<SEC-DOCUMENT>0001477932-18-003290.txt : 20180806
<SEC-HEADER>0001477932-18-003290.hdr.sgml : 20180806
<ACCEPTANCE-DATETIME>20180629171932
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001477932-18-003290
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180629

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="bottom" width="25%"> <p style="MARGIN: 0px"><font color="#28628e"><font face="Myriad Pro"><b>ASM</b>: TSX/NYSE American</font></font></p> <p style="MARGIN: 0px"><font color="#28628e" face="Myriad Pro">&nbsp;</font></p> <p style="MARGIN: 0px"><b><font color="#28628e" face="Myriad Pro">Avino Silver &amp; Gold Mines Ltd. </font></b></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#28628e" face="Myriad Pro">Suite 900-570 Granville Street </font></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#28628e" face="Myriad Pro">Vancouver, BC V6C 3P1</font></p></td> <td valign="top" width="15%"> <p style="MARGIN: 0px 0px 0px 0in"><font face="Myriad Pro">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in"><font face="Myriad Pro">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in"><b><font color="#28628e" face="Myriad Pro">T (604) 682 3701</font></b></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#28628e" face="Myriad Pro">F (604) 682 3600</font></p> <p style="MARGIN: 0px 0px 0px 0in"><font color="#28628e" face="Myriad Pro">&nbsp;</font></p> <p style="MARGIN: 0px 0px 0px 0in"><b><font color="#28628e" face="Myriad Pro">www.avino.com</font></b></p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px" align="justify">June 29, 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 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">This letter will follow up our conversations with the staff of the Securities and Exchange Commission (the &#8220;Staff&#8221;) on June 27, 2018 in connection with the Staff&#8217;s review of our Form 20-F for the year ended December 31, 2016. We are responding as follows. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0px" align="justify"><b>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b><b><u>Voluntary Change in Accounting Policy</u></b></p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" 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 we have concluded to change our accounting policy under IFRS 6 and IAS 16 in accounting for our Exploration and Evaluation Assets and Development Costs, including our determination that we commenced production effective July 1, 2015. The voluntary change in accounting policy is intended to provide shareholders with a better reflection of our business activities to enhance the comparability of our financial statements to our peers and to make the financial statements more relevant to the economic decision-making needs of users.</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" 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 0px 0px 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify"><b><u>Exploration and Evaluation Assets and Development Costs </u></b></p> <p style="MARGIN: 0px 0px 0px 1in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">(i) Exploration and evaluation expenditures</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">The Company capitalizes all costs relating to the acquisition, exploration and evaluation of mineral claims. Expenditures incurred before the Company has obtained the legal rights to explore a specific area are expensed. The Company&#8217;s capitalized exploration and evaluation costs are classified as intangible assets. Such costs include, but are not limited to, certain camp costs, geophysical studies, exploratory drilling, geological and sampling expenditures, and depreciation of plant and equipment during the exploration stage. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed in the period in which they occur. Proceeds from the sale of mineral products or farm outs during the exploration and evaluation stage are deducted from the related capitalized costs. </p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px -15px; TEXT-INDENT: 15px" align="justify"> <table id="pagebreaka836aaa5-93ad-44c5-8783-473149d1214d" 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 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">The carrying values of capitalized amounts are reviewed annually, or when indicators of impairment are present. In the case of undeveloped properties, there may be only inferred resources to allow management to form a basis for the impairment review. The review is based on the Company&#8217;s intentions for the development of such properties. If a mineral property does not prove to be viable, all unrecoverable costs associated with the property are charged to the consolidated statement of comprehensive income (loss) at the time the determination is made. </p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">When the technical feasibility and commercial viability of extracting mineral resources have been demonstrated, exploration and evaluation costs are assessed for impairment, reclassified to mining properties and become subject to depletion. Management considers the technical feasibility and commercial viability of extracting a mineral resource to be demonstrable upon the completion of a positive feasibility study and the establishment of mineral reserves. For certain mineral projects, management may determine the completion of a feasibility study to be cost prohibitive, unnecessary or to present undue risk to the structural integrity of the ore body. Under such circumstances, management considers technical feasibility to be demonstrable when the Company has obtained the necessary environmental and mining permits, land surface and mineral access rights, and the mineral project can be physically constructed and operated in a technically sound manner to produce a saleable mineral product. In assessing whether commercial viability is demonstrable, management considers if its internal economic assessment indicates that the mineral project can be mined to generate a reasonable return on investment for the risk undertaken, and markets or long-term contracts for the product exist.</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">(ii) Development Expenditures</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">Mine Development Costs are capitalized until the mineral property is capable of operating in the manner intended by management. The Company evaluates the following factors in determining whether a mining property is capable of operating in the manner intended by management:</p> <p style="MARGIN: 0px 0px 0px 0.5in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The completion and assessment of a reasonable commissioning period of the mill and mining facilities;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Consistent operating results are achieved during the test period;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Existence of clear indicators that operating levels intended by management will be sustainable for the foreseeable future;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Plant / mill has reached a pre-determined percentage of design capacity;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Adequate funding is available and can be allocated to the operating activities;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 1in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Long term sales arrangements have been secured;</p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px" align="justify">The carrying values of capitalized development costs are reviewed annually, or when indicators are present, for impairment.</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in"><b><i><u>II. Effect of Change in Accounting Policy</u></i></b></p> <p style="MARGIN: 0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 45px">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="pagebreak1bcda795-3c00-4b4f-8bcc-b85bde1151a8" 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 style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Inventory</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Reclamation Bonds</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>&nbsp;Total Assets </i></p></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Amounts due to related parties</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred Income Tax Liabilities</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Total Liabilities</i></p></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Accumulated Deficit</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total Equity</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Total Liabilities and Equity</i></p></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak1edb5939-56a7-4724-b8ab-aa1c87b80189" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">3</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Effect on Statement of Operations and Comprehensive Income (Loss)</b></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <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 