<SEC-DOCUMENT>0001477932-18-003465.txt : 20180711
<SEC-HEADER>0001477932-18-003465.hdr.sgml : 20180711
<ACCEPTANCE-DATETIME>20180711171518
ACCESSION NUMBER:		0001477932-18-003465
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180711
FILED AS OF DATE:		20180711
DATE AS OF CHANGE:		20180711

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:		18949199

	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>
<html><head><title>avino_6k.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><b> <table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <div style="HEIGHT: 4px; WIDTH: 100%; BACKGROUND: #000000; MARGIN: 0px 0px 2px" name="hrule"></div> <div style="HEIGHT: 2px; WIDTH: 100%; BACKGROUND: #000000" name="hrule"></div></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></b> <p style="MARGIN: 0px" align="center"><b><font size="3">UNITED STATES</font></b></p> <p style="MARGIN: 0px" align="center"><b><font size="3">SECURITIES AND EXCHANGE COMMISSION</font></b></p> <p style="MARGIN: 0px" align="center"><b><font size="3">Washington, D.C. 20549</font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><font size="5">FORM 6-K</font></b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</b></p> <p style="MARGIN: 0px" align="center"><b>UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center">For the Month of <b>July 2018</b></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center">Commission File Number: <b>001-35254</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="50%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center"><b><font size="5">AVINO SILVER &amp; GOLD MINES LTD.</font></b></p></td></tr></table></p> <p style="MARGIN: 0px" align="left">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b><u>Suite 900, 570 Granville Street, Vancouver, BC V6C 3P1</u></b></p> <p style="MARGIN: 0px" align="center">(Address of principal executive offices)</p> <p style="MARGIN: 0px">&nbsp;</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. <font style="FONT-FAMILY: Wingdings">x</font> Form 20-F&nbsp;&nbsp;&nbsp; <font style="FONT-FAMILY: Wingdings">&#168;</font> Form 40-F</p> <p style="MARGIN: 0px">&nbsp;</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-FAMILY: Wingdings">&#168;</font></p> <p style="MARGIN: 0px">&nbsp;</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-FAMILY: Wingdings">&#168;</font></p> <p style="MARGIN: 0px">&nbsp; <table style="FONT-SIZE: 1px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td> <div style="HEIGHT: 2px; WIDTH: 100%; BACKGROUND: #000000; MARGIN: 0px 0px 2px" name="hrule"></div> <div style="HEIGHT: 4px; WIDTH: 100%; BACKGROUND: #000000" name="hrule"></div></td></tr></table></p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i>I. </i></b><b><u>Voluntary Change in Accounting Policy</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Upon further review of our experience at the Avino and San Gonzalo mines, we have concluded to change our accounting policy under IFRS 6 and IAS 16 in accounting for our Exploration and Evaluation Assets and Development Costs, including our determination that we commenced production effective July 1, 2015. The voluntary change in accounting policy is intended to provide investors with a better reflection of our business activities to enhance the comparability of our financial statements to our peers and to make our financial statements more relevant to the economic decision-making needs of users.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Accordingly, we have adopted the following accounting policy regarding Exploration and Evaluation Assets and Development Costs in our financial statements for the six months ended June 30, 2018.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Exploration and Evaluation Assets and Development Costs </u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(i) Exploration and evaluation expenditures</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The Company capitalizes all costs relating to the acquisition, exploration and evaluation of mineral claims. Expenditures incurred before the Company has obtained the legal rights to explore a specific area are expensed. The Company&#8217;s capitalized exploration and evaluation costs are classified as intangible assets. Such costs include, but are not limited to, certain camp costs, geophysical studies, exploratory drilling, geological and sampling expenditures, and depreciation of plant and equipment during the exploration stage. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur. Proceeds from the sale of mineral products or farm outs during the exploration and evaluation stage are deducted from the related capitalized costs. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The carrying values of capitalized amounts are reviewed annually, or when indicators of impairment are present. In the case of undeveloped properties, there may be only inferred resources to allow management to form a basis for the impairment review. The review is based on the Company&#8217;s intentions for the development of such properties. If a mineral property does not prove to be viable, all unrecoverable costs associated with the property are charged to the consolidated statement of comprehensive income (loss) at the time the determination is made.</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">When the technical feasibility and commercial viability of extracting mineral resources have been demonstrated, exploration and evaluation costs are assessed for impairment, reclassified to mining properties and become subject to depletion. Management considers the technical feasibility and commercial viability of extracting a mineral resource to be demonstrable upon the completion of a positive feasibility study and the establishment of mineral reserves. For certain mineral projects, management may determine the completion of a feasibility study to be cost prohibitive, unnecessary or to present undue risk to the structural integrity of the ore body. Under such circumstances, management considers technical feasibility to be demonstrable when the Company has obtained the necessary environmental and mining permits, land surface and mineral access rights, and the mineral project can be physically constructed and operated in a technically sound manner to produce a saleable mineral product. In assessing whether commercial viability is demonstrable, management considers if its internal economic assessment indicates that the mineral project can be mined to generate a reasonable return on investment for the risk undertaken, and markets or long-term contracts for the product exist.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak7a44b34a-d76a-46cc-a6da-3222aa66eb15" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">2</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">(ii) Development Expenditures</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Mine Development Costs are capitalized until the mineral property is capable of operating in the manner intended by management. The Company evaluates the following factors in determining whether a mining property is capable of operating in the manner intended by management.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p><font face="Symbol"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top" width="4%"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">The completion and assessment of a reasonable commissioning period of the mill and mining facilities;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Consistent operating results are achieved during the test period;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Existence of clear indicators that operating levels intended by management will be sustainable for the foreseeable future;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Plant / mill has reached a pre-determined percentage of design capacity;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Adequate funding is available and can be allocated to the operating activities;</td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Long term sales arrangements have been secured.</td></tr></table> <p style="MARGIN: 0px">&nbsp;</p></font> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">The carrying values of capitalized development costs are reviewed annually, or when indicators are present, for impairment.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><i>II. </i></b><b><i><u>Effect of Change in Accounting Policy</u></i></b><i><u></u></i></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">As a result of applying the change in accounting policy, we have determined that we would have been deemed to be in the production phase effective July 1, 2015. Accordingly, we have determined that the impact on our Statement of Financial Position would be the decrease/increase in Exploration and Evaluation Assets since we are not capitalizing such assets during production and the impact of our Statement of Operations and comprehensive Income (Loss) would be an increase/decrease in Revenue from Mining Operations and Costs of Sales as such amounts are not offset during production. The retrospective application of this change in accounting policy for (i) the nine months ended September 30, 2015; (ii) the year ended December 31, 2015; and (iii) the year ended December 31, 2016 are as follows.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakefe79b16-6ab4-42d3-b89b-4649cd993d74" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Financial Position</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>At September 30, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>ASSETS</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cash and cash equivalents</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,145,588</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,145,588</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts receivable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,960,710</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,960,710</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Sales taxes recoverable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,604,105</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,604,105</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Prepaid expenses and other assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>920,393</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>920,393</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Inventory</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,270,720</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,270,720</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>21,901,516</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>21,901,516</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Exploration and Evaluation Assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,300,850</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>35,598,325</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Plant, Equipment and Mining Properties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>23,135,683</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>23,135,683</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>84,449</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>84,449</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation Bonds</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Assets </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>81,567,998</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>80,865,473</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>LIABILITIES</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current