<SEC-DOCUMENT>0001477932-14-007405.txt : 20141231
<SEC-HEADER>0001477932-14-007405.hdr.sgml : 20141231
<ACCEPTANCE-DATETIME>20141231144828
ACCESSION NUMBER:		0001477932-14-007405
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20141231
FILED AS OF DATE:		20141231
DATE AS OF CHANGE:		20141231

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:	001-35254
		FILM NUMBER:		141318341

	BUSINESS ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 3P1
		BUSINESS PHONE:		6046823701

	MAIL ADDRESS:	
		STREET 1:		570 GRANVILLE STREET
		STREET 2:		SUITE 900
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3P1

	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>avino_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 12pt;"><b>UNITED STATES</b></font></p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 12pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 12pt;"><b>Washington, D.C. 20549</b></font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><font style="font-size: 18pt;"><b>FORM 6-K</b></font></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</b></p>
<p style="text-align: center; margin: 0px;" align="center"><b>UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>December, 2014</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center">Commission File Number: <b>001-35254</b></p>
<p style="margin: 0px;">&#160;</p>
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<td style="border-bottom: black 1px solid;">
<p style="text-align: center; font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 18pt;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></font></p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="text-align: center; margin: 0px;"><u style="line-height: 1;">&#160;<b>Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</b></u></p>
<p style="margin: 0px;" align="center">(Address of principal executive offices)</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.&#160;<font style="font-size: 10pt; font-family: Wingdings;">x</font>&#160;Form 20-F&#160;<font style="font-size: 10pt; font-family: Wingdings;">&#168;</font> Form 40-F</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <font style="font-size: 10pt; font-family: Wingdings;">&#168;</font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <font style="font-size: 10pt; font-family: Wingdings;">&#168;</font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes&#160;<font style="font-size: 10pt; font-family: Wingdings;">&#168;</font> No <font style="font-size: 10pt; font-family: Wingdings;">x</font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</p>
<p style="margin: 0px;">&#160;</p>
<div style="font-size: 1pt; border-bottom: #000000 1px solid; margin: 0px; width: 100%;"></div>
<div style="font-size: 1pt; border-bottom: #000000 4px solid; page-break-after: always; margin-top: 2px; width: 100%;"></div>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;"><strong>EXPLANATORY NOTE</strong></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Avino is submitting the Form 51-102F4 Business Acquisition Report regarding the transaction between Avino and Bralorne which was filed on SEDAR on December 30, 2014.&#160;</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>SUBMITTED HEREWITH</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Exhibits:</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid1" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15" bgcolor="#cceeff">
<td width="5%">
<p style="margin: 0px;">99.1</p>
</td>
<td width="95%">
<p style="margin: 0px;">Form 51-102F4 Business Acquisition Report</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid2" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
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<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">2</font></div>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>SIGNATURES</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.&#160;</p>
<p style="margin: 0px;">&#160;</p>
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<tr height="15">
<td valign="top">&#160;</td>
<td valign="top" colspan="2">
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td valign="top" colspan="2">
<p style="margin: 0px;">(Registrant)</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td valign="top" colspan="2">&#160;</td>
<td valign="top">&#160;</td>
</tr>
<tr height="15">
<td valign="top" width="50%">
<p style="margin: 0px;">Date:&#160;December 31, 2014</p>
</td>
<td valign="top" width="3%">
<p style="margin: 0px;">By:</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" width="35%">
<p style="margin: 0px;"><i>/s/&#160;Dorothy Chin</i></p>
</td>
<td valign="top" width="12%">&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td valign="top">&#160;</td>
<td valign="bottom">
<p style="margin: 0px;">Dorothy Chin</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td valign="top">&#160;</td>
<td valign="top">
<p style="margin: 0px;">Corporate Secretary</p>
</td>
<td valign="top">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="text-align: center; margin: 0px;">3</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" />
<p style="margin: 0px;" align="center">&#160;</p>
<p style="margin: 0px;">&#160;</p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>avino_ex991.htm
<DESCRIPTION>FORM 51-102F4 BUSINESS ACQUISITION REPORT
<TEXT>
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<head></head>
<body style="font: 10pt TIMES NEW ROMAN; text-align: justify; margin: 0px 7% 0px 7%;">
<p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p>
<table id="tableid0" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="5" align="center" border="0">

<tr height="15">
<td style="border: black 1pt solid;" valign="top" width="100%">
<p style="margin: 0px;" align="center"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Form 51-102F4</b></p>
<p style="margin: 0px;" align="center"><b><i>Business Acquisition Report</i></b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid1" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Item 1</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Identity of Company</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1.1&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Name and Address of Company</b></p>
</td>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Avino Silver &amp; Gold Mines Ltd. (&#8220;<b>Avino</b>&#8221; or the &#8220;<b>Company</b>&#8221;)</p>
<p style="margin: 0px;">Suite 900 &#8211; 570 Granville Street</p>
<p style="margin: 0px;">Vancouver, B.C., V6C 3P1</p>
</td>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1.2&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Executive Officer</strong>&#160;</p>
</td>
</tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The following individual is knowledgeable about the significant acquisition described herein and this business acquisition report:&#160;</p>
</td>
</tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Malcolm Davidson, Chief Financial Officer&#160;</p>
<p style="margin: 0px;">Ph: (604) 682-3701&#160;</p>
</td>
</tr>
<tr>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Item 2&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Details of Acquisition</strong>&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="margin: 0px;">&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.1&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Nature of Business Acquired</strong>&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="margin: 0px;">&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="margin: 0px;">On October 20, 2014, Avino and Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;) completed a court approved statutory plan of arrangement under Section 288 of the <i>Business Corporation Act</i> (British Columbia), whereby Avino purchased all of the outstanding common shares of Bralorne not already owned by Avino (the &#8220;<b>Arrangement</b>&#8221;). Pursuant to the Arrangement, each Bralorne common share (a &#8220;<b>Bralorne Share</b>&#8221;) not already owned by Avino has been transferred to Avino and the former holders thereof became entitled to receive for each such Bralorne Share, 0.14 of a common share of Avino.&#160;</p>
</td>
</tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Arrangement is more fully described in Bralorne&#8217;s information circular dated September 4, 2014 and filed on SEDAR (www.sedar.com) under Bralorne&#8217;s profile.&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.2&#160;&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Acquisition Date</strong>&#160;</p>
</td>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">October 20, 2014.<strong>&#160;</strong></p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
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<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">1</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
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<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.3 </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Consideration</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Pursuant to the Arrangement, 2,636,845 Avino common shares have been issued to the former holders of Bralorne Shares and all stock options to acquire Bralorne Shares have been cancelled.<strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.4&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Effect on Financial Position&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Pursuant to the Arrangement, Avino acquired control of the Bralorne Gold Mine, located near Gold Bridge, British Columbia, and on a consolidated financial basis has assumed all liabilities of Bralorne. For information on the effect of the acquisition of Bralorne on Avino&#8217;s financial position, see the unaudited pro-forma consolidated statement of financial position of Avino included in Schedule 1. There are no plans or proposals for any material changes in Avino&#8217;s business affairs, or the affairs of the business of Bralorne which may have a significant effect on the financial performance and financial position of Avino. Dr. Matt Ball, President and Chief Operating Officer of Bralorne, was appointed VP Operations, Canada of Avino.<strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.5&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Prior Valuations&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">No valuation opinion was obtained in the last 12 months by either Avino or Bralorne. However, Bralorne obtained a fairness opinion from Bruce McKnight Minerals Advisor Services dated August 1, 2014 by Bruce McKnight B.A.Sc., M.Sc., MBA, P. Eng., FCIM, attesting to the fairness of the Arrangement to the shareholders of Bralorne as set out therein; and Avino obtained a fairness opinion from Ross Glanville &amp; Associates Ltd. dated July 31, 2014 by Ross Glanville, B.A.Sc., P. Eng., CGA, MBA, attesting to the fairness of the Arrangement to the shareholders of Avino as set out therein.<strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.6&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Parties to Transaction&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Immediately prior to the Arrangement, Avino held 9,679,149 Bralorne Shares, representing approximately 34% of the total issued and outstanding shares of Bralorne, and as a result, Avino was the control person of Bralorne and Bralorne was an affiliate of Avino.<strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.7&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Date of Report&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">December 30, 2014.<strong>&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Item 3</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Financial Statements and Other Information&#160;</strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The following financial statements of Avino and Bralorne are included in and form an integral part of this Business Acquisition Report:<strong></strong></p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">1.</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The audited financial statements of Bralorne, together with the accompanying report of the independent auditors, as at January 31, 2014 and 2013 and for the years then ended (Schedule 1).</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">2.</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The unaudited interim financial statements of Bralorne as at July 31, 2014 and for the three and six months then ended (Schedule 2).</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">3.</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The unaudited pro-forma consolidated statement of financial position of Avino as at September 30, 2014, the unaudited pro-forma consolidated statements of income (loss) of Avino for the year ended December 31, 2013, the unaudited pro-forma condensed consolidated statements of income (loss) of Avino for the nine months ended September 30, 2014, and the related notes (Schedule 3).</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Forward-</b><b>looking statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Certain information in this business acquisition report is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as will, anticipate, believe, plan, target, expect or similar words would suggest future outcomes.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including the fair value of assets acquired and liabilities assumed, the final settlement of any adjustments under the agreement for the Arrangement or plan of arrangement, completing the analysis of the tax treatment of the acquisition, recording any related future income tax adjustments and the effective corporate tax rate and incurring additional expenses in connection with the transaction, as well as those factors discussed in the section &#8220;Risk Factors&#8221; of the Company&#8217;s Management&#8217;s Discussion and Analysis and Annual Information Form (SEC Form 20F) for the year ended December 31, 2013 (which can be found on www.sedar.com under the Company&#8217;s profile).</p>
<p style="margin: 0px;">&#160;</p>
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<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;">Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but may prove to be inaccurate. Although the Company believes the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing is not exhaustive of all factors and assumptions that may have been used.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.</p>
<p style="margin: 0px;">&#160;</p>
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<p style="margin: 0px;">&#160;&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>SCHEDULE 1</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>Bralorne Gold Mines Ltd.</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>Audited Financial Statements</b></p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><b>As at and for the years ended January 31, 2014 and 2013</b></p>
<p style="margin: 0px;">&#160;</p>
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<p style="margin: 0px;"><b><img src="avino_ex991001.jpg" ></b></p>
<p style="margin: 0px;" align="center"><b></b>&#160;</p>
<p style="margin: 0px;" align="center"><b></b><font style="font-size: 18pt;"><b>BRALORNE GOLD MINES LTD.</b></font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><font style="font-size: 12pt;"><b>Audited Financial Statements</b></font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>For the years ended January&#160;31, 2014 and 2013</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>(Expressed in Canadian Dollars)</b></p>
<p style="margin: 0px;">&#160;</p>
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<p style="margin: 0px;"><b>Index</b></p>
</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: center;" valign="top" width="9%"><b>Page</b></td>
<td width="1%">&#160;</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="top">&#160;</td>
<td>&#160;</td>
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<p style="margin: 0px;"><b>Management&#8217;s Responsibility for Financial Reporting</b></p>
</td>
<td>&#160;</td>
<td></td>
<td id="ffc" valign="top" align="right">
<p style="margin: 0px;">7</p>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="top">&#160;</td>
<td>&#160;</td>
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<p style="margin: 0px;"><b>Independent Auditors&#8217; Report</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">8</p>
</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;"><b>Financial Statements</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top"></td>
<td>&#160;</td>
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<tr height="15" bgcolor="#ffffff">
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Statements of Financial Position</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">9</p>
</td>
<td>&#160;</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
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<tr height="15" bgcolor="#cceeff">
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<p style="margin: 0px;">Statements of Operations and Comprehensive Loss</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">10</p>
</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Statements of Changes in Shareholders&#8217; Equity</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">11</p>
</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Statements of Cash Flows</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">12</p>
</td>
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<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
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<p style="margin: 0px;">Notes to the Financial Statements</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="top">
<p style="text-align: right; margin: 0px;">13-33</p>
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<p style="margin: 0px;">&#160;</p>
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<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">6</font></div>
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<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
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<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;" align="center"><b>MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL REPORTING</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The financial statements of Bralorne Gold Mines Ltd. (an exploration stage company) are the responsibility of the Company&#8217;s management. The financial statements are prepared in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board. These statements include amounts that are based on management&#8217;s best estimates and judgments. Management has determined such amounts on a reasonable basis in order to ensure that the financial statements are presented fairly, in all material respects. Financial information used elsewhere in annual filings is consistent with that in the financial statements.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Management has developed and is maintaining a system of internal controls to ensure that the Company&#8217;s assets are safeguarded, transactions are authorized and properly recorded and financial information is reliable.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the audit and the annual financial statements prior to their submission to the Board of Directors for approval.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The financial statements as at January&#160;31, 2014 and 2013, and its financial performance and its cash flows for the years ended January&#160;31, 2014 and 2013 have been audited by Smythe Ratcliffe LLP Chartered Accountants, and their report outlines the scope of their examination and gives their opinion on the financial statements.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">&#160;</p>
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<td width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;William Kocken&#8221; </em></font></td>
<td width="10%">&#160;</td>
<td>&#160;</td>
<td width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;Annie Chan&#8221;</em></font></td>
<td width="10%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#160;</em></font></td>
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<td style="border-bottom: black 1px solid;"><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
<td></td>
<td></td>
<td style="border-bottom: black 1px solid;"><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
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<tr height="15">
<td><font style="font: 10pt TIMES NEW ROMAN;">William Kocken&#160;<em>&#160;</em></font></td>
<td></td>
<td></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">Annie Chan, CA<em>&#160;</em></font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
</tr>
<tr height="15">
<td><font style="font: 10pt TIMES NEW ROMAN;">CEO<em>&#160;</em></font></td>
<td></td>
<td></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">CFO<em>&#160;</em></font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Vancouver, British Columbia&#160;</p>
<p style="margin: 0px;">May 26, 2014</p>
<p style="margin: 0px;">&#160;</p>
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<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">7</font></div>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
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</table>
<p style="margin: 0px;"><img src="avino_ex991002.jpg" ></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>INDEPENDENT AUDITORS&#8217; REPORT</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: left; margin: 0px;"><b>TO THE SHAREHOLDERS </b><b>OF </b><b>BRALORNE GOLD MINES LTD.</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">We have audited the accompanying financial statements of Bralorne Gold Mines Ltd., which comprise the statements of financial position as at January&#160;31, 2014 and 2013, and the statements of operations and comprehensive loss, changes in shareholders&#8217; equity and cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Management's Responsibility for the</i> <i>Financial Statements</i></p>
<p style="margin: 0px;">Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Auditors&#8217; Responsibility</i></p>
<p style="margin: 0px;">Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors&#8217; judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Opinion</i>&#160;</p>
<p style="margin: 0px;">In our opinion, the financial statements present fairly, in all material respects, the financial position of Bralorne Gold Mines Ltd. as at January&#160;31, 2014 and 2013, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><img src="avino_ex991003.jpg" ></p>
<p style="margin: 0px;">Chartered Accountants</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Vancouver, British Columbia</p>
<p style="margin: 0px;">May 26, 2014</p>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;"><img src="avino_ex991004.jpg" ></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid13" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">8</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Statements of Financial Position&#160;</p>
<p style="margin: 0px;">As at January 31&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid16" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Note</b></td>
<td align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">&#160;</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>ASSETS</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>Current assets </b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Cash</p>
</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">486,664</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1,241,817</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Prepaid expenses and deposits</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">49,430</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">20,600</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">GST/HST receivables</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">127,825</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">BC mining exploration tax credit receivable</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>7</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">457,505</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">572,023</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,847,747</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Non-current assets</b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Restricted cash</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>6</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>7</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,932,901</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,022,765</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Property and equipment</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>8</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">87,540</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">92,390</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">31,732,464</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">32,102,902</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>LIABILITIES </b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Current liabilities </b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Accounts payable and accrued liabilities</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">598,300</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">894,753</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Amounts due to related parties</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><b>11b</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">130,235</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">44,156</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Gold advances</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>16</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">754,634</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,483,169</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">938,909</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Non-current liabilities </b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Decommissioning liability</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>9</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,581,169</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,036,909</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>SHAREHOLDERS&#8217; EQUITY</b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Share capital</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0pt;"><b>10</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,747,897</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,739,506</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Reserve for options</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,001,088</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,092,255</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Deficit</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(9,597,690</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(8,765,768</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">30,151,295</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">31,065,993</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">31,732,464</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">32,102,902</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Approved on behalf of the Board:&#160;</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid15" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid; text-align: center;" width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;Gary Robertson&#8221;</em></font></td>
<td width="10%">Director</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid; text-align: center;" width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;William Kocken&#8221;</em></font></td>
<td width="10%"><font style="font: 10pt TIMES NEW ROMAN;">Director<em>&#160;</em></font></td>
</tr>
<tr height="15">
<td style="text-align: center;"><font style="font: 10pt TIMES NEW ROMAN;">Gary Robertson<em>&#160;</em></font></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;"><font style="font: 10pt TIMES NEW ROMAN;">William Kocken<em>&#160;</em></font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">The accompanying notes are an integral part of these financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid16" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">9</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Statements of Operations and Comprehensive Loss</p>
<p style="margin: 0px;">Years ended January 31&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="ffffftableid19" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto; border: 0px;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="center"><b>Note</b></p>
</td>
<td style="text-align: center;"></td>
<td style="text-align: center;">&#160;</td>
<td style="border-bottom: black 1px solid; text-align: center;" colspan="2">
<p style="margin: 0px;"><b>2014</b></p>
</td>
<td style="text-align: center;">&#160;</td>
<td style="text-align: center;">&#160;</td>
<td style="border-bottom: black 1px solid; text-align: center;" colspan="2">
<p style="margin: 0px;"><b>2013</b></p>
</td>
<td>&#160;</td>
</tr>
<tr height="15">
<td valign="bottom">&#160;</td>
<td valign="bottom" width="9%">&#160;</td>
<td width="1%"></td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%">&#160;</td>
<td width="1%">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>Operating and Administrative Expenses</b></p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Administration services</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>$</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">10,984</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>$&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">9,331</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Amortization</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;22,481</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">17,863</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Automobile</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">19,408</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">19,643</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Consulting fees</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;3,791</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;28,916</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Directors&#8217; fees</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;24,000</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;22,000</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Listing and filing fees</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;37,730</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">35,098</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Office, occupancy and miscellaneous</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;125,947</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">142,566</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Professional fees</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;143,559</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;64,513</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Salaries and benefits</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;355,381</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;323,314</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Shareholder information</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;104,923</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">214,299</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Share-based compensation</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10e</b></p>
</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;55,028</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">149,188</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Travel and accommodation</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: right;" valign="bottom">
<p style="margin: 0px;">&#160;20,946</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: right;" valign="bottom">
<p style="margin: 0px;">52,431</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">(924,178</p>
</td>
<td>)&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">(1,079,162</p>
</td>
<td>)&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Write-down of receivables</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>11a</b></p>
</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">(77,623</p>
</td>
<td>)&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">-</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Interest income</p>
</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">2,106</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">
<p style="margin: 0px;">2,584</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Gain (loss) on foreign exchange</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: right;" valign="bottom">
<p style="margin: 0px;">24,869</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid; text-align: right;" valign="bottom">
<p style="margin: 0px;">(46,895</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">)&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td></td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td></td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Net Loss and Comprehensive Loss for the Year </b></p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">$</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">(974,826</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">)&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">$</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">(1,123,473</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">)&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Loss per Share &#8211; Basic and Diluted</b></p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">$</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">(0.03</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">)&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">$&#160;</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">(0.04</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">)&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Weighted Average Number of Common Shares Outstanding </b></p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">28,498,940</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double; text-align: right;" valign="bottom">