style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>Adjustment </i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>Retrospective Application </i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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 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 valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>14,860,807</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>30,083,545</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Cost of Sales</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>8,573,411</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>15,563,332</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>24,136,743</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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>6,649,327</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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>5,946,802</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>General and administrative expenses</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,192,866</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,192,866</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Income before other income (expenses) </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>3,456,461</i></td> <td 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,753,936</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Fair value adjustment on warrant liability</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>212,118</i></td> <td 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 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>212,118</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Interest and other income</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>50,169</i></td> <td 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 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>50,169</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Foreign exchange loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,035,368</i></td> <td style="PADDING-BOTTOM: 1px" 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,035,368</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Interest expense</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,178</i></td> <td style="PADDING-BOTTOM: 1px" 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(136,178</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Accretion of reclamation provision</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,929</i></td> <td style="PADDING-BOTTOM: 1px" 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(101,929</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Unrealized loss on investments</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(9,440</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(9,440</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Net Income Before Income Taxes</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>2,435,833</i></td> <td 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>1,733,308</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Current income tax recovery (expense)</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,522,232</i></td> <td style="PADDING-BOTTOM: 1px" 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(1,522,232</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred income tax expense </i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(786,852</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(786,852</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,309,084</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(2,309,084</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Net Income (Loss) </i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>126,749</i></td> <td 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(575,776</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Other Comprehensive Income - Items that</i></p> <p style="MARGIN: 0px"><i>may be reclassified subsequently to income or loss</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Currency translation differences of foreign operations</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,111,102</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>3,111,102</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Comprehensive Income </i></p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>3,237,851</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(702,525</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>2,535,326</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Earnings (Loss) per Share</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" valign="bottom" width="9%" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.00</i></td> <td 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 valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>0.00</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(0.02</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td valign="top"> <p style="MARGIN: 0px"><i>Basic</i></p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,037,472</i></td> <td 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 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 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 valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>36,037,472</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,600,853</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>36,600,853</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak63093b35-39a5-4936-b4ea-27a7bf149cd1" class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">4</td></tr> <tr> <td> <div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div>&nbsp;</td></tr> <tr> <td>&nbsp;</td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"><b>Effect on Statement of Financial Position<u></u></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">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Inventory</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Reclamation Bonds</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>&nbsp;Total Assets </i></p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,341,992</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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> <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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Taxes payable</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred Income Tax Liabilities</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Total Liabilities</i></p></td> <td style="BORDER-BOTTOM: black 3px double" 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>35,403,293</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" 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>35,403,293</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Accumulated Deficit</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total Equity</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Total Liabilities and Equity</i></p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>87,341,992</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak4623ed39-14e6-4812-bc64-7c971d3499ad" 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 0px 0px 0in"><b>Effect on Statement of Operations and Comprehensive Income</b>&nbsp;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <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">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>As Reported</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>Adjustment</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>Retrospective Application</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>19,082,847</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>21,501,272</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 valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>40,584,119</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Cost of Sales</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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 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 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>General and Administrative Expenses</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 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 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Finance cost</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 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 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred income tax recovery </i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 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 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Comprehensive Income</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>(51,191</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" 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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>-</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.01</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table></p> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak3ad223cb-5838-4cc5-b63e-daa12fff7b5f" 