liabilities </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accounts payable and accrued liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,516,134</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,516,134</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of concentrate prepayment</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,558,663</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,558,663</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of equipment loan</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>174,639</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>174,639</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of finance lease obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,766,906</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,766,906</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Taxes payable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>115,041</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>115,041</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts due to related parties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>220,421</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>220,421</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,351,804</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,351,804</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Warrant Liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>27,572</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>27,572</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Concentrate Prepayment</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,786,337</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,786,337</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equipment Loan</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>291,065</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>291,065</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Finance Lease Obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,068,623</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,068,623</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation Provision </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,120,224</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,120,224</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Deferred Income Tax Liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>6,829,451</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>6,829,451</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>31,475,076</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>31,475,076</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>EQUITY</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Share Capital </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>60,701,371</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>60,701,371</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equity Reserves </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,507,916</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,507,916</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Treasury Shares (14,180 shares, at cost)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated Other Comprehensive Income </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,783,111</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,783,111</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated Deficit</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(25,797,607</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(26,500,132</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>50,092,922</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>49,390,397</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Liabilities and Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>81,567,998</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>80,865,473</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px" align="justify">&nbsp; <table id="pagebreake613c24a-6dae-4271-b214-50f05de19b20" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Operations and Comprehensive Income (Loss)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>For the Nine Months Ended September 30, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Revenue from Mining Operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,222,738</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>14,860,807</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>30,083,545</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Cost of Sales</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>8,573,411</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>15,563,332</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>24,136,743</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Mine Operating Income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,649,327</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,946,802</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr height="15" bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>General and administrative expenses</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,192,866</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,192,866</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Income before other income (expenses) </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,456,461</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,753,936</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Other Income (Expenses)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Fair value adjustment on warrant liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>212,118</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>212,118</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Interest and other income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>50,169</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>50,169</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Foreign exchange loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,035,368</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,035,368</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Interest expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,178</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,178</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Accretion of reclamation provision</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,929</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,929</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Unrealized loss on investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(9,440</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(9,440</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Net Income Before Income Taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,435,833</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,733,308</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Income Taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Current income tax recovery (expense)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,522,232</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,522,232</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Deferred income tax expense </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(786,852</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(786,852</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,309,084</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,309,084</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Net Income (Loss) </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>126,749</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(575,776</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Other Comprehensive Income - Items that may be reclassified subsequently to income or loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Currency translation differences of foreign operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,111,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,111,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Comprehensive Income </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>3,237,851</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>2,535,326</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Earnings (Loss) per Share</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.00</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>0.00</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Weighted Average Number of Common Shares Outstanding </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,037,472</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,037,472</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,600,853</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,600,853</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakc577367d-26d8-4fac-b390-af947ba44696" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">5</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Financial Position</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>At December 31, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>ASSETS</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cash</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,475,134</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,475,134</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts receivable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,730,317</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,730,317</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Taxes recoverable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,053,035</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,053,035</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Prepaid expenses and other assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,177,053</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,177,053</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Inventory</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,612,234</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,612,234</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>20,047,773</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>20,047,773</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr height="15" bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Exploration and Evaluation Assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>41,376,974</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>41,325,783</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Plant, Equipment and Mining Properties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>25,733,033</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>25,733,033</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>38,712</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>38,712</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation Bonds</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Assets </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,341,992</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,290,801</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>LIABILITIES</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current liabilities </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accounts payable and accrued liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,178,571</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,178,571</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts due to