<p style="margin: 0px;">28,452,494</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">The accompanying notes are an integral part of these financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid18" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">10</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;"><b></b>&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Statements of Changes in Shareholders&#8217; Equity&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid21" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left"></td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0px;" align="center"><b>Note</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Number of Common<br >Shares</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Share<br >Capital</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Reserve for Options</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Reserve for Warrants</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Deficit</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Total Shareholders&#8217; Equity</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td style="text-indent: 30px;" valign="bottom" align="left"></td>
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Balance, January&#160;31, 2012</b></p>
</td>
<td style="text-indent: 30px;" valign="bottom" width="8%"></td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">28,375,835</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">37,588,185</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">2,169,932</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">308,156</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">(8,117,995</p>
</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="7%" align="right">
<p style="margin: 0pt;">31,948,278</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Common shares issued for cash:</p>
</td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom">
<p style="padding-left: 0px; margin: 0px; text-indent: 30px;">Exercise of options</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10b(ii)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">121,009</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">92,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">92,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Transfer on exercise of options</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10b(ii)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">59,321</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(59,321</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10e</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">149,188</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">149,188</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Transfer of expired options and warrants</p>
</td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(167,544</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(308,156</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">475,700</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Loss for the year</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(1,123,473</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(1,123,473</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Balance, </b><b>January&#160;31, 2013</b></p>
</td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>28,496,844</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>37,739,506</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>2,092,255</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>-</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;"><b>(8,765,768</b></p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>31,065,993</b></p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Common shares issued for cash:</p>
</td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Exercise of options</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10b(i)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">17,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,100</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,100</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Transfer on exercise of options</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10b(i)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,291</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(3,291</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center"><b>10e</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Transfer of expired options</p>
</td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(142,904</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">142,904</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Loss for the year</p>
</td>
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom" align="left"></td>
<td class="para" valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td></td>
<td valign="bottom" align="left"></td>
<td class="para" valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Balance, January&#160;31, 2014</b></p>
</td>
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>28,513,844</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>37,747,897</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>2,001,088</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>-</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>(9,597,690</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>)</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>30,151,295</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">The accompanying notes are an integral part of these financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid20" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">11</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;">Statements of Cash Flows&#160;</p>
<p style="margin: 0px;">Years Ended January 31&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid23" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="text-indent: 30px;" valign="bottom" align="left"></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left"></td>
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" colspan="2" align="left">
<p style="margin: 0px;"><b>OPERATING ACTIVITIES</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Net loss for the year</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,123,473</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Adjustments for items not involving cash:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom" width="4%"></td>
<td valign="bottom">
<p style="margin: 0px;">Amortization</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">22,481</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">17,863</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">149,188</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Write-down of receivables</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">77,623</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(819,694</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(956,422</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Changes in non-cash working capital:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Prepaid expenses and deposits</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(28,830</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,528</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">GST/HST receivables</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">91,896</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">186,529</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Accounts payable and accrued liabilities</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">14,009</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(507,287</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Amounts due to related parties, net</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">86,079</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(25,453</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash used in operating activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(656,540</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(1,265,105</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>INVESTING ACTIVITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Property and equipment acquisitions</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(17,631</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(68,477</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Recovery of (expenditures on) exploration and evaluation assets, net of incidental sale of gold dore bar and concentrate</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(896,799</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">359,259</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Gold advances</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">754,634</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">BC mining exploration tax credit</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">56,083</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,308,919</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash provided by investing activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(103,713</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,599,701</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>FINANCING ACTIVITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">Issuance of common shares, net of issue costs</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,100</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">92,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash provided by financing activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,100</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">92,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Increase (decrease) in cash </b></p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(755,153</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">426,596</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">Cash, beginning of year</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,241,817</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">815,221</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash, end of year</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">486,664</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,241,817</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">See Note 15 for supplemental cash flow information</p>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">The accompanying notes are an integral part of these financial statements</p>
<p style="text-align: center; margin: 0px;">&#160;</p>
<table id="tableid22" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">12</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid23" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Nature and Continuance of Operations</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Bralorne Gold Mines Ltd. ("Bralorne" or the &#8220;Company&#8221;) is a publicly listed company incorporated on July 10, 1992 under the laws of the province of British Columbia. The Company maintains its head office and registered office at Suite 900 &#8211; 570 Granville Street, Vancouver, British Columbia, Canada, V6C 3P1, and owns a 100% interest in a mineral property in British Columbia, Canada. It is in the process of exploring and developing its mineral property interest and has not yet determined whether this property contains sufficient ore reserves, such that their recovery would be economically viable. The Company&#8217;s shares trade on the Toronto Stock Venture Exchange under the symbol &#8220;BPM&#8221;, on the OTC Markets under the symbol &#8220;BPMSF&#8221; and on the Frankfurt Stock Exchange under the symbol &#8220;GV7&#8221;.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company is in the exploration and development stage. The investment in and expenditures on the mineral property comprise substantially all of the Company&#8217;s assets. The recoverability of amounts shown for its exploration and evaluation assets, and the Company&#8217;s ability to continue as a going concern are dependent upon the continued support from its shareholders, the discovery of economically recoverable reserves, and the ability of the Company to obtain the financing necessary to complete development and achieve profitable operations in the future. The outcome of these matters cannot be predicted at this time. These financial statements do not reflect any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">As at January&#160;31, 2014, the Company had working capital deficiency of $911,146 (2013&#160;- positive working capital of $908,838) and a deficit of $9,597,690 (2013&#160;- $8,765,768). Management believes the Company has sufficient funds to pay its ongoing operating expenditures, meet its liabilities for the ensuing year as they fall due and to fund cash payments for planned exploration programs (note 17).</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid24" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Basis of Presentation</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Statement of compliance</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">These financial statements have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Basis of presentation </b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">These financial statements are expressed in Canadian dollars, the Company&#8217;s functional currency, and have been prepared on a historical cost basis, except for financial instruments that have been classified as fair value through profit or loss (&#8220;FVTPL&#8221;), which are stated at their fair values. In addition, these financial statements have been prepared using the accrual basis of accounting, with the exception of cash flow information.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Approval of the financial statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">These financial statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on May 26, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Significant accounting judgments and estimates</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates under different assumptions and conditions.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;&#160;</p>
<table id="tableid26" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Basis of Presentation (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Significant accounting judgments and estimates (continued)</b>&#160;</p>
</td>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The preparation of financial statements requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. In particular, significant judgments made by management in the application of IFRS during the preparation of the financial statements and estimates with a risk of material adjustment are:</p>
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</table>
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<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(a)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Realization of exploration and evaluation assets</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The investment in exploration and evaluation assets on the Bralorne property comprise a significant portion of the Company&#8217;s assets. Realization of the Company&#8217;s investment in the exploration and evaluation assets is dependent upon the Company obtaining permits, the satisfaction of governmental requirements, the attainment of successful production from the properties, or from the proceeds upon disposal of the Company&#8217;s properties. Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines.<em>&#160;</em></p>
</td>
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<tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>&#160;</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(b)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Decommissioning, restoration and similar liabilities&#160;</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Decommissioning and restoration obligation provisions represents management&#8217;s best estimate of the present value of the future costs. Significant estimates and assumptions are made in determining the amount of obligation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory framework; the magnitude of possible disturbance; and the timing, extent and costs of required restoration and rehabilitation activity. These uncertainties may result in future actual expenditures differing from the amounts currently provided.<em>&#160;</em></p>
</td>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>&#160;</em></p>
</td>
</tr>
<tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(c)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Income taxes&#160;</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.<em>&#160;</em></p>
</td>
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<tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(d)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Valuation of share-based payments</em>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company uses the Black-Scholes option pricing model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company&#8217;s earnings and equity reserves.&#160;</p>
</td>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(e)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Commencement of commercial production</em>&#160;</p>
</td>
</tr>
<tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Prior to a mine being capable of operating at levels intended by management, costs incurred are capitalized as part of the cost of relating mining properties and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Management considers the Bralorne property is capable of operating at levels intended by management once it reaches consistent production of no less than 200 tons per day for 22 days of the month. As of January 31, 2014, the Bralorne property has not met this target.&#160;</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">14</font></div>
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</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Basis of Presentation (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Significant accounting judgments and estimates (continued)</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">While management believes that these judgments and estimates are reasonable, actual results could differ from those estimates and could impact future results of comprehensive income and cash flows. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods.</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Foreign</b><b> currency transactions</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Financial instruments</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">All financial assets are initially recorded at fair value and classified into one of four categories: held-to-maturity, available-for-sale, loans and receivable or FVTPL. All financial liabilities are initially recorded at fair value and classified as either FVTPL or other financial liabilities. At initial recognition management has classified financial assets and liabilities as follows.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company has classified its cash as FVTPL. Accounts payable and amounts due to related parties are classified as other liabilities.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Fair value hierarchy </i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs in making the measurements. The levels of the fair value hierarchy are defined as follows:</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Level 1 &#8211; Quoted prices (unadjusted) in active markets for identical assets or liabilities.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Level 2 &#8211; Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Level 3 &#8211; Inputs for the asset or liability that are not based on observable market data.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Exploration and evaluation assets</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company is in the exploration and development stage with respect to its exploration and evaluation assets. Exploration and development costs directly related to the mineral property are deferred as exploration and evaluation assets until the property to which they relate is placed into production, sold, abandoned or subject to a condition of impairment. The deferred costs are amortized over the useful life of the ore body using the units-of-production method following commencement of production, or written off if the property is sold or abandoned.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The commencement of commercial production is deemed to occur on a determination made by management with reference to factors such as the asset&#8217;s ability to operate at its designed capacity over a pre-determined reasonable period of time, technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, and all necessary property and equipment have been acquired. However, the production phase does not commence with the removal of <i>de minimis</i> saleable mineral materials that occur in conjunction with the removal of overburden or waste material for the purpose of obtaining access to an ore body.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Gold flotation concentrate, gold dore bars and silver contained within the gold dore bars produced during the exploration and development stage are recorded as a component of exploration and evaluation assets. Proceeds from the sale of gold produced during the bulk sampling stage are incidental to the exploration of mineral properties and are recorded, net of production costs, as a reduction of exploration and evaluation assets.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Proceeds from the sale of gold produced are recognized upon delivery when the following conditions are met:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">it is probable that economic benefits will flow to the Company;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">title, risk and control of ownership of product passes to the buyer;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">revenue and costs can be reliably measured; and</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">collection is reasonably assured.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Proceeds from the sale of dore are recorded net of charges for treatment, refining and smelting at the time title passes from the Company to the buyer based on the spot price of quoted metal prices at date of settlement.</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Proceeds from the sale of flotation concentrate sold to third parties are provisionally priced and the price is not settled until a future date, typically one to four months after delivery to the customer, based on the market price at that time. The contract provides for a provisional payment on delivery based upon provisional assays and quoted metal prices. Proceeds are recorded under these contracts at the time title passes from the Company to the buyer based on quoted metal prices during the quotational period, and subsequently, adjusted to market price based on final assays and quoted metal prices on final settlement.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Exploration and evaluation assets (Continued)</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Reclamation provision </i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company records the present value of estimated costs of legal and constructive obligations required to restore mineral properties in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures, rehabilitating mines and restoration, reclamation and revegetation of affected areas.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The fair value of the liability for a rehabilitation obligation is recorded when it is incurred. When the liability is initially recognized, the present value of the estimated cost is capitalized by increasing the carrying amount of the related exploration and evaluation asset. Over time, the discounted liability is increased for the change in present value based on the discount rates that reflect current market assessments and the risks specific to the liability, which is accreted over time through periodic charges to profit or loss. Additional disturbances or changes in rehabilitation costs will be recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Property and equipment</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Property and equipment are recorded at historical cost less accumulated depreciation. Historical costs include expenditures that are directly attributable to bringing the asset to a location and condition necessary to operate in a manner intended by management. Such costs are accumulated as construction in progress until the asset is available for use, at which point the asset is classified as property and equipment. Once commercial production has commenced, mine, mill, machinery, plant facilities and certain equipment are depreciated using the units-of-production method, if sufficient reserve information is available, or the straight-line method over their estimated useful lives, not to exceed the life of the mine to which the assets relate.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Amortization is charged to operations using the declining balance method at the following annual rates:</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Computer equipment</p>
</td>
<td width="1%">&#160;</td>
<td width="1%"></td>
<td id="ffc" style="text-align: right;" valign="top" width="9%" align="right">
<p style="margin: 0px;">30</p>
</td>
<td width="1%">%&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Computer software</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">30</p>
</td>
<td>%&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Office equipment</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">20</p>
</td>
<td>%&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Vehicle</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" style="text-align: right;" valign="top">
<p style="margin: 0px;">20</p>
</td>
<td>%&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">17</font></div>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Impairment</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">At each financial position reporting date, the carrying amounts of the Company&#8217;s assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">An asset&#8217;s recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm&#8217;s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Accounting for equity units</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Proceeds received on the issuance of units, consisting of common shares and warrants, are allocated based on their relative fair values, calculated using the Black-Scholes option pricing model for warrants and the market price for common shares.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Share-based payment transactions</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company has a stock option plan described in note 10(d). The stock option plan allows Company employees, directors and consultants to acquire shares of the Company. All options granted are measured at fair value and are recognized in expenses as share-based compensation with a corresponding increase in the reserve for options within shareholders' equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The fair value of employee options is measured at grant date and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. The Company estimates volatility used in the Black-Scholes option pricing model using historical share data. For non-employees, share-based payments are measured at the fair value of goods and services received or the fair value of the equity instruments issued, if it is determined the fair value of goods and services received cannot be reliably measured, and are recorded at the date the goods or services are received. The fair value of the options is accrued and charged either to operations or exploration and evaluation assets, with the offset credit to the reserve for options. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Upon the expiration or cancellation of unexercised stock options, the Company will transfer the value attributed to those stock options from the reserve for options to deficit.</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">18</font></div>
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<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;<strong>&#65279;</strong></p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Loss per share</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company presents basic and diluted loss per share data for its common shares calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company's case, diluted loss per share is the same as basic loss per share, as the effects of all outstanding options and warrants would be anti-dilutive.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Flow-through shares</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Flow-through shares entitle a company that incurs certain resource expenditures in Canada to renounce them for tax purposes allowing the expenditures to be deducted for income tax purposes by the investors who purchased the shares.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Any premium received by the Company on the issuance of flow-through shares is initially recorded as a liability. Upon renouncement by the Company of the tax benefits associated with the related expenditures, a deferred tax liability is recognized and the flow-through share premium will be reversed. To the extent that suitable deferred tax assets are available, the Company will reduce the deferred tax liability and record a deferred tax recovery.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Income taxes</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Income tax on the profit or loss for the years presented comprises current and deferred tax. Income tax is recognized in profit or loss, except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Deferred tax is provided using the statement of financial position asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Mining exploration tax credit (&#8220;METC&#8221;)</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company recognizes METC amounts receivable from the government and records those amounts as a recovery in the period in which recoverability can be established and the amount quantified. Such claims are subject to review by taxation authorities, and therefore, the amount ultimately received could be materially different than the amount recorded. Tax credits are recorded using the cost reduction method, and accordingly, are included as a reduction of exploration and evaluation assets.</p>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">19</font></div>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant Accounting Policies (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>New accounting standards and interpretations not yet adopted</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The following new standards, amendments to standards and interpretations have been issued but are not effective for the year-ended January 31, 2014, all of the new and revised standards described below have been early-adopted. Some updates that are not applicable or not consequential to the Company may have been excluded from the list below.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36)</b>&#160;-<b> </b>Amends IAS 36 <i>Impairment of Assets</i>to reduce the circumstances in which the recoverable amount of assets or cash-generating units is required to be disclosed, clarify the disclosures required, and to introduce an explicit requirement to disclose the discount rate used in determining impairment (or reversals) where recoverable amount (based on fair value less costs of disposal) is determined using a present value technique. Applicable to annual periods beginning on or after January&#160;1, 2014. We are currently assessing the impact of adopting amendments of IAS 36 on our consolidated financial statements.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) - </b>Amends IAS 32 <i>Financial Instruments: Presentation</i> to clarify certain aspects because of diversity in application of the requirements on offsetting, focused on four main areas:</p>
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<tr>
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<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the meaning of &#8220;currently has a legally enforceable right of set-off&#8221;</p>
</td>
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<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the application of simultaneous realization and settlement</p>
</td>
</tr>
<tr>
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<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the offsetting of collateral amounts</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the unit of account for applying the offsetting requirements.</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The effective date for the Company of these amendments is January 1, 2014.</p>
</td>
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<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
</tr>
<tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>IFRS 9 <i>Financial Instruments</i> </b>-<b> </b>IFRS 9 was issued in November 2009 and contained requirements for financial assets. This standard addresses classification and measurement of financial assets and replaces the multiple category and measurement models in IAS 39 <i>Financial Instruments &#8211; Recognition and Measurement</i> for debt instruments with a new mixed measurement model having only two categories: amortized cost and fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments and such instruments are either recognized at FVTPL or at fair value through other comprehensive income. Where such equity instruments are measured at fair value through other comprehensive income, dividends are recognized in profit or loss to the extent not clearly representing a return of investment; however, others gains and losses (including impairments) associated with such instruments remain in accumulated other comprehensive income indefinitely.</p>
</td>
