<SEC-DOCUMENT>0001477932-18-003199.txt : 20180806
<SEC-HEADER>0001477932-18-003199.hdr.sgml : 20180806
<ACCEPTANCE-DATETIME>20180625205423
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001477932-18-003199
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180625

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html><head><title>avino_corresp.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td> <p style="MARGIN: 0px"><img src="avino_correspimg1.jpg"></p></td> <td valign="top"> <p style="MARGIN: 0px"><font color="#5082de"><b>ASM</b>: TSX/NYSE American</font></p> <p style="MARGIN: 0px"><font color="#5082de">&nbsp;</font></p> <p style="MARGIN: 0px"><b><font color="#5082de">Avino Silver &amp; Gold Mines Ltd. </font></b></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#5082de">Suite 900-570 Granville Street </font></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#5082de">Vancouver, BC V6C 3P1</font></p></td> <td valign="top"> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b><font color="#5082de">T (604) 682 3701</font></b></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#5082de">F (604) 682 3600</font></p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b><font color="#5082de">www.avino.com</font></b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">June 25, 2018</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">VIA EDGAR</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">United States Securities and Exchange Commission</p> <p style="MARGIN: 0px" align="justify">Division of Corporation Finance</p> <p style="MARGIN: 0px" align="justify">100 F Street, N.E.</p> <p style="MARGIN: 0px" align="justify">Washington, D.C. 20549</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b><u>Attention: Blaise Rhodes</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="3" cellpadding="0" width="100%" align="center" border="0"> <tr> <td valign="top" width="4%"> <p style="MARGIN: 0px" align="left"><b>Re: </b></p></td> <td> <p style="MARGIN: 0px"><b>Avino Silver &amp; Gold Mines Ltd.</b></p> <p style="MARGIN: 0px" align="justify"><b>Form 20-F for the Year Ended December 31, 2016</b></p> <p style="MARGIN: 0px" align="justify"><b>Filed March 10, 2017</b></p> <p style="MARGIN: 0px" align="justify"><b>File No. 001-35254</b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">Dear Mr. Rhodes:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify">This letter will follow up our conversations with the staff of the Securities and Exchange Commission (the &#8220;Staff&#8221;) on May 30 and 31, 2018 in connection with the Staff&#8217;s review of our Form 20-F for the year ended December 31, 2016 and our prior conversations and correspondence with the Staff related thereto. In light of our prior correspondence and conversations, we are responding as follows. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><b>I. </b><b><u>Voluntary Change in Accounting Policy</u></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">Upon further review of our experience at the Avino and San Gonzalo mines, and in consideration of the Staff&#8217;s comments, we have concluded to&nbsp;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 shareholders with a better reflection of our business activities and to enhance the comparability of our financial statements to our peers. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Accordingly, we plan to adopt the following accounting policy regarding Exploration and Evaluation Assets and Development Costs in our financial statements for the quarter ended June 30, 2018. </p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b><u>Exploration and Evaluation Assets and Development Costs </u></b></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" 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, payments made to contractors, 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" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak990bd416-285c-4e73-b896-fbe8465a13d6" 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">1</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">Exploration and evaluation expenditures for each mineral property continue to be capitalized as an asset provided that one of the following conditions is met:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <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">Such costs are expected to be recovered in full through the successful exploration and development of the mineral property or alternatively, by sale; or</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> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">Exploration and evaluation activities on the mineral property have not reached a stage which permits a reasonable assessment of the existence of economically recoverable reserves although active and significant operations in relation to the mineral property are continuing or planned for the future.</td></tr></tr></table></p> <p style="MARGIN: 0px">&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. Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as a &#8220;mining property&#8221;. Capitalized exploration and evaluation expenditures are tested for impairment before they are transferred to mining properties.</p> <p style="MARGIN: 0px" align="justify">&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, including pre-operating 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> <p style="MARGIN: 0px" align="justify"><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 capacity has been achieved;</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> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="top"><font style="FONT-FAMILY: Symbol">&#183;</font></td> <td valign="top">A predetermined and reasonable time period has passed.</td></tr></table>&nbsp;</font></p> <p style="MARGIN: 0px" align="justify">The carrying values of capitalized development costs are reviewed annually, or when indicators are present, for impairment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b><i><u>II. 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" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreakfd11b5a6-5ca5-4d19-91cc-10f57b2defa5" 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" 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>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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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> <p style="MARGIN: 0px"><em>Total Assets</em></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 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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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> <p style="MARGIN: 0px"><i>Total liabilities and shareholders' 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> <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></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreakf22d672e-ca93-4d19-a6dc-afb6997090a9" 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> <table style="WIDTH: 100%; TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" colspan="14"> <p style="MARGIN: 0px"><b>Effect on Statement of Operations and Comprehensive Income (Loss)</b></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" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>September 30, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" 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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" colspan="2" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Adjustment </i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" 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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>8,573,411</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>15,563,332</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>24,136,743</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Mine Operating Income</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>6,649,327</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(702,525</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>5,946,802</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>General and administrative expenses</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>3,192,866</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>3,192,866</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>3,456,461</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(702,525</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>2,753,936</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>212,118</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>212,118</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>50,169</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>50,169</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(1,035,368</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(1,035,368</i></td> <td valign="bottom"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Interest expense</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(136,178</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(136,178</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(101,929</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(101,929</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(9,440</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(9,440</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>2,435,833</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(702,525</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>1,733,308</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Current income tax expense</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(1,522,232</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(1,522,232</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(786,852</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(786,852</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(2,309,084</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>(2,309,084</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Net Income (Loss) </i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>126,749</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(702,525</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>(575,776</i></td> <td valign="bottom"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td valign="top" colspan="2"> <p style="MARGIN: 0px"><i>Other Comprehensive Income - Items that </i><i>may be reclassified subsequently to income or