related parties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>217,822</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>217,822</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of term facility</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,458,660</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,458,660</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of equipment loans</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>222,192</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>222,192</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of finance lease obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,815,747</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,815,747</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Taxes payable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,151,224</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,151,224</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>14,044,216</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>14,044,216</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Warrant Liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Term Facility</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,381,340</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,381,340</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equipment Loans</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>731,918</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>731,918</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Finance Lease Obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,305,534</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,305,534</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation Provision </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,047,369</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,047,369</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Deferred Income Tax Liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,892,916</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,892,916</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>35,403,293</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>35,403,293</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>EQUITY</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Share Capital </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>62,262,954</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>62,262,954</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equity Reserves </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,531,512</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,531,512</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Treasury Shares (14,180 shares, at cost)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated Other Comprehensive Income </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,652,534</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,652,534</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated Deficit</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(25,406,432</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(25,457,623</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>51,938,699</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>51,887,508</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Liabilities and Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,341,992</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,290,801</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3576db7b-6849-4604-9699-17b58260c737" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">6</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Operations and Comprehensive Income</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>For the Year Ended December 31, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Revenue from Mining Operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>19,082,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>21,501,272</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>40,584,119</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cost of Sales</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>10,961,694</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>21,552,463</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>32,514,157</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Mine Operating Income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>8,121,153</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>8,069,962</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>General and Administrative Expenses</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,256,672</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,256,672</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Income before other income (expenses)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,864,481</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,813,290</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Other Income (Expenses)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Fair value adjustment on warrant liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>239,690</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>239,690</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Interest and other income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>59,098</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>59,098</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Foreign exchange loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(833,822</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(833,822</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Interest expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(180,079</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(180,079</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accretion of reclamation provision</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,925</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,925</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Unrealized loss on investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(55,177</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(55,177</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Finance cost</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(14,238</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(14,238</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Net Income Before Income Taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,943,028</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,891,837</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Income Taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current income tax expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(3,587,796</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(3,587,796</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Deferred income tax recovery </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,128,192</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,128,192</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,459,604</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,459,604</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Net Income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>483,424</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>432,233</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Other Comprehensive Income - Items that may be reclassified subsequently to income or loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Currency translation differences of foreign operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,980,525</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>--</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,980,525</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Comprehensive Income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,463,949</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>4,412,758</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Earnings per Share</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Weighted Average Number of Common Shares Outstanding</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,229,424</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,229,424</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,723,725</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,723,725</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreakd213c32c-0c99-43e7-833f-9764af85cc4a" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">7</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Financial Position</b></p> <p style="MARGIN: 0px" align="justify"><b>&nbsp;</b></p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>At December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>ASSETS</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cash</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,816,628</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,816,628</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Short-term investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>13,427,000</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>13,427,000</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts receivable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,095,249</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,095,249</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Taxes recoverable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,738,945</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,738,945</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Prepaid expenses and other assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,295,942</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,295,942</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Inventory</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>7,793,047</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>7,793,047</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>47,166,811</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>47,166,811</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Exploration and evaluation assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>41,344,065</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>42,200,912</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Plant, equipment and mining properties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>37,244,816</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>37,244,816</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Long-term investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>35,873</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>35,873</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation bonds</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>145,500</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Assets</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>125,937,065</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>126,793,912</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>LIABILITIES</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current liabilities </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accounts payable and accrued liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,004,583</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,004,583</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Amounts due to related