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<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Requirements for financial liabilities were added in October 2010 and they largely carried forward existing requirements in IAS 39, except that fair value changes due to credit risk for liabilities designated at FVTPL would generally be recorded in other comprehensive income.</p>
</td>
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<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
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<tr>
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<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">IFRS 9 is effective for the Company's annual periods beginning on or after February 1, 2015 with early adoption permitted. The Company has not yet begun the process of assessing the impact that the new and amended standards will have on its financial statements or whether to early-adopt any of the new requirements.</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">20</font></div>
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</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid47" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>4. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Financial Instruments</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The fair values of the Company&#8217;s cash, accounts payable, gold advances and amounts due to related parties approximate their carrying values due to the short-term nature of these instruments.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company&#8217;s exposure to credit risk, liquidity risk and market risk on its financial instruments is summarized below.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Credit Risk</i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company&#8217;s cash is exposed to credit risk.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company manages credit risk, in respect of cash, by maintaining the majority of cash at major Canadian financial institutions. Concentration of credit risk exists with respect to the Company&#8217;s cash, as the majority of the amounts are held with two major Canadian financial institutions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Liquidity Risk</i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company has cash at January&#160;31, 2014 in the amount of $486,664 (2013&#160;- $1,241,817) in order to meet short-term business requirements. As at January&#160;31, 2014, the Company also had inventory of gold and silver dore bars with a fair value of $425,456 (2013&#160;- $1,797,369), which can be converted into cash on short notice. All of the Company&#8217;s financial liabilities have contractual maturities of less than 30 days and are subject to normal trade terms with the exception of amounts due to related parties, which are due on demand.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Market risk</i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Market risk consists of interest rate risk, foreign currency risk and other price risk. The only market risk to which the Company is exposed is as follows:</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Interest rate risk </i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company&#8217;s cash and restricted cash consist of cash held in bank accounts and guaranteed investment certificates that earn interest at variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values as of January&#160;31, 2014. Future cash flows from interest income on cash will be affected by interest rate fluctuations. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity. The Company&#8217;s sensitivity analysis suggests that a 1% change in interest rates would not have a significant effect on the Company.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid48" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">21</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;&#160;</p>
<table id="tableid49" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>4. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Financial Instruments (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>Classification of financial instruments</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The following table sets forth the Company&#8217;s financial assets measured at fair value by level within the fair value hierarchy:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;</p>
<table id="tableid50" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="top">
<p style="margin: 0px;"><b>January&#160;31, 2014</b></p>
</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 1</b></td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 2</b></td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 3</b></td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Cash</p>
</td>
<td valign="bottom" width="2%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">486,664</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td style="border-bottom: black 1px solid;" valign="top">
<p style="margin: 0px;"><b>January&#160;31, 2013</b></p>
</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 1</b></p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 2</b></p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 3</b></p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Cash</p>
</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">1,241,817</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid51" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>5. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Capital Management</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern in order to pursue the exploration of its properties and to maintain flexible capital structure for its projects for the benefit of its stakeholders. In the management of capital, the Company includes the components of shareholders&#8217; equity.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares. Management reviews the capital structure on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. There were no changes to the Company&#8217;s capital management approach during the fiscal year ended January&#160;31, 2014.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid52" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>6. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Restricted Cash</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company has placed deposits in the amount of $140,000 at January&#160;31, 2014 (2013&#160;- $140,000), registered in the name of the Ministry of Finance of British Columbia, as security for its mining permit and for reclamation. Deposits consist of guaranteed investment certificates earning interest at rates of 0.80% and 1.00% (2013&#160;&#8211; between 0.80% and 1.00%), maturing between March 21, 2014 and February 20, 2015.</p>
</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid53" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">22</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid54" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7.&#160;&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company owns a 100% undivided interest in certain mineral properties located in the Lillooet Mining Division, British Columbia.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The following is a summary of the deferred exploration and development expenditures for the Bralorne Property:</p>
</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid58" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Acquisition costs</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,442,347</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,442,347</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">43,045,909</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">36,487,007</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Tailings pond</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,207,979</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,207,563</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Mine and plant buildings, and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,577,199</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,505,372</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Provision for decommissioning</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">50,371,434</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">43,740,289</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Accumulated concentrate and gold dore sales to date</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(19,438,533</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(13,717,524</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">30,932,901</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">30,022,765</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid56" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">As at January 31, 2014, the Company had gold and silver dore bars with a fair value of $425,456 (2013 - $1,797,369). During the fiscal year ended January 31, 2014, the Company earned incidental revenue by selling 2,656 (2013 - 3,502) ounces of gold dore bar and 862 (2013 - 74) ounces of silver dore bar for total proceeds of $3,788,188 (2013 - $5,822,384) and float concentrate for proceeds of $1,932,821 (2013 - $ 3,017,420). These amounts have been netted against exploration and evaluation assets.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid57" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">23</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid58" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Deferred exploration and development expenditures incurred on the Bralorne Property during the fiscal years ended January&#160;31, 2014 and 2013 are as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid62" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Assays</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">135,959</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">212,897</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Camp operations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">283,977</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">358,589</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Drilling</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">48,532</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">558,292</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Field office</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">250,406</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">362,703</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">General exploration</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,038,723</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,148,003</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Geology</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">634,869</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">821,319</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Insurance</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,984</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,219</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Labour</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,891,855</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,825,572</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Mill operating</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,071,778</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,133,376</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Mine power</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">308,427</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">252,006</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Mine supplies</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">452,577</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">917,972</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Taxes and permits</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">31,393</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">27,740</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Increase in deferred exploration expenditures</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,157,480</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,623,688</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures, beginning of the year</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">36,487,007</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">27,863,319</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">METC *</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">401,422</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures, end of the year</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">43,045,909</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">36,487,007</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid60" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* For the year ended January 31, 2012, the Company submitted a METC claim and recorded a receivable in the amount of $457,505. During the year ended January 31, 2014, Canada Revenue Agency (&#8220;CRA&#8221;) conducted an audit and reduced the METC claim to $56,083. The Company filed a Notice of Objection with CRA and is currently awaiting their response. Should the Company be successful with the Notice of Objection filed, the difference of $401,422 being the difference between the original receivable amount of $457,505 and the amount received of $56,083, will be recorded as a reduction in exploration and evaluation assets in the period that the METC claim is received.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid61" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">24</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid62" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><i>Realization of exploration and evaluation assets</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The investment in and expenditures on the mineral property comprise a significant portion of the Company&#8217;s assets. Realization of the Company&#8217;s investment in this asset is dependent upon the establishment of legal ownership, the attainment of successful production from the property or from the proceeds of its disposal.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Title to exploration and evaluation interests</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Environmental</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company&#8217;s operations may cause additional expenses and restrictions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">If the restrictions adversely affect the scope of exploration and development on the mineral property, the potential for production on the property may be diminished or negated.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including obligations relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid63" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">25</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid64" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>8. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Property and Equipment</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid65" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr style="background-color: white;" height="15">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;"><b>Cost</b></p>
</td>
<td valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Equipment</b></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center">
<p><b>Computer </b><b>Software</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Office<br >Equipment</b></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Vehicle</b></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Total</b></td>
<td>&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">&#160;</td>
<td valign="bottom" width="2%" align="center"><b></b></td>
<td valign="bottom" width="1%" align="center"><b></b></td>
<td valign="bottom" width="8%" align="center"><b></b></td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="8%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="8%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="8%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="8%">&#160;</td>
<td width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2012</p>
</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">47,251</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,160</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,518</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">52,841</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">112,770</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">2,963</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">973</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">64,541</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">68,477</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2013</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">50,214</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">7,133</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,518</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">117,382</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">181,247</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">2,934</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">697</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">14,000</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">17,631</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">53,148</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">7,830</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,518</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">131,382</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">198,878</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;"><b>Accumulated Amortization</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Computer Equipment</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Computer Software</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Office<br >Equipment</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Vehicle</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Total</b></p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2012</p>
</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">23,326</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">5,462</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">5,544</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">36,662</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">70,994</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">7,622</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">355</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">195</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">9,691</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">17,863</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2013</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">30,948</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">5,817</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">5,739</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">46,353</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">88,857</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,220</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">499</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">156</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">15,606</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">22,481</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">37,168</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">6,316</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">5,895</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">61,959</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">111,338</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;"><b>Carrying Value</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Computer Equipment</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Computer Software</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Office<br >Equipment</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Vehicle</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Total</b></p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">January&#160;31, 2013</p>
</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">19,266</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">1,316</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">779</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">71,029</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;" align="right">92,390</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">15,980</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">1,514</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">623</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">69,423</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">87,540</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid66" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>9. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Decommissioning Liability </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">Management has estimated that the present value of its site restoration obligation as at January&#160;31, 2014 amounts to $98,000 (2013&#160;- $98,000), which has been added to exploration and evaluation assets, and recognized as a decommissioning liability. The present value of the obligation was calculated using a risk-free interest rate of 8.00% (2013&#160;- 8.00%) and an inflation rate of 1.50% (2013&#160;- 1.84%). Reclamation activities are estimated to occur over a three-year period beginning in 2030. The undiscounted value of the obligation is $110,000 (2013&#160;- $110,000).</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid67" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">26</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid68" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>10. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(a)&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Authorized:&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Unlimited number of common shares without par value. All shares outstanding are fully paid.<strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(b)&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Issued</strong>&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid69" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(i)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">During the fiscal year ended January 31, 2014, 17,000 stock options were exercised for $5,100. The Company reallocated the fair value of these options previously recorded in the amount of $3,291 from reserve for options to share capital.</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(ii)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">During the fiscal year ended January 31, 2013, 121,009 stock options were exercised for $92,000. The Company reallocated the fair value of these options previously recorded in the amount of $59,321 from reserve for options to share capital.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid70" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(c) </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share purchase warrants</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">A summary of share purchase warrants transactions during the years ended January&#160;31, 2014 and 2013 is as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid76" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Underlying<br >Shares</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Weighted Average Exercise Price</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2012</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1,626,373</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1.50</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Expired</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(1,626,373</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1.50</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2013 and 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid72" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">27</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid73" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>10. </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>Share Capital (continued)</b></p>
</td>
</tr>
<tr>
<td valign="top" width="60">&#160;</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>(d) </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Stock options </strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid74" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company has a stock option plan for its directors, officers, employees and consultants. The terms of the plan provide for a maximum of 2,849,000 options to be granted. The option price under each option shall not be less than the discounted market price on the grant date. The expiry date for each option is set by the Board of Directors at the time of issue and cannot be more than ten years after the grant date.</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">A summary of stock options transactions during the years ended January 31, 2014 and 2013 is as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid80" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Number of<br >Options</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Weighted Average Exercise Price</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at January&#160;31, 2012</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,804,942</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1.01</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Granted</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">350,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1.00</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Exercised</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(121,009</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.76</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Expired</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(288,500</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1.12</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at January&#160;31, 2013</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,745,433</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>*$&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="right">0.85</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Exercised</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(17,000</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.30</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Expired</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(354,922</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">0.79</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,373,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">0.89</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid76" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* During the year ended January 31, 2014, 495,326 stock options with an exercise price between $0.75 to $1.16 were re-priced to $0.30. The weighted average exercise price for options outstanding at January 31, 2013 prior to the re-price was $1.00 on January 31, 2013.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid77" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">28</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;"><b></b>&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid78" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>10. </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">&#160;</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>(d) </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Stock options (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">At January&#160;31, 2014, the Company has 2,373,511 stock options outstanding with a weighted average remaining contractual life of 2.13 (2013&#160;- 2.85) years. As at January&#160;31, 2014 and 2013, the following stock options were outstanding and exercisable:</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid79" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="5">
<p style="margin: 0px;" align="center"><b>Number of Options Outstanding</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="6">
<p style="margin: 0px;" align="center"><b>Number of Options Exercisable</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td style="text-align: center;" valign="bottom" colspan="2"><strong>Exercise Price per</strong></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
</tr>
<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="text-align: center; margin: 0px;" align="right"><b>January 31, </b><b>2014</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>January 31, 2013</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>January 31, </b><b>2014</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>January 31, </b><b>2013</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>Share</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>Expiry Date</b></p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">42,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">42,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.16</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">May 14, 2013</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">162,922</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">162,922</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$0.75</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">November 21, 2013</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">15,326</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">15,326</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">535,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">552,826</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">535,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">552,826</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$0.85</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">135,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">135,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 4, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">635,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">790,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">635,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">790,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.16</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 4, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">164,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">164,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">September 27, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">640,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">826,500</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">640,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">826,500</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.00</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">September 27, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">25,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">25,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">25,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">25,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 4, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">10,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">10,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">10,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">10,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 1, 2014</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">15,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">15,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.00</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">100,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">100,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.00</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">August 24, 2013</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">146,185</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">146,185</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">$1.00</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">August 24, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">68,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">221,185</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">68,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">221,185</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">* $0.30</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">August 24, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">2,373,511</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">2,745,433</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">2,373,511</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">2,745,433</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td style="border-bottom: black 3px double;" valign="bottom"></td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td style="border-bottom: black 3px double;" valign="bottom"></td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="padding-bottom: 3px;" valign="bottom"></td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;"></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid80" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* During the year ended January 31, 2014, 495,326 stock options with an exercise price between $0.75 to $1.16 were re-priced to $0.30. The weighted average exercise price for options outstanding at January 31, 2013 prior to the re-price was $1.00 on January 31, 2013.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid81" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(e) </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share-based compensation</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">Share-based payment compensation is determined using the fair value method. The Company estimated the fair value of options granted and re-priced during the fiscal year ended January&#160;31, 2014 of $49,787 (2013&#160;- $121,069) using the Black-Scholes option pricing model with the following weighted average assumptions.</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid87" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="top">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>2014</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" colspan="2">
<p style="text-align: center; margin: 0px;" align="right"><b>2013</b></p>