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">&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 0px 0px 0in"><b>Effect on Statement of Financial Position</b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="hdcell" style="BORDER-BOTTOM: 1px solid" valign="bottom" colspan="10" align="center"> <p style="MARGIN: 0px" align="center"><b><i>Year Ended December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="right"><b><i>As Reported</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-TOP: #000000 0px solid" valign="top"> <p style="MARGIN: 0px"><i>ASSETS</i></p></td> <td style="BORDER-TOP: #000000 0px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-TOP: #000000 0px solid" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-TOP: #000000 0px solid" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td id="ffcell" style="BORDER-TOP: #000000 0px solid" valign="bottom" width="9%" colspan="2" align="right"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-TOP: #000000 0px solid; PADDING-BOTTOM: 1px" 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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Inventory</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>47,166,811</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>47,166,811</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Reclamation bonds</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 3px double" valign="top"> <p style="MARGIN: 0px"><i>Total Assets</i></p></td> <td style="BORDER-BOTTOM: black 3px double" 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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 3px double" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 3px double" valign="bottom" width="1%"><i>$</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="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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>267,726</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Taxes payable</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,873,792</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>-</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>15,873,792</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred income tax liabilities</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total Liabilities</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Accumulated deficit</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr bgcolor="#ffffff"> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total Equity</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total liabilities and Equity</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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>125,937,065</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>856,847</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>126,793,912</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px">&nbsp; <table id="pagebreak9df790df-afc6-442c-a7d2-022e8fcc9c8e" 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 0px 0px 0in"><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 0px 0px 0in" align="center"><b><i>Year Ended December 31, 2016</i></b></p></td> <td valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 0px 0px 0in" align="right"><b><i>As Reported</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 0px 0px 0in" align="right"><b><i>Adjustment</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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 0px 0px 0in" align="right"><b><i>Retrospective Application</i></b></p></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom"> <p style="MARGIN: 0px">&nbsp;</p></td></tr> <tr> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Cost of sales</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Share-based payments</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <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> <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> <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> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Unrealized gain loss on long-term investments</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Deferred income tax expense</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <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 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 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 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 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 style="PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" 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 style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i>)</i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Total Comprehensive income</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><em>856,847</em></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"><em>&nbsp;</em></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px"><em>&nbsp;</em></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><em>$</em></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><em>1,789,925</em></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"> <p style="MARGIN: 0px"><em>&nbsp;</em></p></td></tr> <tr> <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> <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>$</i></td> <td id="ffcell" valign="bottom" width="9%" align="right"><i>0.07</i></td> <td valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.05</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.02</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="1%"><i>$</i></td> <td id="ffcell" style="BORDER-BOTTOM: black 1px solid" valign="bottom" width="9%" align="right"><i>0.07</i></td> <td style="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr> <tr> <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> <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> <td style="BORDER-BOTTOM: black 1px solid" valign="top"> <p style="MARGIN: 0px"><i>Diluted</i></p></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td> <td style="BORDER-BOTTOM: black 1px solid" 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="BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 1px" valign="bottom" width="1%"><i> <p style="MARGIN: 0px">&nbsp;</p></i></td></tr></table> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">We are applying this change in accounting policy on a retrospective basis for informational purposes only. </p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" 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 0px 0px 0in" align="justify">&nbsp; <table id="pagebreakabc0d0df-6275-4a4f-a2fa-69255e82ff35" 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 0px 0px 0in" align="justify"><b><i>III. Disclosure</i></b></p> <p style="MARGIN: 0px 0px 0px 0in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">In accordance with IAS 8, we will make the proposed change in accounting policy to make the financial statements more relevant to the economic decision-making needs of users. In making the Form 6-K filing, we will disclose the items in I and II above including:</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.75in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the nature of the change in accounting policy;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.75in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the reasons why applying the new accounting policy provides reliable and more relevant information;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.75in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>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;</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.75in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>for basic and diluted earnings per share; and</p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0.75in; TEXT-INDENT: 0px" align="justify"><font face="Symbol">&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the amount of the adjustment relating to periods before those presented, to the extent practicable.</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 0.5in" align="justify">We hope that the foregoing addresses the Staff&#8217;s comments. Please contact the undersigned if you have additional questions.&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="2" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="50%"> <p style="MARGIN: 0px">&nbsp;</p></td> <td width="50%"> <p style="MARGIN: 0px">Respectfully submitted, </p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px">/s/ Malcolm Davidson</p> <p style="MARGIN: 0px">Chief Financial Officer </p></td></tr></table></p> <p style="MARGIN: 0px">&nbsp;</p> <p style="MARGIN: 0px"> <table class="pagebreak" style="FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td class="hpbhr">&nbsp;</td></tr> <tr> <td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">9</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>