parties</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>267,726</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>217,822</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of term facility</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,265,934</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,265,934</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of equipment loans</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,311,753</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,311,753</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current portion of finance lease obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,926,427</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,926,427</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Taxes payable</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,097,369</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,097,369</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,873,792</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,873,792</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Term facility</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,265,933</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>6,265,933</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equipment loans</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,598,798</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,598,798</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Finance lease obligations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,848,807</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,848,807</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Warrant liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,188,328</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,188,328</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Reclamation provision </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,349,100</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,349,100</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Deferred income tax liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>6,295,000</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>6,295,000</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Liabilities</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>43,419,758</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>43,419,758</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>EQUITY</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Share capital </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>91,527,462</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>91,527,462</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Equity reserves </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,679,584</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>9,679,584</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Treasury shares (14,180 shares, at cost)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,869</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated other comprehensive Income </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,593,133</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>4,593,133</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accumulated deficit</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(23,181,003</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(22,324,156</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>82,517,307</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>83,374,154</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total liabilities and Equity</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>125,937,065</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>126,793,912</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak6a425526-2930-4ecf-836e-666649310e2e" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">8</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>Effect on Statement of Operations and Comprehensive Income</b></p> <p style="MARGIN: 0px">&nbsp;</p> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>For the Year Ended December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>As Reported</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Retrospective Application</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Revenue from mining operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>39,895,591</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,912,324</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>45,807,915</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Cost of sales</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>25,391,891</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>5,055,477</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>30,447,368</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Mine operating income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>14,503,700</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,360,547</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Operating expenses</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>General and administrative expenses</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,021,006</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,021,006</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Share-based payments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,615,025</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>1,615,025</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Income before other items</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,867,669</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>8,724,516</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Other items</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Foreign exchange gain </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>207,076</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>207,076</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Interest and other income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>69,073</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>69,073</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Fair value adjustment on warrant liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,862</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>10,862</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Accretion of reclamation provision</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(284,636</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(284,636</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Finance cost</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(188,940</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(188,940</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Interest expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(166,636</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(166,636</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Unrealized gain loss on long-term investments</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,839</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,839</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Net income before income taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>7,511,629</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>8,368,476</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Income taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Current income tax expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(4,187,048</i></td> <td valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(4,187,048</i></td> <td valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Deferred income tax expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(1,332,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(1,332,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(5,519,150</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(5,519,150</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Net income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,992,479</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,849,326</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td><i> <i>Other Comprehensive Income - Items that may be reclassified subsequently to income or loss</i></i></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Currency translation differences of foreign operations</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(1,059,401</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(1,059,401</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Total Comprehensive income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>933,078</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid"><em>$</em></td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="right"><em>1,789,925</em></p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Earnings per share</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.05</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.02</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.07</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.05</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.02</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.07</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Weighted average number of common shares outstanding</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>42,695,999</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>42,695,999</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px" align="justify"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>43,791,451</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>43,791,451</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak744cd295-15c3-4305-8c10-aad985e84bb6" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>III. <u>Internal Control Over Financial Reporting</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">We do not believe that the change in accounting policy affects our Internal Control Over Financial Reporting in that neither a significant deficiency nor a material weakness exists in applying this change on a retrospective basis.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>IV. <u>Informational Purposes</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">We are applying this change in accounting policy on a retrospective basis for informational purposes only. The information furnished in this report shall not be deemed to be &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be incorporated by reference to any registration statement filed under the Securities Act of 1933 by the Company.</p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak216d3628-4d65-4036-8fa6-6e13a12b8bf7" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">10</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="center"><b>Signatures</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> <td colspan="2"> <p style="MARGIN: 0px"><b>Avino Silver &amp; Gold Mines, Ltd.</b></p></td> <td></td></tr> <tr> <td width="50%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="35%">&nbsp;</td> <td width="12%">&nbsp;</td></tr> <tr> <td>Date: July 11, 2018</td> <td>By:</td> <td style="BORDER-BOTTOM: black 1px solid"><em>/s/ Malcolm Davidson</em></td> <td></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td>Malcolm Davidson</td> <td>&nbsp;</td></tr> <tr> <td>&nbsp;</td> <td>&nbsp;</td> <td>Chief Financial Officer</td> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">11</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
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