</td>
<td>&#160;</td>
</tr>
<tr height="15">
<td valign="top">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%">&#160;</td>
<td width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Fair value</p>
</td>
<td>&#160;</td>
<td>$&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">0.18</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>$&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">0.39</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Exercise price</p>
</td>
<td>&#160;</td>
<td>$&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">0.30</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>$&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">1.00</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Risk-free interest rate</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">1.30%</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">1.13%</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Expected dividend yield</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Expected stock price volatility</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">89.84%</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom">
<p style="margin: 0px;" align="right">67.94%</p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Expected option life in years</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">2.57</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">3.69</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid83" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">29</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid84" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>10. </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital (continued) </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">&#160;</td>
<td valign="top"><strong>&#160;</strong></td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>(e) </b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share-based compensation (continued) </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin: 0px;">During the year ended January&#160;31, 2014, the Company recorded share-based compensation expense on options vested and re-priced of $55,028 (2013&#160;- $149,188) and allocated as follows</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid90" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Directors, officers and employees</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">110,575</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Consultants</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,241</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">38,613</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Extension of options</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">49,787</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Total share-based compensation expensed</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">149,188</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid86" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Option pricing models require the input of highly subjective estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid87" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>11. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Related Party Transactions</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere in these financial statements are as follows:</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top"></td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(a)&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">During the fiscal year ended January&#160;31, 2014, the Company paid, or made provision for the future payment of, the following amounts to related parties:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid88" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(i)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$482,086 (2013 - $428,815) to Oniva International Services Corp. (&#8220;Oniva&#8221;), a private company beneficially owned by the Company and five other reporting companies related through common directors, for rent, salaries and benefits to employees and officers, administrative fees, overhead expenses and reimbursement of out-of-pocket operating expenditures incurred on the Company&#8217;s behalf;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(ii)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$49,626 (2013 - $61,683) to Oniva for certain mineral property expenses;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(iii)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$55,285 (2013 - $415,048) for the purchase of drilling equipment, drilling and related expenses by a private drilling company with common management.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid89" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">During the fiscal year ended January 31, 2014, the Company paid for drilling related expenses of $77,623 on behalf of a private drilling company with common management. The amount was deemed uncollectible and written off. The Company no longer uses this drilling company for services.</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;"><strong>(b)</strong>&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Due to related parties consists of the following:&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid95" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Hazeldene Farm Ltd. *</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">36,975</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Oniva *</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">41,660</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">38,156</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Due to officers</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">21,600</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Due to directors</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">30,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">130,235</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">44,156</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid91" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* The above noted related parties are related through common directors or are beneficially owned by the Company and five other companies related through common directors.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid92" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">30</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid93" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>12. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Key Management Personnel Compensation</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Key management personnel includes officers and directors, and the amounts paid to them during the fiscal years ended January&#160;31, 2014 and 2013 are included in the following accounts:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid99" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><strong>Key management personnel</strong></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Salaries</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">112,749</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">78,486</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Directors&#8217; fee</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">24,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">22,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Consulting fees *</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">405,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">337,623</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">74,493</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">542,249</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">512,602</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid95" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* This amount includes payments made to private companies controlled by directors and officers of the Company for geological consulting and general mine management services, and has been capitalized to exploration and evaluation assets.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid96" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>13. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Commitment </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company has a cost-sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with one month&#8217;s notice by either party.<strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>14.&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Income Taxes</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Effective January 1, 2012, the Canadian federal corporate tax rate decreased from 10.00% to 11.00% and the British Columbia provincial tax rate remained unchanged at 15.00%. The overall reduction in tax rates has resulted in a decrease in the Company&#8217;s statutory tax rates from 25.00% to 25.83%.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The reconciliation of income tax computed at the statutory tax rate of 25.83% (2013&#160;- 26.50%) to income tax recovery is:&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid102" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Loss before income taxes</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">974,826</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1,123,473</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Statutory income tax rate</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">25.83</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">
<p style="margin: 0pt;">%</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">25.0</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">
<p style="margin: 0pt;">%</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Expected tax recovery</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">251,798</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">280,868</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Non-deductible expenses and other</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(14,216</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(37,597</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Change in timing differences</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">89,957</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(137,949</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Unrecognized tax benefits</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(380,595</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(105,322</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Effect of flow-through shares</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Effect of changes in tax rates</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">53,056</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Deferred income tax recovery</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid98" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">31</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid99" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>14. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Income Taxes (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The tax effected items that give rise to significant portions of deferred income tax assets and deferred income tax liabilities at January&#160;31, 2014 and 2013 are presented below:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid105" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;" align="left">Deferred income tax assets</p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;" align="left">Non-capital loss carry-forwards</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,670,057</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,526,921</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Deferred income tax liability</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom">
<p style="margin: 0px;" align="left">Exploration and evaluation assets</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,670,057</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,526,921</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Net deferred income tax</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid101" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">As at January 31, 2014 and 2013, no deferred tax assets are recognized on the following temporary differences, as it is not probable that sufficient future taxable profit will be available to realize such assets:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid107" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15">
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Non-capital losses</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1,630,127</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1,142,961</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">763,262</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">740,780</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="left">Share issue costs</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">109,008</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">337,429</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Non-refundable input tax credits</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">3,015,476</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">3,015,476</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="left">Unrecognized deductible temporary differences</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">5,517,873</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">5,236,646</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid103" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company has accumulated non-capital losses for income tax purposes of approximately $12,880,000. The losses expire in the following years:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid104" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2015</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">$</p>
</td>
<td valign="bottom" width="9%">
<p style="margin: 0px;" align="right">&#160;1,006,000</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">2024</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">277,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2026</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,317,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">2027</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,136,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2028</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,364,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">2029</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">821,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2030</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,027,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">2031</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">991,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2032</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,551,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">2033</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">1,760,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">2034</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">1,630,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">&#160;</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">12,880,000</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid105" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">32</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Financial Statements&#160;</p>
<p style="margin: 0px;">Years Ended January&#160;31, 2014 and 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid106" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>15. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Supplemental Cash Flow Information</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid112" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2014</b></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>2013</b></td>
<td valign="bottom" align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Accounts payable and accrued liabilities included in exploration and evaluation assets</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">514,461</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">824,923</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">BC METC adjustment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">401,422</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Other supplemental cash flow information:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Cash paid during the year for</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Interest expense</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Income tax expense</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid108" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>16. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Gold Advances</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">On September 19, 2013, the Company entered into an agreement with a concentrate buyer (the &#8220;Buyer&#8221;) for the sale of its gold flotation concentrate produced at the Bralorne mine for calendar year 2014. Pursuant to the agreement, the Buyer has agreed to provide quarterly advances to the Company. As at January 31, 2014, the Company received US&#160;$730,809 from the Buyer. The advance will bear interest of 8% per annum and interest accrued will be settled upon each shipment made on a bi-monthly basis. The amount received represents an advance for January 2014 to April 2014, shipment and differences will be settled upon delivery. As at May 27, 2014, the Company has delivered all production up to April 2014.</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>17.&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Events after the Reporting Date&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">As part of the September 19, 2013 agreement, the Company received US&#160;$342,349 from the Buyer subsequent to January 31, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Subsequent to January 31, 2014, the Company sold 717.47 ounces of gold dore bar for proceeds of $1,010,618.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Subsequent to January 31, 2014, 10,000 stock options with an exercise price of $0.30 expired unexercised.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid109" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">33</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>SCHEDULE 2</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Bralorne Gold Mines Ltd.</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Unaudited Condensed Interim Financial Statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>As at July 31, 2014 and for the three and six months then ended </b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid110" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">34</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;"><b><img src="avino_ex991001.jpg" ></b></p>
<p style="margin: 0px;" align="center"><b></b>&#160;</p>
<p style="margin: 0px;" align="center"><font style="font-size: 18pt;"><b>BRALORNE GOLD MINES LTD.</b></font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><font style="font-size: 12pt;"><b>Condensed Interim Financial Statements</b></font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>For the three and six months ended July 31, 2014</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>(Expressed in Canadian Dollars)</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="ffftableid11" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto; border: 0px;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="center">
<p style="text-align: left; margin: 0px;"><b>Index</b></p>
</td>
<td align="left"></td>
<td align="left">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Page</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left"></td>
<td align="left">&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;"><b>Management&#8217;s Responsibility for Financial Reporting</b></p>
</td>
<td width="1%"></td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">36</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;"><b>Condensed Interim Financial Statements</b></p>
</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right"></td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;">Condensed Interim Statements of Financial Position</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Condensed Interim Statements of Operations and Comprehensive Loss</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">38</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;">Condensed Interim Statements of Changes in Equity</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">39</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;">Condensed Interim Statements of Cash Flows</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">40</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td id="ffc" style="text-align: left;" valign="bottom" align="right">
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements</p>
</td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;">41-56</p>
</td>
<td>&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid112" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">35</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;" align="center"><b>MANAGEMENT&#8217;S RESPONSIBILITY FOR FINANCIAL REPORTING</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The condensed interim financial statements of Bralorne Gold Mines Ltd. are the responsibility of the Company&#8217;s management. These condensed financial statements are prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board and reflect management&#8217;s best estimates and judgment based on information currently available.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Management has developed and is maintaining a system of internal controls to ensure that the Company&#8217;s assets are safeguarded, transactions are authorized and properly recorded and financial information is reliable.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the condensed interim financial statements prior to their submission to the Board of Directors for approval.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The condensed interim financial statements have not been reviewed or audited by the Company&#8217;s independent auditor.</p>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid113" style="font-size: 10pt; font-family: times new roman,times; width: 100%; text-align: left; border: 0px;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;William Kocken&#8221; </em></font></td>
<td width="10%">&#160;</td>
<td>&#160;</td>
<td width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;Annie Chan&#8221;</em></font></td>
<td width="10%">&#160;</td>
</tr>
<tr>
<td style="border-bottom: black 1px solid;"><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
<td></td>
<td></td>
<td style="border-bottom: black 1px solid;"><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
<td></td>
</tr>
<tr>
<td><font style="font: 10pt TIMES NEW ROMAN;">William Kocken</font></td>
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font: 10pt TIMES NEW ROMAN;">Annie Chan, CA</font></td>
<td>&#160;</td>
</tr>
<tr>
<td><font style="font: 10pt TIMES NEW ROMAN;">CEO</font></td>
<td>&#160;</td>
<td>&#160;</td>
<td><font style="font: 10pt TIMES NEW ROMAN;">CFO</font></td>
<td>&#160;</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="margin: 0px;">Vancouver, British Columbia</p>
<p style="margin: 0px;">September 26, 2014</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid114" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">36</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Condensed Interim Statements of Financial Position - Unaudited</p>
<p style="margin: 0px;">As at July 31, 2014 and January 31, 2014&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid15" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="center"><b>Note</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center">
<p style="margin: 0cm 0cm 0pt;"><b>January 31,<br ></b><b>2014</b></p>
</td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>ASSETS</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>Current assets </b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Cash and cash equivalents</p>
</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">498,684</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">486,664</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Prepaid expenses and deposits</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,272</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">49,430</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Other receivables</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">42,555</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">35,929</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">553,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">572,023</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Non-current assets</b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Restricted cash</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>6</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>1, 7</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,089,957</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,932,901</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Amounts due from related party</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><b>12b</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">61,022</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Property and equipment</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>8</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">82,236</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">87,540</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">10,926,726</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">31,732,464</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>LIABILITIES </b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Current liabilities </b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Accounts payable and accrued liabilities</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">857,555</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">598,300</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Loan payable</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>10</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">500,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Amounts due to related parties</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><b>12c</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">153,568</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">130,235</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Gold advances</p>
</td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>15</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">754,634</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" style="text-align: center;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,511,123</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,483,169</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Non-current liabilities </b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Decommissioning liability</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0pt;"><b>9</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,609,123</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,581,169</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>SHAREHOLDERS&#8217; EQUITY</b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Share capital</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0pt;"><b>11</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,747,897</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,747,897</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Reserve for options</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,070,210</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,001,088</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deficit</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(30,500,504</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(9,597,690</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">9,317,603</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">30,151,295</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">10,926,726</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">31,732,464</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Approved on behalf of the Board:</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid116" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid; text-align: center;" width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;Gary Robertson&#8221;</em></font></td>
<td width="10%">Director</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid; text-align: center;" width="35%"><font style="font: 10pt TIMES NEW ROMAN;"><em>&#8220;William Kocken&#8221;</em></font></td>
<td width="10%"><font style="font: 10pt TIMES NEW ROMAN;">Director<em>&#160;</em></font></td>
</tr>
<tr height="15">
<td style="text-align: center;"><font style="font: 10pt TIMES NEW ROMAN;">Gary Robertson<em>&#160;</em></font></td>
<td></td>
<td></td>
<td style="text-align: center;"><font style="font: 10pt TIMES NEW ROMAN;">William Kocken<em>&#160;</em></font></td>
<td><font style="font: 10pt TIMES NEW ROMAN;">&#160;</font></td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center">The accompanying notes are an integral part of these condensed interim financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid117" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">37</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Condensed Interim Statements of Operations and Comprehensive Loss - Unaudited</p>
<p style="margin: 0px;">For the three and six months ended July 31, 2014 and 2013</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;&#160;&#160;</p>
<table id="fftableid123" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="6" align="center"><b>Three months ended </b><b></b><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="6" align="center"><b>Six months ended </b><b></b><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2013</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>Operating and Administrative Expenses</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Administration services</p>
</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="8%" align="right">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">2,667</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">2,854</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">5,546</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">5,420</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Automobile</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,545</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,729</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,443</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,574</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Consulting fees</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,005</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,582</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,951</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,345</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Depreciation</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,925</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,524</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,740</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,698</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Directors&#8217; fees</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Finance fee</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0pt;"><b>15</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,977</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,977</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Listing and filing fees (recovery)</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,988</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(14,308</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">20,524</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">19,288</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Office, occupancy and miscellaneous</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">33,819</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,342</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">64,626</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">68,125</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Professional fees</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,835</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">27,198</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,864</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">28,960</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Salaries and benefits</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">76,537</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">81,773</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">160,478</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">177,409</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Shareholder information, net</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,399</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">28,421</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">19,782</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">79,148</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Share-based compensation</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="center"><b>11d</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,611</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Travel and accommodation</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,704</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,014</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,118</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">14,082</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Loss before other items </b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(304,815</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(181,740</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(457,463</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(431,978</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Other Items</b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Interest income</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">65</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">111</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,790</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,744</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Impairment of exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0pt;"><b>1, 7</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Loss on write-down of receivables</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="text-align: center; margin: 0px;"><b>12a</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(80,323</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(80,323</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Gain (Loss) foreign exchange</p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(27,647</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(5,524</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(40,690</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">28,661</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Net loss and Comprehensive loss for the period</b></p>
