase warrant for the
purchase of on additional share of the Issuer, for a period of two years, at the exercise price of
$0.50 per share.


<P align="left" style="font-size: 12pt"><U>Incentive Stock Options </U>


<P align="left" style="font-size: 12pt">The continuity of the Company&#146;s stock options for the years ended January&nbsp;31, 2003 and 2002 is as
follows:

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Balance, January</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Balance January 31,</TD>
</TR>
<TR style="font-size: 12pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Price</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Expiry Date</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">31/02</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Granted</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exercised</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Expired/ Cancelled</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2003</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$0.60</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Feb. 3/03              <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$0.58</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Oct. 23/07             <BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 12pt"><U>Share Purchase Warrants </U>


<P align="left" style="font-size: 12pt">At January&nbsp;31, 2003, the Issuer had no outstanding share purchase warrants.


<P align="left" style="font-size: 12pt">For further information regarding the affairs of the Issuer during the fiscal year ended January
31, 2003, and subsequent financial reporting periods refer to the audited and interim financial
statements and quarterly reports filed on the SEDAR website at www.sedar.com.


<P align="left" style="font-size: 12pt">All significant subsequent events since the most recently reported fiscal year end of the Issuer
are disclosed herein other than:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of an additional 78,000 common shares of the Issuer by way of the exercise of
stock options at the exercise price of $0.58 per share for proceeds of $45,240.00.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acceptance by the TSX Venture Exchange of a private placement of 1,000,000 units at the price
of $0.42 per unit, each unit consisting of one common share of the Issuer and a
non-transferable share purchase warrant for the purchase of an additional 1,000,000 shares at
the exercise price of $0.52 per share for a period of two years.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt"><B>MARKET FOR SECURITIES</B>


<P align="left" style="font-size: 12pt">The common shares of the Issuer are listed and posted for trading on the TSX Venture Exchange.


<P align="left" style="font-size: 12pt"><B>DIRECTORS AND OFFICERS</B>


<P align="left" style="font-size: 12pt"><U>Name , Address , Occupation and Security Holdings </U>


<P align="left" style="font-size: 12pt">The full names, municipality of residence, positions and offices held in the Issuer by the
directors and executive officers of the Issuer, principal occupation within the past five years and
periods during which each director and executive officer has served in such capacity for the fiscal
year ended January&nbsp;31, 2002.

<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name, Municipality<BR>
of Residence and<BR>
Positions with<BR>
Issuer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date of Appointment<BR>
and/or Election as<BR>
a Director or<BR>
Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Principal Occupation within<BR>
the preceding five years</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Louis Wolfin<BR>
West Vancouver, B.C.<BR>
President &#038; Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director from<BR>
August, 1969, and<BR>
President from<BR>
March, 1972 to<BR>
present
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mining Executive, President of<BR>
Frobisher Securities Inc., of<BR>
Vancouver, B.C. Director of<BR>
Bralorne-Pioneer Gold Mines<BR>
Ltd., Gold Summit Mines Ltd.,<BR>
Mill Bay Ventures inc. Coral<BR>
Gold Corp., and Superior<BR>
Diamonds Inc., Director and<BR>
President of Levon Resources<BR>
Ltd., all reporting issuers<BR>
trading on the TSX Venture<BR>
Exchange.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ernest Calvert<BR>
Vancouver, B.C.<BR>
Vice-President &#038;<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June, 1990
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Businessman, Director of Coral<BR>
Gold Corp., Levon Resources<BR>
Ltd. and Bralorne-Pioneer Gold<BR>
Mines Ltd., all reporting<BR>
issuers trading on the TSX<BR>
Venture Exchange.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William Glasier<BR>
Mill Bay, B.C.<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August, 1990
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Businessman and self employed<BR>
Financial Consultant; Director<BR>
of Coral Gold Corp., Mill Bay<BR>
Ventures Ltd., Levon Resources<BR>
Ltd., and Bralorne-Pioneer<BR>
Gold Mines Ltd. All of these<BR>
companies are reporting<BR>
issuers trading on the TSX<BR>
Venture Exchange.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William Kocken<BR>
Surrey, B.C.<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">September, 1997
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Businessman, Director of Mill<BR>
Bay Ventures Inc., and<BR>
Bralorne-Pionner Gold Mines<BR>
Ltd., all reporting issuers<BR>
trading on the TSX Venture<BR>
Exchange.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Wolfin<BR>
West Vancouver, B.C.<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">October, 1995
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mining Executive, Director of<BR>
Bralorne-Pioneer Gold Mines<BR>
Ltd. and Coral Gold Corp.,<BR>
both reporting issuers trading<BR>
on the TSX Venture Exchange;<BR>
President of Gray Rock<BR>
Resources Ltd. a non trading<BR>
reporting issuer.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Bayback<BR>
La Canada, CA<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
June, 1990
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
<BR>
Business &#038; Financial Consultant</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrea Reigner<BR>
Delta, B.C.<BR>
Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July, 1995
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and owner of<BR>
Dawn-Pacific Management Ltd.,<BR>
a consulting company which<BR>
provides accounting,<BR>
securities and corporate<BR>
services to reporting issuers<BR>
since August, 1992. Director<BR>
and Secretary of Levon<BR>
Resources Ltd., and Secretary<BR>
of Coral Gold Corp. and<BR>
Bralorne-Pioneer Gold Mines<BR>
Ltd., reporting issuers listed<BR>
on the TSX Venture Exchange.</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a group, the directors and senior officers beneficially own, directly or indirectly
293,761 voting common shares of the Issuer, representing, approximately, 4.9% of the voting
securities of the Issuer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt"><U>Corporate Cease Trade Orders or Bankruptcies </U>


