Unaudited
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1 2 3 4 5 |
Statements of Operations and Deficit |
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August 31, 2003 |
February 28, 2003 (Audited) |
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ASSETS |
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Current |
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Cash |
$ 261,351 |
$ 254,852 |
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Marketable securities |
50,500 |
50,500 |
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Receivables |
- |
103,591 |
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311,851 |
408,943 |
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Capital assets (Note 3) |
1,002 |
1,002 |
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Mineral properties (Note 4) |
850,650 |
895,650 |
Deferred exploration costs (Note 5)
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1,031,703 |
808,176 |
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$ 2,195,206 |
$ 2,113,771 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current |
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Accounts payable and accrued liabilities |
$ 168,569 |
$ 209,161 |
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Due to related parties (Note 7) |
21,935 |
41,857 |
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190,504 |
251,018 |
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Shareholders' equity |
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Capital stock (Note 6) |
6,335,607 |
6,063,361 |
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Subscriptions receivable |
(89,500) |
(89,500) |
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Contributed surplus (Note 6) |
34,316 |
34,316 |
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Deficit |
(4,275,721) |
(4,145,424) |
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2,004,702 |
1,862,753 |
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$ 2,195,206 |
$ 2,113,771 |
Nature and continuance of operations (Note 1)
Contingencies (Note 9)
Subsequent events (Note 12)
On behalf of the Board:
"N. Reid Toreson" Director
"Laura Lee Duffett" Director
The accompanying notes are an integral part of these financial statements.
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3 Months Ended August 31, 2003 |
6 Months Ended August 31, 2003 |
3 Months Ended August 31, 2002 |
6 Months Ended August 31, 2002 |
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EXPENSES |
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Amortization |
$ - |
$ - |
$ - |
$ - |
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Bank charges and interest |
29 |
48 |
335 |
469 |
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Consulting expense |
17,444 |
48,973 |
- |
- |
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Expense recovery |
- |
(6,469) |
(582) |
(582) |
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Management fees |
- |
10,500 |
12,350 |
20,650 |
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Office and miscellaneous |
8,432 |
14,688 |
10,344 |
15,170 |
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Professional fees |
22,598 |
39,714 |
29,396 |
31,125 |
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Telephone |
786 |
1,715 |
985 |
1,790 |
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Transfer agent and regulatory fees |
4,838 |
9,536 |
13,057 |
17,661 |
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Travel and promotion |
4,866 |
11,592 |
8,340 |
20,141 |
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Loss for the period |
(58,993) |
(130,297) |
(74,225) |
(106,424) |
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Deficit, beginning of period |
(4,216,728) |
(4,145,424) |
(3,582,661) |
(3,550,462) |
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Deficit, end of period |
$ (4,275,721) |
$ (4,275,721) |
$ (3,656,886) |
$ (3,656,886) |
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Basic and diluted earnings (loss) per common share |
$ (0.003) |
$ (0.007) |
$ (0.005) |
$ (0.007) |
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Weighted average number of common shares outstanding |
19,259,496 |
19,048,592 |
15,851,500 |
15,651,500 |
The accompanying notes are an integral part of these financial statements.
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3 Months Ended August 31, 2003 |
6 Months Ended August 31, 2003 |
3 Months Ended August 31, 2002 |
6 Months Ended August 31, 2002 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Income (loss) for the period |
$ (58,993) |
$ (130,297) |
$ (74,225) |
$ (106,424) |
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Items not affecting cash: |
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Amortization |
- |
- |
- |
- |
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Changes in non-cash working capital items: |
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Increase (decrease) in accounts receivable |
56,610 |
103,591 |
(1,737) |
(8,535) |
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Increase (decrease) in accounts payable |
18,091 |
(40,592) |
5,453 |
(21,990) |
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Increase (decrease) in subscriptions
receivable |
- |
- |
(94,500) |
(86,000) |
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Net cash used in operating activities |
15,708 |
(67,298) |
(165,009) |
(222,949) |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Issuance of capital stock |
7,460 |
272,246 |
752,500 |
840,000 |
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Repayment to related parties |
(17,655) |
(19,922) |
(4,280) |
(8,032) |
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Share subscriptions received |
- |
- |
(166,950) |
- |
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Net cash provided by financing activities |
(10,195) |
252,324 |
581,270 |
831,968 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Mineral properties, net of recoveries |
40,000 |
45,000 |
(186,000) |
(303,500) |
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Deferred exploration costs, net of recoveries |
(171,257) |
(223,527) |
(26,389) |
(43,236) |