</td>
<td>&#160;</td>
<td id="ffc" style="padding-bottom: 1px;" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,754,140</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(267,476</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,918,106</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(481,896</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Loss per Share - Basic and Diluted</b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(0.73</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(0.01</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(0.73</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(0.02</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Weighted Average Number of Common Shares Outstanding </b></p>
</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">28,513,844</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">28,463,426</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">28,513,844</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">28,463,426</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">The accompanying notes are an integral part of these condensed interim financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid119" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">38</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;">Condensed Interim Statements of Changes in Equity - Unaudited&#160;</p>
<p style="margin: 0px;"><i>(</i>Expressed in Canadian Dollars)&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid20" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left"></td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0px;" align="center"><b>Note</b></p>
</td>
<td align="left"></td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Number of Common Shares</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Share<br >Capital</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Reserve for Options</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Deficit</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Total Shareholders&#8217; Equity</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td style="text-indent: 30px;" valign="top" align="left"></td>
<td valign="top" align="left">&#160;</td>
<td align="left"></td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Balance January 31, 2013</b>:</p>
</td>
<td style="text-indent: 30px;" valign="top" width="9%"></td>
<td width="1%"></td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;"><b>28,496,844</b></p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;"><b>37,739,506</b></p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;"><b>2,092,255</b></p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" class="para" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;"><b>(8,765,768</b></p>
</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;"><b>)</b></p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;"><b>31,065,993</b></p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td valign="top">
<p style="margin: 0px;" align="center"><b>11d</b></p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Transfer of expired options and warrants</p>
</td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(13,288</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,288</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Loss for the period</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="top"></td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(481,896</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(481,896</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td valign="top"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Balance, July 31, 2013</b></p>
</td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>28,496,844</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>37,739,506</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>2,083,896</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(9,234,376</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,589,026</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Balance January 31, 2014</b>:</p>
</td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>28,513,844</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>37,747,897</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>2,001,088</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;"><b>(9,597,690</b></p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>)</b></p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;"><b>30,151,295</b></p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td valign="top">
<p style="margin: 0px;" align="center"><b>11d</b></p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Transfer of expired options and warrants</p>
</td>
<td style="text-indent: 30px;" valign="top"></td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(15,292</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">15,292</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Loss for the period</p>
</td>
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="top"></td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,918,106</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,918,106</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;">
<p style="margin: 0px;"><b>Balance, July 31, 2014</b></p>
</td>
<td style="border-bottom: black 0pt solid;" valign="top"></td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>28,513,844</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;"><b>$</b></p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>37,747,897</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;"><b>2,070,210</b></p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(30,500,504</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">9,317,603</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center">The accompanying notes are an integral part of these condensed interim financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid121" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">39</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Condensed Interim Statements of Cash Flows - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">For the six months ended July 31, 2014 and 2013</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid22" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0pt;"><b>2014</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="text-align: center; margin: 0pt;"><b>2013</b></p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" width="4%"></td>
<td valign="bottom"></td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td id="ffc" valign="bottom" width="9%" align="right">&#160;</td>
<td width="1%">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>OPERATING ACTIVITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Net loss for the period</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,918,106</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(481,896</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Adjustments for items not involving cash:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Depreciation</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">9,740</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,698</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Share-based compensation</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Impairment of exploration and evaluation assets</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">20,421,743</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(402,209</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(466,269</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Changes in non-cash working capital:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Prepaid expenses</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,159</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(228</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;">Other receivables</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(6,626</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,193</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Accounts payable and accrued liabilities</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">70,603</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(823,523</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash used in operating activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(301,073</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(1,205,827</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>INVESTING ACTIVITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Equipment acquisitions</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(4,435</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(15,067</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">Expenditures (recovery) on exploration and evaluation assets, net of incidental sale of gold dore bar and concentrate</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(108,806</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">89,335</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash provided by (used in) investing activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(113,241</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">74,268</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>FINANCING ACTIVITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Proceeds from Loan</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">500,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;">Interest expense on Gold Advances</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(35,977</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">Amounts due from related parties, net</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(37,689</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,022</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash provided by financing activities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">426,334</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,022</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Increase (decrease) in cash and cash equivalents</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,020</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,125,537</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;">Cash and cash equivalents, beginning of period</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">486,664</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,241,817</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" colspan="2">
<p style="margin: 0px;"><b>Cash and cash equivalents, end of period</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">498,684</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">116,280</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">See Note 16 for supplemental cash flow information.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center">The accompanying notes are an integral part of these condensed interim financial statements</p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid123" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">40</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid124" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Nature and Continuance of Operations</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Bralorne Gold Mines Ltd. ("Bralorne" or the &#8220;Company&#8221;) was incorporated July 10, 1992 under the laws of the province of British Columbia. The Company maintains its head office and registered office at Suite 900 &#8211; 570 Granville Street, Vancouver, British Columbia, Canada, V6C 3P1 and owns a 100% interest in a mineral property in British Columbia, Canada. It is in the process of exploring its mineral property interest and has not yet determined whether this property contains sufficient ore reserves, such that their recovery would be economically viable.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">On July 31, 2014 the Company announced that it has entered into an arrangement agreement (&#8220;Arrangement&#8221;) with Avino Silver &amp; Gold Mines Ltd. (&#8220;Avino&#8221;), a company with common directors, whereby Avino will acquire all of the outstanding common shares of Bralorne which Avino does not already own by way of a plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the Arrangement, upon closing, Bralorne shareholders will receive 0.14 of an Avino common share for each Bralorne common share held by such shareholder and all of the issued and unexercised stock options of Bralorne will be cancelled. Bralorne will as a result become a wholly-owned subsidiary of Avino. Avino already owns 9,679,149 common shares of Bralorne, representing approximately 34% of Bralorne's outstanding common shares.&#160;</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The closing of the transaction is subject to the approval of the TSX Venture Exchange, the approval of the Supreme Court of British Columbia after a hearing upon the fairness of the Arrangement, and the approval of the shareholders and option holder of Bralorne voting as a single class at an annual general and special meeting of shareholders on October 9, 2014. The Lender shall have no recourse against the Company in the event the Arrangement is completed. If the Arrangement is not approved or does not proceed for any reason, then Avino is entitled to demand repayment of $1.25 million loan that was made to Bralorne in connection with the Arrangement. Bralorne will have a further 30 days from the date of demand to refinance the Loan, either by completing a private placement of its equity securities or by arranging an alternate form of debt financing. However, in the case of demand, there can be no assurance that Bralorne would be able to successfully refinance the Loan, and in such event Avino could take steps to realize its security interest which was granted by Bralorne in order to obtain the Loan.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">These financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. Several adverse conditions cast significant doubt on the validity of this assumption.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company is in the exploration and development stage. The investment in and expenditures on the mineral property comprises substantially all of the Company&#8217;s assets. The recoverability of amounts shown for its mineral property interest and related deferred costs and the Company&#8217;s ability to continue as a going concern are dependent upon the continued support from its shareholders, the discovery of economically recoverable reserves, and the ability of the Company to obtain the financing necessary to complete development and achieve profitable operations in the future. The outcome of these matters cannot be predicted at this time.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid125" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">41</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid126" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Nature and Continuance of Operations (Continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">On July 10, 2014, the Company entered into a secured loan agreement with Avino (the &#8220;Lender&#8221;). Under the terms of the Loan Agreement, the Lender agreed to lend the Company an aggregate of $1,250,000 (the &#8220;Loan&#8221;). The Company received $500,000 during the six months ended July 31, 2014 and $750,000 subsequent to period end. The Loan bears interest at 12% per annum and is due and payable by the Company to the Lender not less than 30 days after demand is made after October 31, 2014. The Loan has been recorded as a current liability as at July 31, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">There can be no assurance that Bralorne will be able to successfully refinance the Loan. As at July 31, 2014, the Company had a working capital deficiency of $957,612 (January 31, 2014 - working capital deficiency of $911,146) and a deficit of $30,500,504 (January 31, 2014 - $9,597,690). If the going concern assumption were not appropriate for these financial statements then further adjustments may be necessary to the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used. Such adjustments could be material.</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Basis of Presentation</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Statement of compliance</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">These condensed interim financial statements are prepared in accordance with International Accounting Standard (&#8220;IAS&#8221;) 34 <i>Interim Financial Reporting</i>under International Financial Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These condensed interim financial statements follow the same accounting policies and methods of application as the most recent annual financial statements of the Company for the year ended January 31, 2014, except for the accounting policies which have changed as a result of the adoption of new and revised standards and interpretations which are effective February 1, 2014. These condensed interim financial statements do not contain all of the information required for full annual financial statements. Accordingly, these condensed interim financial statements should be read in conjunction with the Company&#8217;s most recent annual financial statements, which were prepared in accordance with IFRS as issued by the IASB.&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid127" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">42</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid128" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Basis of Presentation (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">These financial statements are expressed in Canadian dollars, the Company&#8217;s functional currency, and have been prepared on a historical cost basis except for financial instruments that have been classified as fair value through profit and loss (&#8220;FVTPL&#8221;), which are stated at their fair values. In addition, these financial statements have been prepared using the accrual basis of accounting, with the exception of cash flow information. The accounting policies set out in Note 3 of the Company&#8217;s audited financial statements as at and for the year ended January 31, 2014 have been applied in preparing these condensed interim financial statements.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Approval of the financial statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">These financial statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on September 26, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Significant accounting judgments and estimates</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The preparation of these condensed interim financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the condensed interim financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates under different assumptions and conditions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid129" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(a)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Realization of exploration and evaluation assets</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The investment in exploration and evaluation assets on the Bralorne property comprise a significant portion of the Company&#8217;s assets. Realization of the Company&#8217;s investment in the exploration and evaluation assets is dependent upon the Company obtaining permits, the satisfaction of governmental requirements, the attainment of successful production from the properties, from the proceeds upon disposal of the Company&#8217;s properties, or the allocation of fair value based on a transaction to dispose of the Company as a whole (Note 1). Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines.&#160;</p>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(b)&#160;&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Decommissioning, restoration and similar liabilities&#160;</em></p>
</td>
</tr>
<tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Decommissioning and restoration obligation provisions represents management&#8217;s best estimate of the present value of the future costs. Significant estimates and assumptions are made in determining the amount of obligation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory framework; the magnitude of possible disturbance; and the timing, extent and costs of required restoration and rehabilitation activity. These uncertainties may result in future actual expenditures differing from the amounts currently provided.&#160;</p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
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<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(c)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Income taxes</em>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.<em>&#160;</em></p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<td>&#160;</td>
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<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">43</font></div>
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<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;"><b></b>&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Basis of Presentation (continued)</strong></p>
</td>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Significant accounting judgments and estimates (continued)&#160;</strong></p>
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</table>
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<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(d)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Valuation of share-based payments</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company uses the Black-Scholes option pricing model for valuation of share-based payments. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company&#8217;s earnings and equity reserves.<em>&#160;</em></p>
</td>
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<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>&#160;</em></p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(e)&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><em>Commencement of commercial production&#160;</em></p>
</td>
</tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Prior to a mine being capable of operating at levels intended by management, costs incurred are capitalized as part of the cost of relating mining properties and proceeds from mineral sales are offset against costs capitalized. Depletion of capitalized costs for mining properties begins when the mine is capable of operating at levels intended by management. Management considers the Bralorne property is capable of operating at levels intended by management once it reaches consistent production of no less than 200 tons per day for 22 days of the month. As of July 31, 2014, the Bralorne property has not met this target.<em>&#160;</em></p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Recent Accounting Pronouncements</strong></p>
</td>
</tr>
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<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The following new standards, amendments to standards and interpretations have been adopted or early-adopted without significant impact to the condensed financial statements of the Company. Some updates that are not applicable or not consequential to the Company may have been excluded from the list below.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36)</b>&#160;-<b> </b>Amends IAS 36 <i>Impairment of Assets</i>to reduce the circumstances in which the recoverable amount of assets or cash-generating units is required to be disclosed, clarify the disclosures required, and to introduce an explicit requirement to disclose the discount rate used in determining impairment (or reversals) where recoverable amount (based on fair value less costs of disposal) is determined using a present value technique. Applicable beginning on February&#160;1, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) - </b>Amends IAS 32 <i>Financial Instruments: Presentation</i> to clarify certain aspects because of diversity in application of the requirements on offsetting, focused on four main areas:</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="6%"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the meaning of &#8220;currently has a legally enforceable right of set-off&#8221;</p>
</td>
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<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the application of simultaneous realization and settlement</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td style="text-align: center;" valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the offsetting of collateral amounts</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="text-align: center; font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#183;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">the unit of account for applying the offsetting requirements.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="text-align: center; font: 10pt TIMES NEW ROMAN; margin: 0px;"><font style="font-size: 10pt; font-family: Symbol;">&#160;</font></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" colspan="2">
<p style="text-align: left; font: 10pt TIMES NEW ROMAN; margin: 0px;">Applicable beginning on February 1, 2014.</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" colspan="2">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" colspan="2">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>IFRS 9 <i>Financial Instruments</i> </strong>&#8211;<b> </b>The IASB intends to replace IAS 39 &#8211; Financial Instruments: Recognition and Measurement in its entirety with IFRS 9 &#8211; Financial Instruments (&#8220;IFRS 9&#8221;) which is intended to reduce the complexity in the classification and measurement of financial instruments. In February 2014, the IASB tentatively determined that the revised effective date for IFRS 9 would be January 1, 2018. The Company Is currently evaluating the impact the final standard is expected to have on its consolidated financial statements.&#160;</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
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<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)</p>
<p style="margin: 0px;">July 31, 2014</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>4.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Financial Instruments</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The fair values of the Company&#8217;s cash and cash equivalents, other receivables, due from related parties, due to related parties, loan payable and accounts payable approximate their carrying values because of the short-term nature of these instruments.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company&#8217;s financial instruments are exposed to certain financial risks, credit risk, liquidity risk and market risk.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Credit Risk</i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company&#8217;s cash is exposed to credit risk.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="left">The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions. Concentration of credit risk exists with respect to the Company&#8217;s cash as the majority of the amounts are held with two high credit Canadian financial institutions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Liquidity Risk</i></b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company has cash and cash equivalents at July 31, 2014 in the amount of $498,684 (January 31, 2014 - $486,664) in order to meet short-term business requirements. As at July 31, 2014, the Company also had inventory of gold and silver dore bars with a fair market value of $561,162 (January 31, 2014 - $425,456) which can be converted into cash on the Company&#8217;s demand. The Company&#8217;s accounts payable and accrued liabilities have contractual maturities of less than 30 days and are subject to normal trade terms with the exception of amounts due to related parties, which are due on demand. The Company&#8217;s loan payable is repayable on or after October 31, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b><i>Market risk</i></b></p>
<p style="margin: 0px;"><b><i></i></b>&#160;</p>
<p style="margin: 0px;">Market risk consists of interest rate risk, foreign currency risk and other price risk. The only market risk to which the Company is exposed is as follows:</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Interest rate risk </i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company&#8217;s cash and cash equivalents and restricted cash consist of cash held in bank accounts, fixed income investments and guaranteed investment certificates that earn interest at variable interest rates. Due to the short-term nature of these financial instruments, fluctuations in market rates do not have a significant impact on estimated fair values as of July 31, 2014. Future cash flows from interest income on cash and cash equivalents will be affected by interest rate fluctuations. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity. The Company&#8217;s sensitivity analysis suggests that a 1% change in interest rates would not have a significant effect on the Company.</p>
</td>
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</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
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<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">45</font></div>
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</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
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</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
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<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>4.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Financial Instruments (Continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Classification of Financial instruments&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The following table sets forth the Company&#8217;s financial assets measured at fair value by level within the fair value hierarchy:</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid139" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;"><b>July 31, 2014</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 1</b></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 2</b></td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Level 3</b></td>
<td>&#160;</td>
</tr>
<tr height="15">
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2" align="center"><b></b></td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Cash and cash equivalents</p>
</td>
<td width="2%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">498,684</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
<td valign="bottom"></td>
</tr>
<tr style="background-color: white;" height="15">
<td style="border-bottom: black 1px solid;" valign="top">
<p style="margin: 0px;"><b>January 31, 2014</b></p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 1</b></p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 2</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2">
<p style="margin: 0px;" align="center"><b>Level 3</b></p>
</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Cash and cash equivalents</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0pt;">$</p>
</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">486,664</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;" align="right">-</p>
</td>