<P align="left" style="font-size: 12pt">None of the directors or officers or a shareholder holding 20% or more of the issued shares of the
Issuer, is, or within the past 10&nbsp;years prior to the date of this Annual Information Form has
been, a director or officer of any other issuer that, while that person was acting in such capacity
was the subject of a cease trade order or similar order or an order that denied such issuer access
to any statutory exemptions for a period of more than 30 consecutive days, nor has such person
become bankrupt, made a proposal under any legislation rela ting to bankruptcy or insolvency or was
subject to or instituted any proceedings, arrangement or compromise with creditors or had a
receiver, receiver manager or trustee appointed to hold its assets, during the past ten years.


<P align="left" style="font-size: 12pt"><U>Conflicts of Interest </U>


<P align="left" style="font-size: 12pt">Certa in of the Directors of the Issuer are also directors and/or officers of other companies
engaged in mineral exploration and development, as well as mineral property acquisitions.
Accordingly, mineral property acquisition and/or exploration opportunities or prospects of which
they become aware will not necessarily be made available to the Issuer. The directors intend, to
allocate these opportunities or prospects from time to time among the various companies in which
they are involved, on the basis of prudent business judgment, the relative financial ability, and
need of each company in which they are directors and/or officers to participate. In the event of
any conflict of interest, the directors will act in accordance with the common law and the
provisions of the Company Act (British Columbia).


<P align="left" style="font-size: 12pt"><B>ADDITIONAL INFORMATION</B>


<P align="left" style="font-size: 12pt">The Issuer will provide to any person or company, upon request to the Secretary of the Issuer:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when the securities of the Issuer are in the course of a distribution under a preliminary
short form prospectus or a short form prospectus,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one copy of the AIF of the Issuer, together with one copy of any document, or
pertinent pages of any document, incorporated by reference in the AIF,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one copy of the comparative financial statements of the Issuer for its most
recently completed financial year for which financial statements have been filed
together with the accompanying report of the auditor and one copy of the most recent
interim financial statements of the Issuer that have been filed, if any, for any period
after the end of its most recently completed financial year.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one copy of the information circular of the Issuer in respect of its most
recent annual meeting of shareholders that involved the election of directors or one
copy of any annual filing prepared instead of that information circular, as
appropriate, and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one copy of any other documents that are incorporated by reference into the
preliminary short form prospectus or the short form prospectus and are not required to
be provided under clauses (I), (ii)&nbsp;or (iii); or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any other time, one copy of any documents referred to in clauses (a)Ii), (ii)&nbsp;and (iii),
provided that the Issuer may require the payment of a reasonable charge if the request is made
by a person or company who is not a security holder of the Issuer.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 12pt">Additional information including directors&#146; and officers&#146; remuneration and indebtedness, principal
holders of the Issuer&#146;s securities, options to purchase securities and interests of insiders in
material transactions, if applicable, is contained in the Issuer&#146;s information circular for its
most recent annual meeting of shareholders that involved the election of directors, and that
additional financial information is provided in the Issuer&#146;s comparative financial statements for
its most recently completed financial year.



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<DESCRIPTION>EX-99.3
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>AVINO SILVER &#038; GOLD MINES LTD.<BR>
#400, 455 Granville Street, Vancouver, BC, V6C 1T1<BR>
(604)&nbsp;682-3701 (604)&nbsp;682-3600</B></FONT>



<P align="left" style="font-size: 12pt">August&nbsp;19, 2003


<P align="left" style="font-size: 12pt"><B>NEWS RELEASE</B>


<P align="left" style="font-size: 12pt">The Company is pleased to announce that a Private Placement announced June&nbsp;3, 2003 for an aggregate
1,000,000 units at a price of $0.42 per unit was completed. The placement involved the issuance of
1,000,000 common shares of which 500,000 were issued as tax flow-through shares, and a
non-transferable warrant entitling the investor to purchase an additional common share at a price
of $0.52. The warrants are exercisable until August&nbsp;14, 2005. The shares are subject to a hold
period and may not be traded until December&nbsp;14, 2003.


<P align="left" style="font-size: 12pt">On Behalf of the Board;


<P align="left" style="font-size: 12pt"><U><B>&#147;David Wolfin&#148;</B></U>
<BR>
President &#038; Director


<P align="left" style="font-size: 12pt">The TSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy
or adequacy of this release.



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