loss</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" colspan="3"> <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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>3,111,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>3,111,102</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>3,237,851</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>(702,525</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>2,535,326</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Earnings (Loss) per Share</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><i>Basic</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i>$</i></td> <td id="ffcell" valign="bottom" align="right"><i>0.00</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i>$</i></td> <td id="ffcell" valign="bottom" align="right"><i>(0.02</i></td> <td valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i>$</i></td> <td id="ffcell" valign="bottom" align="right"><i>(0.02</i></td> <td valign="bottom"><i>)</i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>0.00</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><i>)</i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 3px" valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"> <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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>36,037,472</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>-</i></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" align="right"><i>36,037,472</i></td> <td valign="bottom"><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"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>36,600,853</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" align="right"><i>36,600,853</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table id="pagebreak39c7fecc-b8bc-4024-ad1c-fc9081df3cb7" 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> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr height="15"> <td valign="top" width="46%"> <p style="MARGIN: 0px"><b>Effect on Statement of Financial Position</b></p></td> <td valign="top" width="15%"></td> <td valign="top" width="19%"></td></tr></table> <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>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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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 bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><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="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><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="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><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="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><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> <p style="MARGIN: 0px"><em>Total Assets</em></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 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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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> <p style="MARGIN: 0px"><i>Total liabilities and shareholders' 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;</p> <p style="MARGIN: 0px"> <table id="pagebreake9552291-069c-44a9-8fc2-e5756caf4d6c" 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"><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>Year Ended December 31, 2015</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>19,082,847</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</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"><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"><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"><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"><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"><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>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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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</i></p> <p style="MARGIN: 0px"><i>Items that may be reclassified subsequently to income or loss 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="#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 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"><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"><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"><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"><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>36,229,424</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"><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>36,723,725</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>36,723,725</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;</p> <p style="MARGIN: 0px"> <table id="pagebreakfde6d264-c189-447d-8275-25b8e9b913b7" 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"><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>December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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"><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"><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"><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"><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"><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"><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"><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"><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 valign="top"> <p style="MARGIN: 0px"><i>Total current 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>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"><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"><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"><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"><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"><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="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><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"><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"><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"><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"><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"><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"><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"><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 valign="top"> <p style="MARGIN: 0px"><i>Total current liabilities</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>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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><i>Total liabilities and shareholders&#8217; 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;</p> <p style="MARGIN: 0px"> <table id="pagebreak52250d4c-6d61-45c8-9667-27936d6e4bc1" 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"><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>December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td></tr> <tr> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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" align="center">&nbsp;</p></td> <td valign="bottom"> <p style="MARGIN: 0px" align="center">&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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>39,895,591</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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"><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 valign="top"> <p style="MARGIN: 0px"><i>Other comprehensive income (loss)</i></p> <p style="MARGIN: 0px"><i>Items that may be reclassified subsequently to income or </i></p> <p style="MARGIN: 0px"><i>Loss 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="#ffffff"> <td valign="top"> <p style="MARGIN: 0px"><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>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid">$</td> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="right">1,789,925</p></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>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"><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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.07</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</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="#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>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="#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 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" 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. We will provide the foregoing information in a Form 6-K to be filed with the SEC. </p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">Further, 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 in accounting policy on a retrospective basis.</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"> <table id="pagebreak077ac6e0-6ecf-4be0-86a7-9f5093a07b3c" 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><i>III. Disclosure</i></b></p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">In accordance with IAS 8, we will make the proposed disclosure set forth in Item II above in a Form 6-K. In making the filing, we will disclose:</p> <p style="MARGIN: 0px" align="justify">&nbsp;</p> <p style="MARGIN: 0px" align="justify"><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 nature of the change in accounting policy;</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">the reasons why applying the new accounting policy provides reliable and more relevant information;</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">for the current period and each prior period presented, the opening balance and comparative amounts as if the new accounting policy had always been applied;</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">for basic and diluted earnings per share; and</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">the amount of the adjustment relating to periods before those presented, to the extent practicable.</td></tr></table>&nbsp;</font></p> <p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">We hope that the foregoing addresses the Staff&#8217;s comments. Please contact the undersigned if you have additional questions.</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 width="50%"></td> <td width="3%"></td> <td style="BORDER-BOTTOM: black 1px solid" width="35%"> <p style="MARGIN: 0px">Respectfully submitted, </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><em>/s/ Malcolm Davidson</em></p></td> <td width="12%"></td></tr> <tr height="15"> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">Chief Financial Officer </p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cols="1" cellpadding="0" width="100%" align="center" border="0"> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px" align="center">9</p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p></BODY><!--Document Created by EDGARMaster--></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