<td style="padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid140" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>5.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Capital Management</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern in order to pursue the exploration of its properties and to maintain flexible capital structure for its projects for the benefit of its stakeholders. In the management of capital, the Company includes the components of shareholders&#8217; equity and the loan payable to Avino. As the Company was in the exploration and evaluation phase for the six months ended July 31, 2014, its principal sources of funds were the production and incidental sale of gold dore bars and flotation concentrate and the loan from Avino, neither source being subject to any externally imposed capital restrictions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares. Management reviews the capital structure on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. There were no changes to the Company&#8217;s capital management approach during the six months ended July 31, 2014.</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>6.</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Restricted Cash</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company has placed deposits in the amount of $140,000 at July 31, 2014 (January&#160;31, 2014&#160;- $140,000), registered in the name of the Ministry of Finance of British Columbia, as security for its mining permit and for reclamation. Deposits consist of guaranteed investment certificates earning interest at rates between 0.80% and 1.00%, and maturing between August 30, 2014 and April 06, 2015.&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid141" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">46</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid142" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The Company owns a 100% undivided interest in certain mineral properties located in the Lillooet Mining Division, British Columbia. <br ><br >The properties consist of 154 Crown-granted mineral claims, ten freehold parcels of land, two reverted Crown-granted claims and eight metric unit claims, all known as the &#8220;Bralorne Property&#8221;. The following is a summary of the deferred exploration and development expenditures for the Bralorne Property:<strong>&#160;</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid44" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>January 31,<br >2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Acquisition costs</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,442,347</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,442,347</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">46,334,252</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">43,045,909</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Tailings pond</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,221,800</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,207,979</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Mine and plant buildings, and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,598,503</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,577,199</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Provision for decommissioning</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">53,694,902</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">50,371,434</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Deduct: Impairment of exploration and evaluation assets *</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Deduct: accumulated concentrate and gold dore sales to date **</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(23,183,202</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(19,438,533</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">10,089,957</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">30,932,901</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid144" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* In connection with the Arrangement (Note 1) and as presented in the pro forma unaudited consolidated financial statements within the Company&#8217;s management information circular filed on September 12, 2014, the preliminary purchase price allocation was based on the estimated fair value of Bralorne's assets acquired and liabilities of $9,796,830 as at June 27,2014. This balance has been allocated to the respective assets and liabilities of the Company. Of the balance, $10,475,927 was allocated to exploration and evaluation assets. As the amount allocated to exploration and evaluation assets is less than the book value recorded, the Company recorded an impairment of exploration and evaluation assets of $20,421,743 as a reduction in evaluation and exploration assets and as an increase in expense and deficit during the six months ended July 31, 2014. The preliminary purchase price allocation will likely vary from the amounts noted above upon closing of the transaction with Avino and the differences could be material.</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">** As at July 31, 2014, the Company had gold and silver dore bars with a fair market value of $561,162 (January 31, 2014 - $425,456). During the six months ended July 31 2014, the Company earned incidental revenue by selling 1,492 ounces of gold dore bar for proceeds of $2,071,381 and flotation concentrate for proceeds of $1,673,288. These amounts have been netted against exploration and evaluation assets. Deferred exploration and development expenditures incurred on the Bralorne Property during the six months ended July 31, 2014 and year ended January 31, 2014 are as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid145" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">47</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;&#160;</p>
<table id="tableid146" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets (Continued)</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid47" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>January 31,<br >2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Assays</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">78,698</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">135,959</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Camp operations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">180,670</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">283,977</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Drilling</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">48,532</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Field office</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">109,981</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">250,406</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">General exploration</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">347,407</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,038,723</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Geology</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">283,549</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">634,869</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Insurance</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">14,445</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,984</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Labour</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,097,860</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,891,855</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Mill operating</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">614,756</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,071,778</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Mine power</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">162,264</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">308,427</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Mine supplies</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">371,043</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">452,577</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Taxes and permits</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">27,670</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">31,393</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Increase in deferred exploration expenditures</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,288,343</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,157,480</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures, beginning of the period</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">43,045,909</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">36,487,007</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Mining Exploration Tax Credits ***</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">401,422</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Deferred exploration and development expenditures, end of the period</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">46,334,252</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">43,045,909</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid148" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">*** For the year ended January 31, 2012, the Company submitted a METC claim and recorded a receivable in the amount of $457,505. During the year ended January 31, 2014, Canada Revenue Agency (&#8220;CRA&#8221;) conducted an audit and reduced the METC claim to $56,083. The Company filed a Notice of Objection with CRA and is currently awaiting their response. Should the Company be successful with the Notice of Objection filed, the difference of $401,422 being the difference between the original receivable amount of $457,505 and the amount received of $56,083, will be recorded as a reduction in exploration and evaluation assets in the period that the METC claim is received.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid149" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">48</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid150" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>7. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Exploration and Evaluation Assets (continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><i>Realization of exploration and evaluation assets</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The investment in and expenditures on the mineral property comprise a significant portion of the Company&#8217;s assets. Realization of the Company&#8217;s investment in this asset is dependent upon the establishment of legal ownership, the attainment of successful production from the property or from the proceeds of its disposal.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Title to exploration and evaluation interests</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><i>Environmental</i></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company&#8217;s operations may cause additional expenses and restrictions.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">If the restrictions adversely affect the scope of exploration and development on the mineral property, the potential for production on the property may be diminished or negated.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid151" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">49</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid152" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>8. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Property and Equipment</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid51" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0px;"><b>Cost</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Software</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Office<br >Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Vehicle</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Total</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2013</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">50,214</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">7,133</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">6,518</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">117,382</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">181,247</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,934</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">697</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">14,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">17,631</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">53,148</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">7,830</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,518</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">131,382</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">198,878</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">4,435</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">4,435</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Balance, July 31, 2014</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">53,148</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">7,830</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">6,518</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">135,817</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">203,313</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid53" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0px;"><b>Accumulated Amortization</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Software</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Office<br >Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Vehicle</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Total</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2013</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">30,948</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">5,817</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">5,739</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">46,353</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">88,857</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,220</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">499</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">156</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">15,606</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">22,481</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Balance, January&#160;31, 2014</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,168</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">6,316</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,895</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">61,959</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">111,338</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Additions</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,397</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">227</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">62</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">7,053</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">9,739</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Balance, July 31, 2014</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">39,565</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">6,543</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">5,957</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">69,012</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">121,077</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="fftableid54" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0px;"><b>Carrying Value</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Computer Software</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Office<br >Equipment</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Vehicle</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Total</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">January&#160;31, 2014</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">15,980</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">1,514</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">623</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">69,423</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="8%" align="right">
<p style="margin: 0pt;">87,540</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">July 31, 2014</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">13,583</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,287</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">561</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">66,805</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">82,236</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid156" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>9. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Site Restoration Obligation</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Management has estimated that the present value of its site restoration obligation as July 31, 2014 amounts to $98,000 (January 31, 2014 - $98,000) which amount has been included in exploration and evaluation assets, and recognized as decommissioning liability. The present value of the obligation was calculated using a risk-free interest rate of 8.00% (January 31, 2014 &#8211; 8.00%; and an inflation rate of 1.84% (January&#160;31, 2014 &#8211; 1.50%). Reclamation activities are estimated to occur over a three-year period beginning in 2030. The undiscounted value of the obligation is $110,000 (January 31, 2014 - $110,000).</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid157" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">50</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid158" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>10. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Loan payable</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">On July 10, 2014, the Company entered into a secured loan agreement (&#8220;Loan Agreement&#8221;) with a related company with common directors, Avino Silver &amp; Gold Mines Ltd. (the &#8220;Lender&#8221;). Under the terms of the Loan Agreement, the Lender agrees to lend the Company an initial $500,000, and an additional $750,000 upon i) entering into an Arrangement Agreement with the Company; ii) the Lender entering into voting support agreements for the Arrangement with all directors and officers of the Company; and iii) the Company and the Lender developing a mutually acceptable and pre-approved budget for further exploration and development work at the Bralorne Mine Property. The loan will bear interest at 12% per annum and shall be due and payable by the Company to the Lender not less than 30 days after demand is made after October 31, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">During the six months ended July 31, 2014, the Company received $500,000 from the Lender. Subsequent to July 31, 2014, the Company received the remaining $750,000 balance from the Lender (See Note 17 - Subsequent Events). The principal amount and any accrued interest have been secured by a general security agreement against all the assets of Bralorne.</p>
</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid159" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>11.&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital&#160;</strong></p>
</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid160" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="6%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(a)&#160;</strong></p>
</td>
<td valign="top" width="8%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Authorized:&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Unlimited number of common shares without par value. All shares outstanding are fully paid.<strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(b)&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Issued&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top" colspan="2">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">No shares were issued during the six months ended July 31, 2014 and 2013.</p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(c)&#160;</strong></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;"><strong>Stock options</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;">The Company has a stock option plan for its directors, officers, employees and consultants. The terms of the plan provide for options to be granted equal in number up to 10% of the issued and outstanding common shares of the Company at the time of grant of the stock options. The option price under each option is not less than the discounted market price on the grant date. The expiry date for each option is set by the Board of Directors at the time of issue and cannot be more than five years after the grant date.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">A summary of stock options transactions during the six months ended July 31, 2014 and 2013 is as follows:<strong><strong></strong></strong></p>
</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid60" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Number of Options</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Weighted Average Exercise Price</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at January 31, 2013</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">2,730,433</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1.05</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Expired</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(42,000</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1.16</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at July 31, 2013</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,688,433</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1.00</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">&#160;</p>
</td>
<td></td>
<td valign="bottom"></td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
<td></td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom"></td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at January 31, 2014</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,373,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.89</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Granted</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">448,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.30</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Expired</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(142,500</p>
</td>
<td style="padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">0.30</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Options outstanding at July 31, 2014</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,679,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">0.82</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid162" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">51</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;&#160;</p>
<p style="margin: 0px;">July 31, 2014</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid163" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>11. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital (Continued)</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(c)&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Stock options (continued)&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top"></td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">At July 31 2014, the Company has 2,679,511 stock options outstanding with a weighted average remaining contractual life of 2.17 years. As at July 31, 2014 and 2013, the following stock options were outstanding and exercisable:</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fffftableid63" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid; text-align: center;" valign="bottom" colspan="5" align="left"><b>Number of Options<br >Outstanding</b><b></b></td>
<td align="left">&#160;</td>
<td valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="6" align="center"><b>Number of Options<br >Exercisable</b></td>
<td id="ffc" valign="bottom" rowspan="2" align="left">
<p style="margin: 0px;" align="right"><b></b>&#160;</p>
</td>
<td align="left">&#160;</td>
<td valign="bottom" colspan="2" align="center">
<p style="text-align: center; margin: 0px;" align="right"><b>Exercise<br >Price per </b></p>
</td>
<td align="left">&#160;</td>
<td align="left"></td>
<td colspan="2" align="left"></td>
<td align="left"></td>
</tr>
<tr height="15">
<td style="border-bottom: black 1px solid; text-align: center;" align="left">&#160;<strong>July 31, 2014</strong></td>
<td valign="bottom" align="center"></td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><strong>July 31, 2013</strong></td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><strong>July 31 2014</strong></td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" align="center"><b></b></td>
<td style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><strong>July 31, 2013</strong></td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Share</b></td>
<td align="left">&#160;</td>
<td align="left"></td>
<td style="border-bottom: black 1px solid;" colspan="2" align="left">
<p style="margin: 0px;" align="center"><b>Expiry Date</b></p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0px;" align="center"><b>&#160;</b></p>
</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left"></td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left"></td>
<td align="left"></td>
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="left"></td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">-</p>
</td>
<td width="1%"></td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="14%" align="right">
<p style="margin: 0pt;">162,922</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="14%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="14%" align="right">
<p style="margin: 0pt;">162,922</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left"></td>
<td id="ffc" valign="bottom" width="14%" align="right">
<p style="margin: 0pt;">$0.75</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="14%">
<p style="margin: 0px;" align="right">November 21, 2013</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">12,826</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,826</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="right">*$0.30</p>
</td>
<td>&#160;</td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">535,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">552,826</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">535,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">552,826</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$0.85</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">100,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">100,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="right">*$0.30</p>
</td>
<td>&#160;</td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 4, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">635,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">785,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">635,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">785,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.16</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 4, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">119,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">119,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="right">*$0.30</p>
</td>
<td>&#160;</td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">September 27, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">640,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">816,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">640,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">816,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">September 27, 2016</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">25,000</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">25,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0px;" align="right">*$0.30</p>
</td>
<td>&#160;</td>
<td></td>
<td></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 4, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">25,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">25,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">January 4, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 1, 2014</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">15,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">15,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">February 15, 2015</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;" align="right">-</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">100,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">100,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">August 24, 2013</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;" align="right">146,185</p>
</td>
<td></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">221,185</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">146,185</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">221,185</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">$1.00</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p style="margin: 0px;" align="right">August 24, 2017</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">466,500</p>
</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">466,500</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;"></td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0px;" align="right">*$&#160;0.30</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;"></td>
<td style="border-bottom: black 1px solid;"></td>
<td style="border-bottom: black 1px solid;" valign="bottom">
<p style="margin: 0px;" align="right">July 31, 2019</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="right">&#160;</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 3px double;" valign="bottom">
<p style="margin: 0px;" align="right">2,679,511</p>
</td>
<td></td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,688,433</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,679,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,688,433</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td></td>
<td style="border-bottom: black 3px double;"></td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td style="padding-bottom: 3px;" valign="bottom"></td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid165" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* During the year ended January 31, 2014, 495,326 stock options with an exercise price between $0.75 and $1.16 were re-priced to $0.30.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid166" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">52</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b>&#160;</p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid167" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>11. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Share Capital (continued) </strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(d)&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong><b>Share-based compensation</b></strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong><b>&#160;</b></strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Share-based payment compensation is determined using the fair value method.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">No stock options were granted during the six months ended July 31, 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">466,500 stock options were granted during the six months ended July 31, 2014. The Company estimated the fair value of options granted during the six months ended July 31, 2014 of $84,414 using the Black-Scholes option pricing model with the following weighted average assumptions:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid66" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Risk-free interest rate</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">1.410</p>
</td>
<td valign="bottom" width="1%">
<p style="margin: 0pt;">%</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Expected dividend yield</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Expected stock price volatility</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">77.50</p>
</td>
<td valign="bottom">
<p style="margin: 0pt;">%</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Expected option life in years</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid169" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">During the period ended July 31, 2014, the Company recorded share-based compensation expense on options vested of $84,414 (July 31, 2013 - $4,929) allocated as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;</p>
<table id="ffffffffffffftableid67splitTwo" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr style="background-color: white;" height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;">&#160;</p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Directors, officers and employees</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Consultants</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Total share-based compensation expensed</p>
</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">4,929</p>
</td>
<td valign="bottom">&#160;</td>
</tr>

</table>
<p style="font-size: 10pt; font-family: TIMES NEW ROMAN; margin: 0px;"></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid171" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Option pricing models require the input of highly subjective estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value estimates.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid172" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">53</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid173" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>12. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Related Party Transactions</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Related party transactions are measured at the estimated fair values of the services provided or goods received. Related party transactions not disclosed elsewhere in these financial statements are as follows:</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(a)&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">During the six months ended July 31, 2014, the Company paid, or made provision for the future payment of, the following amounts to related parties:&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid174" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(i)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$240,430 (2013 - $242,545) to Oniva International Services Corp. (&#8220;Oniva&#8221;), a private company beneficially owned by the Company and five other reporting companies related through common directors, for administrative fees, overhead expenses and reimbursement of out-of-pocket operating expenditures incurred on the Company&#8217;s behalf;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(ii)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$32,316 (2013 - $42,784) to Oniva for certain mineral property expenses;</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(iii)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$42,000 (2013 - $ 18,000) for directors&#8217; fees to certain directors of the Company; and</p>
</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
</td>
<td valign="top">&#160;</td>
</tr>
<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">(iv)</p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">$nil (2013 - $61,881) for drilling and related expenses by a private drilling company with common management. At July 31, 2013, $80,323 of the expenditures incurred was deemed to be uncollectible and were written-off.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid175" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>(b)</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Due from related party consists of the following:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid73" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>January 31,<br >2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Avino Silver &amp; Gold Mines Ltd.*</p>
</td>
<td style="border-bottom: black 0pt solid;" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">61,022</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
<td style="border-bottom: black 0pt solid;" width="1%">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" width="1%">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid177" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* Avino Silver &amp; Gold Mines Ltd. (&#8220;Avino&#8221;) is related through common directors. Pursuant to the Arrangement Agreement entered into between the Company and Avino on August 1, 2014 and as described in Note 1 (the &#8220;Arrangement&#8221;), all costs and expenses in relation to the Arrangement shall be paid by Avino. The $61,022 due from Avino represents legal fees, regulatory filing fees and financial advisory fees incurred up to July 31, 2014 in relation to the Arrangement.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid178" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><strong>(c)</strong></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">Due to related parties consists of the following:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fffftableid75" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td valign="bottom" align="center"><b></b></td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>January 31, 2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Hazeldene Farm Ltd. *</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">36,166</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">36,975</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom" align="right">
<p style="text-align: left; margin: 0px;">Oniva *</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">34,902</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">41,660</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Due to officers</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">21,600</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Due to directors</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">72,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">30,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">153,568</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">130,235</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid180" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60"><font style="font-family: TIMES NEW ROMAN;">&#160;</font></td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">* The above noted related parties are related through common directors or are beneficially owned by the Company and five other companies related through common directors.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid181" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">54</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014&#160;</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid182" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>13. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Key Management Personnel Compensation</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The key management personnel includes officers and directors, and the amounts paid to them during the six months ended July 31, 2014 and 2013 is included in the following accounts:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="fftableid83" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0px;"><strong>Key management personnel</strong></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Six months<br >ended July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Six months<br >ended July 31,<br >2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Salaries</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="11%" align="right">
<p style="margin: 0pt;">51,127</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="11%" align="right">
<p style="margin: 0pt;">47,792</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Directors&#8217; fee</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">42,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">18,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Consulting fees</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">193,284</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">190,345</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">286,411</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">256,137</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid184" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>14. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Commitment</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">The Company has a cost sharing agreement to reimburse Oniva for a percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company and to pay a percentage fee based on the total overhead and corporate expenses. The agreement may be terminated with one-month notice by either party.</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>15.&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>Gold Advances</strong>&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">On September 19, 2013, the Company entered into an agreement with a concentrate buyer (the &#8220;Buyer&#8221;) for the sale of its gold flotation concentrate produced at the Bralorne mine for calendar year 2014. Pursuant to the agreement, the Buyer has agreed to provide quarterly advances (&#8220;Quarterly Advances&#8221;) to the Company. As at January 31, 2014, the Company received US&#160;$730,809 from the Buyer. The advance will bear interest of 8% per annum and interest accrued will be settled upon each shipment made on a bi-monthly basis. The amount received represents an advance for January 2014 to April 2014 shipment and differences will be settled upon delivery. During the six months ended July 31, 2014, the Company incurred interest expense of $35,977 (2013 - $Nil) in relation to this agreement.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">As at July 31, 2014, the Company received Quarterly Advances for production up to June 30, 2014. As at July 31, 2014, title to production up to June 30, 2014 has passed from the Company to the Buyer, and as a consequence, there is no balance outstanding.&#160;</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid185" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">55</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>BRALORNE GOLD MINES LTD.&#160;</b></p>
<p style="margin: 0px;">Notes to the Condensed Interim Financial Statements - Unaudited&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian Dollars)&#160;</p>
<p style="margin: 0px;">July 31, 2014</p>
<div style="font-size: 1pt; width: 100%; border-bottom: #000000 1px solid; margin-top: 2px;"></div>
<p style="margin: 0px;">&#160;</p>
<table id="tableid186" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>16. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Supplemental Cash Flow Information</strong></p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="ffftableid87" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>July 31,<br >2013</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">BC mining exploration tax credit accrued</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Accounts payable and accrued liabilities included in exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">188,651</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">343,561</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Other supplemental cash flow information:</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px; text-indent: 30px;">Cash paid during the period for</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom">
<p style="margin: 0px;">Interest expense</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,977</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Income tax expense</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid188" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>17. </strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>Subsequent Events</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="60">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin: 0px;">Subsequent to period end, 6,000 stock options with an exercise price of $0.30 expired unexercised.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Subsequent to period end, 3,826 stock options with an exercise price of $0.30 were exercised for proceeds of $1,148.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;">Subsequent to period end, the Company received the remaining $750,000 from the Lender and described in Note 10.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;</p>
<table id="tableid189" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">56</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>SCHEDULE 3</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Avino Silver &amp; Gold Mines Ltd.</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Unaudited Pro Forma Consolidated Financial Statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>As at and for the nine months ended September 30, 2014 </b></p>
<p style="margin: 0px;" align="center"><b>and for the year ended December 31, 2013</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid190" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">57</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;<img src="avino_ex991005.jpg" ></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><font style="font-size: 18pt;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></font></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>Unaudited Pro Forma Consolidated Financial Statements</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>(Expressed in Canadian dollars)</b>&#160;</p>
<p style="margin: 0px;" align="center"><b>(Prepared by Management)</b></p>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><b>As at and for the nine months ended September 30, 2014</b>&#160;</p>
<p style="margin: 0px;" align="center"><b>and for the year ended December 31, 2013</b></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid191" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">58</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;">Unaudited Pro Forma Consolidated Statement of Financial Position&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars)&#160;</p>
<p style="margin: 0px;">As at September 30, 2014</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="fftableid1" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Avino Silver &amp; Gold Mines Ltd. as at September 30, 2014<br >(unaudited)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. as at July 31, 2014 (unaudited)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma adjustments (unaudited)</b></td>
<td align="left">&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="text-align: center; margin: 0px;" align="right"><b>Note</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma consolidated (unaudited)</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>ASSETS</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>Current assets</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Cash and cash equivalents</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">8,823,969</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">498,684</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">(405,932</p>
</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td width="7%">
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">8,378,851</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(537,870</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(c)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Sales taxes recoverable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">967,816</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">43,846</p>
</td>
<td valign="bottom">&#160;</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,011,662</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Amounts receivable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,386,259</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">42,555</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(30,090</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,377,091</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(21,633</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(e)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Loan receivable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,250,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,250,000</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(e)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Prepaid expenses and other assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,181,121</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,272</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(12,272</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">918,991</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(262,130</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(c)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Inventory</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,778,227</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,778,227</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">16,387,392</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">553,511</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,476,081</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">14,464,822</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Non-current assets</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Restricted Cash</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Exploration and Evaluation Assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">17,601,109</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,089,957</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,251,143</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(a),(b)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">26,439,923</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Plant, Equipment and Mining Properties</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">16,566,950</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">82,236</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,854</p>
</td>
<td valign="bottom">&#160;</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">16,660,040</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Amounts due from Related Party</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">61,022</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(61,022</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(g)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Investment in Associate</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,628,175</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,628,175</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(b)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Investments in Related Companies</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">32,477</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">32,477</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Investments in Other Companies</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">70,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">70,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Reclamation Bonds</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,500</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,500</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">53,291,603</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">10,926,726</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(6,405,567</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">57,812,762</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>LIABILITIES</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Current liabilities </b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Accounts payable and accrued liabilities</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,658,671</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">857,555</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(337,400</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,178,826</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Loan payable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">500,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">771,633</p>
</td>
<td valign="bottom">&#160;</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,271,633</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(e)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Amounts due to related parties</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">185,037</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">153,568</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(93,591</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(a)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">245,014</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Current portion of finance lease obligations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,140,200</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,140,200</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Taxes payable</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">618,415</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">618,415</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,602,323</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,511,123</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(930,991</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,182,455</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">--</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Warrant Liability</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">312,396</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">312,396</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Finance Lease Obligations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,729,476</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,729,476</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Reclamation Provision</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,988,897</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">98,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,086,897</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Deferred Tax Liabilities</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,660,518</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,660,518</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Total liabilities</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">14,293,610</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,609,123</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(930,991</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">14,971,742</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>EQUITY</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Share Capital</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">53,766,310</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,747,897</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(37,747,897</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(d)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">58,301,683</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">4,535,373</p>
</td>
<td valign="bottom">&#160;</td>
<td>
<p style="margin: 0px;" align="center">3(a),(b)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Equity Reserves</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,673,213</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,070,210</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,070,210</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">10,673,213</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Treasury Shares (14,180 shares, at cost)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(101,869</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(101,869</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Accumulated Other Comprehensive Income</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,053,840</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,053,840</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Accumulated Deficit</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(26,393,501</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(30,500,504</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,500,504</p>
</td>
<td valign="bottom">&#160;</td>
<td>
<p style="margin: 0px;" align="center">3(d)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(27,085,847</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(692,346</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>
<p style="margin: 0px;" align="center">3(b)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Total Equity</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">38,997,993</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">9,317,603</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(5,474,576</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">42,841,020</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">53,291,603</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">10,926,726</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(6,405,567</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">57,812,762</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><i>The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements</i></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid193" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">59</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;">Unaudited Pro Forma Consolidated Interim Statement of Income (Loss)&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars)&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;&#160;</p>
<table id="fftableid3" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Avino Silver &amp; Gold Mines Ltd. (nine months ended September 30, 2014)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (calculated for the nine months ended July 31, 2014 &#8211; Note 5)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma adjustments</b></td>
<td align="left">&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="text-align: center; margin: 0px;" align="right"><b>Note</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma consolidated </b></td>
<td align="left">&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td width="1%"></td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td valign="top" width="7%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Revenue</b></p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">15,583,261</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="top" width="7%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">15,583,261</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Cost of Sales</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">9,168,088</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">9,168,088</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Mine Operating Income</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,415,173</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">6,415,173</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Operating Expenses</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">General and administrative expenses</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,428,653</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">639,155</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,067,808</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Share-based payments</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">824,972</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">134,202</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">959,174</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">3,161,548</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(773,357</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">2,388,191</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Other Items</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Fair value adjustment on warrant liability</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">983,251</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">983,251</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Foreign exchange loss</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(107,465</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(46,731</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(154,196</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Interest income (expense)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">20,626</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,902</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(33,724</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center">3(f)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(32,829</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(21,633</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td valign="bottom">
<p style="margin: 0px;" align="center">3(e)</p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Accretion of reclamation provision</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(98,144</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(98,144</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Share of net loss of equity investee</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(90,944</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">90,944</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="bottom">
<p style="margin: 0px;" align="center">3(h)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Unrealized loss on investments in related companies</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,445</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(2,445</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Unrealized gain on investments</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">15,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">15,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Impairment of exploration and evaluation assets</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">20,421,743</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;" align="center">3(h)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Net Income (Loss) Before Income Taxes</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,881,427</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(21,239,929</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">20,457,330</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,098,828</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Income Taxes</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Current income tax expense</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,182,369</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,182,369</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Deferred income tax expense</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(654,034</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(654,034</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Net Income (Loss) </b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">2,045,024</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(21,239,929</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">20,457,330</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">1,262,425</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;" align="center"><i>The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements</i></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid195" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">60</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;">Unaudited Pro Forma Consolidated Statement of Income (Loss)&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars)&#160;</p>
<p style="margin: 0px;">For the year ended December 31, 2013</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="fftableid5" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Avino Silver &amp; Gold Mines Ltd. (year ended December 31, 2013)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (year ended January 31, 2014)</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma adjustments</b></td>
<td align="left">&#160;</td>
<td style="border-bottom: black 1pt solid;" valign="bottom" align="left">
<p style="text-align: center; margin: 0px;"><b>Note</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid;" valign="bottom" colspan="2" align="center"><b>Pro forma consolidated </b></td>
<td align="left">&#160;</td>
</tr>
<tr style="background-color: white;" height="15">
<td valign="bottom">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td width="1%"></td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%"></td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
<td valign="top" width="7%"></td>
<td width="1%"></td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">&#160;</p>
</td>
<td valign="bottom" width="1%"></td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Revenue</b></p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">16,094,701</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td valign="top" width="7%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="9%" align="right">
<p style="margin: 0pt;">16,094,701</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Cost of Sales</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">8,968,409</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">8,968,409</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Mine Operating Income</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">7,126,292</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">7,126,292</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>General and Administrative Expenses</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Depreciation</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">687</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">22,481</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">23,168</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Directors fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">155,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">24,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">179,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Interest expense</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">52,753</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">52,753</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Investor relations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">194,955</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">104,923</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">299,878</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Management fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">390,510</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,791</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">394,301</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Office and miscellaneous</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">722,816</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">136,931</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">859,747</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Professional fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">311,193</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">143,559</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">454,752</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Regulatory and compliance fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,629</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,730</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">178,359</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Salaries and benefits</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,204,666</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">355,381</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,560,047</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Share-based payments</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">908,362</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">963,390</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Travel and promotion</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">165,860</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">40,354</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">206,214</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">4,247,431</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">924,178</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">5,171,609</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;">Income (loss) before other items and taxes</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,878,861</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(924,178</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,954,683</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Other Items</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Foreign exchange gain</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">415,278</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">24,869</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">440,147</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Interest income (expense)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">41,604</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,106</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(44,965</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td valign="bottom">
<p style="text-align: center; margin: 0px;" align="right">3(f)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,255</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Mineral property option income</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">69,500</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">69,500</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Other income</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">103,802</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">103,802</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Write-down of receivables</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(77,623</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(77,623</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Unrealized loss on investments</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(99,833</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(99,833</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Net Income (Loss) Before Income Taxes</b></p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,409,212</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(44,965</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,389,421</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="text-indent: 30px;" valign="bottom"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Income Taxes</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;">Current income tax expense</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(42,547</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td valign="top">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(42,547</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Deferred income tax expense</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,518,453</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,518,453</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid; text-indent: 30px;" valign="bottom"></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,561,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">&#160;</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;">&#160;</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(2,561,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Net Income (Loss) </b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">848,212</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(44,965</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;" valign="top">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(171,579</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;" align="center"><i>The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements </i></p>
<p style="margin: 0px;">&#160;</p>
<table id="tableid197" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">61</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid198" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>1.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>BASIS OF PRESENTATION</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">The accompanying unaudited pro forma consolidated financial statements of Avino Silver &amp; Gold Mines Ltd. (&#8220;Avino&#8221;) have been prepared to give effect to the transaction in which Avino acquired the remaining issued and outstanding common shares of Bralorne Gold Mines Ltd. (&#8220;Bralorne&#8221;) that Avino did not already own by way of a plan of arrangement under the Business Corporations Act (British Columbia).</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma consolidated financial statements have been prepared on the basis of the assumptions and adjustments described below and in note 3. The unaudited pro forma consolidated financial information has been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) on a basis consistent with Avino&#8217;s accounting policies.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The transaction is accounted for using IFRS guidance for asset acquisitions, under which identifiable assets acquired and liabilities assumed are measured at carrying amounts based on their relative fair values at the acquisition date, no goodwill is recognized, acquisition-related costs are capitalized, and deferred tax assets or liabilities arising from the assets acquired and liabilities assumed are not recognized as a result of the initial recognition exemption.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma consolidated financial statements have been presented for information purposes only, and are based on the historical financial statements of Avino and Bralorne. The unaudited pro forma information is not intended to be indicative of the results that would actually have occurred, or the results expected in future periods, had the events reflected herein occurred on the dates indicated. Actual amounts recorded subsequent to the transaction will likely differ from those recorded in the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements do not reflect and do not give effect to: (i) any integration costs that may be incurred as a result of the transaction, (ii) synergies, operating efficiencies and cost savings that may result from the transaction, (iii) any effects of tax elections that may be made in connection with the transaction, (iv) benefits expected to be derived from the combined projects or (v) changes in commodity prices subsequent to the date of the unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated financial statements include acquisition costs.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The measurement of the fair value of the assets acquired and liabilities assumed is dependent on certain assumptions and estimates made by management based on the reports of technical experts and other industry sources, and certain estimates have not yet been finalized. Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma consolidated financial statements. Differences between these preliminary estimates and the final accounting for the transaction may occur and may be material.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma consolidated financial statements should be read in conjunction with the unaudited condensed consolidated interim financial statements of Avino as at and for the nine months ended September 30, 2014, the audited consolidated financial statements of Avino as at and for the year ended December 31, 2013, the unaudited condensed interim financial statements of Bralorne as at and for the six months ended July 31, 2014, the unaudited condensed interim financial statements of Bralorne as at and for the nine months ended October 31, 2013, and the audited financial statements of Bralorne as at and for the year ended January 31, 2014.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma consolidated statement of financial position as at September 30, 2014 has been prepared using information from the unaudited condensed consolidated interim statement of financial position of Avino as at September 30, 2014, the unaudited condensed interim statement of financial position of Bralorne as at July 31, 2014 and the adjustments and assumptions outlined in note 3 below. The unaudited pro forma condensed consolidated interim statement of financial position gives effect to the transaction as if it had occurred on September 30, 2014.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;&#160;</p>
<table id="tableid199" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">62</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;&#160;</p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid200" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="top" width="5%">
<p style="margin: 0px;"><b>1.</b></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>BASIS OF PRESENTATION </strong>(continued)</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma condensed consolidated interim statement of income for the nine months ended September 30, 2014 has been prepared using information from the unaudited condensed consolidated interim statement of operations and comprehensive income of Avino for the nine months ended September 30, 2014, the unaudited condensed interim statement of operations and comprehensive loss of Bralorne for the six months ended July 31, 2014, the unaudited condensed interim statement of operations and comprehensive loss of Bralorne for the nine months ended October 31, 2013, the consolidated statement of operations and comprehensive loss of Bralorne for the year ended January 31, 2014, and the adjustments and assumptions outlined in notes 3 and 5 below. The unaudited pro forma condensed consolidated interim statement of income for the nine months ended September 30, 2014 gives effect to the transaction as if it had occurred on January 1, 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The unaudited pro forma consolidated statement of income (loss) for the year ended December 31, 2013 has been prepared using information from the consolidated statement of operations and comprehensive income of Avino for the year ended December 31, 2013, the statement of operations and comprehensive loss of Bralorne for the year ended January 31, 2014, and the adjustments and assumptions outlined in note 3 below. The unaudited pro forma consolidated statement of income (loss) for the year ended December 31, 2013 gives effect to the transaction as if it had occurred on January 1, 2013.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The accounting policies used in the preparation of the unaudited pro forma financial statements are those set out in Avino&#8217;s audited consolidated financial statements as at and for the year ended December 31, 2013. In preparing the pro forma financial statements, a review was undertaken to identify differences between Avino&#8217;s accounting policies and those of Bralorne that could have a material impact on the pro forma financial statements. No such material differences were identified.</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<table id="tableid201" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>2.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>DESCRIPTION OF THE TRANSACTION</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">On October 20, 2014, Avino completed the purchase of all of the outstanding shares of Bralorne which Avino did not already own by way of a plan of arrangement under the Business Corporations Act (British Columbia). Bralorne holds an undivided 100% legal and beneficial interest in the Bralorne gold mine project in British Columbia. Avino is a reporting issuer in Canada and the United States and its common shares trade on the TSX Venture Exchange (&#8220;TSX-V&#8221;), the NYSE MKT, and the Frankfurt and Berlin Stock Exchanges, while Bralorne&#8217;s common shares traded on the TSX-V, the OTCQX marketplace, and the Frankfurt Stock Exchange prior to the closing of the transaction.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">Following approval by the shareholders and optionholders of Bralorne, receipt of all necessary approvals from the TSX-V, and the approval of the Supreme Court of British Columbia after a hearing as to the fairness of the arrangement, Bralorne shareholders received 0.14 of an Avino share for each Bralorne share with any fractions rounded down to the nearest whole share, and all outstanding unexercised Bralorne options were cancelled. Prior to the transaction, Avino held 9,679,149 Bralorne common shares, representing approximately 34% of Bralorne&#8217;s issued and outstanding common shares, and Avino issued a further 2,636,845 common shares to complete the transaction. Upon completion, Bralorne became a wholly-owned subsidiary of Avino.</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;&#160;</p>
<table id="tableid202" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">63</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
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</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid203" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="top" width="5%">
<p style="margin: 0px;"><b>2.</b></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>DESCRIPTION OF THE TRANSACTION </b>(continued)</p>
</td>
</tr>
<tr height="15">
<td valign="top" width="5%">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
</tr>
<tr height="15">
<td valign="top" width="5%">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The transaction was not conditional on any external financing. However, with the acceptance of the TSX-V, Avino made a $1,250,000 loan to Bralorne (in three tranches) to provide immediate working capital. The loan carried interest at 12% per annum, and the principal amount and accrued interest were secured by a general security agreement against all of the assets of Bralorne.</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<table id="tableid204" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>3.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>PRO FORMA ASSUMPTIONS AND ADJUSTMENTS</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The preliminary purchase price allocation based on the estimated fair value of Bralorne's assets acquired and liabilities assumed is summarized below. The purchase price allocation will be finalized once Avino&#8217;s management has gathered and reviewed all relevant information, with an ultimate determination to be made for the fourth quarter of 2014. While Avino has determined that the transaction will be accounted for as an asset acquisition for reporting purposes, it is likely that the fair values of assets acquired and liabilities assumed will vary from those shown below, and the differences may be material.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">For the purposes of determining the value of the purchase consideration, the total number of outstanding Bralorne common shares has been derived from information provided by Bralorne&#8217;s management as at October 20, 2014, and the closing share prices of Avino and of Bralorne at October 20, 2014 have been used, being $1.72 and $0.20 respectively.</p>
<p style="margin: 0px;">&#160;</p>
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">(a) The preliminary purchase price allocation for the transaction is as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;&#160;</p>
<table id="fftableid14" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>September 30,<br >2014</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>Purchase Price:</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;"><b></b>2,636,845 Avino common shares at their fair value of $1.72 per share</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" width="11%" align="right">
<p style="margin: 0pt;">4,535,373</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;"><b></b>Fair value of 34% interest in Bralorne (9,679,149 Bralorne common shares)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,935,829</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px 0px 0px 30px;"><b></b>Estimated transaction costs ($262,130 paid or accrued at September 30, 2014)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">800,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">Total purchase price</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">7,271,202</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td></td>
<td></td>
<td valign="bottom" align="right"></td>
<td></td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px;"><b>Purchase Price Allocation:</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Cash</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">92,752</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Accounts receivable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,465</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Sales taxes recoverable</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">43,846</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Restricted cash</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">140,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">8,838,814</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Property and equipment</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">93,090</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Accounts payable and accrued liabilities</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(520,155</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Amounts due to related parties</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(59,977</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px 0px 0px 30px;">Loan payable</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(1,271,633</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px 0px 0px 30px;">Decommissioning liability</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(98,000</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;">Total purchase price allocation</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">7,271,202</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid206" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">64</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
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<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b></p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid207" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>3.</b></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;"></p>
<p style="margin: 0px;"><strong>PRO FORMA ASSUMPTIONS AND ADJUSTMENTS</strong> (continued)</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top" colspan="2">
<p style="margin: 0px;"></p>
<p style="margin: 0px;">Notes relating to the preliminary purchase price allocation and pro forma adjustments are as follows:</p>
</td>
</tr>
<tr height="15">
<td valign="top" width="5%">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top" width="5%">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">(b)</p>
</td>
<td valign="top">
<p style="margin: 0px;">In connection with the transaction, on July 9, 2014, Avino completed the purchase of 9,500,000 Bralorne shares at $0.28 from a third party, thereby obtaining a 33% interest in Bralorne. As at October 20, 2014, the market value of these Bralorne shares, together with the 179,149 Bralorne shares previously held for investment purposes, forms purchase consideration of $1,935,829 and is a part of the total consideration paid. Purchase consideration also includes 2,636,845 Avino common shares at their October 20, 2014 quoted market price of $4,535,373. The excess of the carrying value of Bralorne's net assets over the fair value of the consideration paid has resulted in a fair value adjustment to reduce Bralorne's exploration and evaluation assets.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(c)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The transaction costs are expected to total $800,000 and include investment advisor fees, legal and accounting fees, directors&#8217; fees for the special committees of Avino and Bralorne, independent fairness opinions, and other acquisition-related costs. The transaction costs incurred will be capitalized in accordance with Avino's accounting policy for asset acquisitions. As at September 30, 2014, transaction costs of $262,130 had been paid or accrued in the financial statements of the respective entities.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(d)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The adjustment represents the elimination of the share capital and equity accounts of Bralorne upon acquisition.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(e)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The adjustment represents the elimination of the $1,250,000 loan advanced by Avino to Bralorne (Note 2) and any accrued interest upon completion of the transaction.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(f)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The adjustment to interest income represents the estimated interest lost as a result of the purchase of 9,500,000 Bralorne shares for $2,660,000 (Note 3(b)) and the loan of $1,250,000 from Avino to Bralorne (Note 2) in connection with the transaction.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(g)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The adjustment represents the elimination of transactions between Avino and Bralorne on consolidation.</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">&#160;</p>
</td>
</tr>
<tr height="15">
<td valign="top">
<p style="margin: 0px;"><b>&#160;</b></p>
</td>
<td valign="top">(h)</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">As the unaudited pro forma consolidated interim statement of income is prepared on the basis that the transaction was completed on January 1, 2013 using the fair values assigned to the net identifiable assets of Bralorne acquired by Avino, the impairment charge recorded by Bralorne and the equity loss recorded by Avino would not have occurred and as a result have been reversed as a pro forma adjustment.</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid208" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">65</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid209" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>4.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>PRO FORMA EARNINGS (LOSS) PER SHARE</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">For the purposes of the unaudited pro forma consolidated financial statements, earnings (loss) per share has been calculated using the weighted average number of shares which would have been outstanding as at September 30, 2014 and December 31, 2013, after giving effect to the transaction as if it had occurred on January 1, 2013. The calculation of pro forma earnings (loss) per share is as follows:</p>
</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;&#160;</p>
<table id="fftableid19" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center"><b>Nine months ended September 30,<br >2014</b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" colspan="2" align="center">
<p style="margin: 0cm 0cm 0pt;"><b>Year ended December 31,<br ></b><b>2013</b></p>
</td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="top" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Weighted average outstanding common shares of Avino prior to the transaction</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="11%" align="right">
<p style="margin: 0pt;">31,521,145</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="11%" align="right">
<p style="margin: 0pt;">27,405,179</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Avino common shares issued in connection with the transaction</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,636,845</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,636,845</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Pro forma basic weighted average outstanding common shares of Avino</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">34,157,990</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,042,024</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top">
<p style="margin: 0px;">Pro forma diluted weighted average outstanding common shares of Avino</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,248,157</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,338,248</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Pro forma consolidated income (loss) for the period</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">1,262,425</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(171,579</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="top"></td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="top">
<p style="margin: 0px;">Pro forma basic earnings (loss) per share</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">0.04</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(0.01</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="top">
<p style="margin: 0px;">Pro forma diluted earnings (loss) per share</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">0.04</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(0.01</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid211" style="width: 100%; font: 10pt TIMES NEW ROMAN;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td>&#160;</td>
</tr>
<tr>
<td>
<div class="rcpn" align="center"><font size="2" face="Times New Roman, Times, serif">66</font></div>
<div class="hpbhr" style="font-size: 1pt; width: 100%;"></div>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<div style="width: 100%; page-break-after: always; line-height: 0px;"></div>
</td>
</tr>
<tr>
<td>
<div class="hdr" style="font-size: 1pt; width: 100%;"></div>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin: 0px;"><b>AVINO SILVER &amp; GOLD MINES LTD.</b>&#160;</p>
<p style="margin: 0px;"><b>Notes to the pro forma consolidated financial statements</b>&#160;</p>
<p style="margin: 0px;">For the nine months ended September 30, 2014 and the year ended December 31, 2013&#160;</p>
<p style="margin: 0px;">(Expressed in Canadian dollars) (unaudited)</p>
<hr color="#000000" size="1" width="100%" noshade="noshade" >
<p style="margin: 0px;">&#160;</p>
<table id="tableid212" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>5.</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>UNAUDITED INTERIM STATEMENT OF OPERATIONS OF BRALORNE</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
</tr>
<tr>
<td valign="top" width="5%">
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;"><strong>&#160;</strong></p>
</td>
<td valign="top">Prior to the transaction, Bralorne had a non-coterminous financial year end with that of Avino, and consequently the interim periods covered by their interim continuous disclosure documents are not comparable. The unaudited interim statements of operations of Bralorne used to prepare the unaudited pro forma interim statement of income for the nine months ended September 30, 2014 were prepared for the purpose of the pro forma financial statements and do not conform with the financial statements of Bralorne included elsewhere in the pro forma financial statements. For the purposes of the unaudited pro forma consolidated financial statements, Bralorne&#8217;s unaudited interim statement of operations was calculated for the nine months ended July 31, 2014 by: (i) adding Bralorne&#8217;s unaudited interim statement of operations for the six months ended July 31, 2014, (ii) adding Bralorne&#8217;s statement of operations for the year ended January 31, 2014, and (iii) subtracting Bralorne&#8217;s statement of operations for the nine months ended October 31, 2013. The calculation is as follows:</td>
</tr>

</table>
<p style="font: 10pt TIMES NEW ROMAN; margin: 0px;">&#160;&#160;&#160;</p>
<table id="fftableid22" style="width: 85%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" align="center" border="0">

<tr height="15">
<td valign="bottom" align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid; text-align: center;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (six months ended July 31, 2014)<br >( + )</b></td>
<td style="text-align: center;" align="left">&#160;</td>
<td style="text-align: center;" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid; text-align: center;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (year ended January 31, 2014)<br >( + )</b></td>
<td style="text-align: center;" align="left">&#160;</td>
<td style="text-align: center;" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid; text-align: center;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (nine months ended October 31, 2013)<br >( - )</b></td>
<td style="text-align: center;" align="left">&#160;</td>
<td style="text-align: center;" align="left">&#160;</td>
<td id="ffc" style="border-bottom: black 1pt solid; text-align: center;" valign="bottom" colspan="2" align="center"><b>Bralorne Gold Mines Ltd. (calculated for the nine months ended July 31, 2014) ( = )</b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15">
<td valign="bottom" align="left">
<p style="margin: 0px;"><b>General and Administrative Expenses</b></p>
</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
<td align="left">&#160;</td>
<td id="ffc" valign="bottom" colspan="2" align="center"><b></b></td>
<td align="left">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Depreciation</p>
</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="10%" align="right">
<p style="margin: 0pt;">9,740</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="10%" align="right">
<p style="margin: 0pt;">22,481</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="10%" align="right">
<p style="margin: 0pt;">16,222</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
<td width="1%">&#160;</td>
<td valign="bottom" width="1%"></td>
<td id="ffc" valign="bottom" width="10%" align="right">
<p style="margin: 0pt;">15,999</p>
</td>
<td valign="bottom" width="1%">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Directors fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">24,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">18,000</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">18,000</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Finance fee</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,977</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">35,977</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Investor relations</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">19,782</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">104,923</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">92,745</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">31,960</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Management fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">12,951</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,791</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">3,102</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,640</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Office and miscellaneous</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">70,172</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">136,931</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">106,166</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">100,937</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Professional fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">13,864</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">143,559</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">47,881</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">109,542</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Regulatory and compliance fees</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">20,524</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">37,730</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">29,153</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">29,101</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Salaries and benefits</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">160,478</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">355,381</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">258,618</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">257,241</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Share-based payments</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">84,414</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">55,028</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">5,240</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">134,202</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Travel and promotion</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">17,561</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">40,354</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">31,157</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">26,758</p>
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<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
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<td valign="bottom">
<p style="margin: 0px;">Loss before other items</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(457,463</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(924,178</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(608,284</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(773,357</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px;"><b>Other Items</b></p>
</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td id="ffc" valign="bottom" align="right">&#160;</td>
<td>&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Foreign exchange gain (loss)</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(40,690</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">24,869</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">30,910</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(46,731</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Interest income</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,790</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">2,106</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,994</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">1,902</p>
</td>
<td valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Impairment of exploration and evaluation assets</p>
</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom">&#160;</td>
<td id="ffc" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td valign="bottom">&#160;</td>
<td>&#160;</td>
<td valign="bottom" align="left"></td>
<td id="ffc" class="para" valign="bottom" align="right">
<p style="margin: 0pt;">(20,421,743</p>
</td>
<td valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>
<tr height="15" bgcolor="#cceeff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px 0px 0px 30px;">Loss on write-down of receivables</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(77,623</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom" align="left"></td>
<td id="ffc" class="para" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">(77,623</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 1px solid;" valign="bottom">&#160;</td>
<td id="ffc" style="border-bottom: black 1px solid;" valign="bottom" align="right">
<p style="margin: 0pt;">-</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 1px;" valign="bottom">&#160;</td>
</tr>
<tr height="15" bgcolor="#ffffff">
<td style="border-bottom: black 0pt solid;" valign="bottom">
<p style="margin: 0px;"><b>Net Loss</b></p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(20,918,106</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(974,826</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(653,003</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 3px double;" valign="bottom" align="left">
<p style="margin: 0pt;">$</p>
</td>
<td id="ffc" class="para" style="border-bottom: black 3px double;" valign="bottom" align="right">
<p style="margin: 0pt;">(21,239,929</p>
</td>
<td style="border-bottom: black 0pt solid; padding-bottom: 3px;" valign="bottom" align="left">
<p style="margin: 0pt;">)</p>
</td>
</tr>

</table>
<p style="margin: 0px;">&#160;</p>
<table id="tableid214" style="width: 100%; text-align: justify; font: 10pt TIMES NEW ROMAN; margin: auto;" cellspacing="0" cellpadding="0" border="0">

<tr height="15">
<td valign="top" width="5%">&#160;</td>
<td valign="top">The unaudited pro forma consolidated statement of income (loss) for the year ended December 31, 2013 includes Bralorne&#8217;s operating results for the three months ended January 31, 2014, which are also included in the unaudited pro forma consolidated statement of income for the nine months ended September 30, 2014. The general and administrative expenses and net loss of Bralorne for the three months ended January 31, 2014 were $315,894 and $321,823 respectively.</td>
</tr>

</table>
<p style="margin: 0px;">&#160;&#160;</p>
<p style="margin: 0px;">&#160;</p>
<p style="text-align: center; margin: 0px;">67</p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
