Unaudited
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1 2 3 4 5 |
Statements of Operations and Deficit |
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November 30, 2003 |
February 28, 2003 (Audited) |
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ASSETS |
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Current |
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Cash |
$ 123,877 |
$ 254,852 |
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Marketable securities |
50,500 |
50,500 |
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Receivables |
51,643 |
103,591 |
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226,020 |
408,943 |
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Capital assets (Note 3) |
1,002 |
1,002 |
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Mineral properties (Note 4) |
924,650 |
895,650 |
Deferred exploration costs (Note 5)
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1,499,039 |
808,176 |
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$ 2,650,711 |
$ 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 |
$ 115,600 |
$ 209,161 |
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Due to related parties (Note 7) |
42,800 |
41,857 |
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158,400 |
251,018 |
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Shareholders' equity |
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Capital stock (Note 6) |
6,483,203 |
6,063,361 |
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Subscriptions receivable |
(89,500) |
(89,500) |
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Subscriptions received |
422,000 |
(89,500) |
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Contributed surplus (Note 6) |
34,316 |
34,316 |
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Deficit |
(4,357,708) |
(4,145,424) |
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2,492,311 |
1,862,753 |
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$ 2,650,711 |
$ 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 November 30, 2003 |
9 Months Ended November 30, 2003 |
3 Months Ended November 30, 2002 |
9 Months Ended November 30, 2002 |
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EXPENSES |
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Amortization |
$ - |
$ - |
$ - |
$ - |
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Bank charges and interest |
186 |
234 |
141 |
610 |
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Consulting expense |
23,735 |
72,708 |
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- |
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Expense recovery |
(15,082) |
(21,551) |
(23,412) |
(23,995) |
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Management fees |
21,500 |
32,000 |
13,800 |
34,450 |
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Office and miscellaneous |
6,659 |
21,347 |
6,202 |
21,373 |
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Professional fees |
21,362 |
61,076 |
37,644 |
68,769 |
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Telephone |
1,111 |
2,826 |
1,407 |
3,197 |
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Transfer agent and regulatory fees |
9,441 |
18,977 |
2,848 |
20,509 |
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Travel and promotion |
13,075 |
24,667 |
4,094 |
24,235 |
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Loss for the period |
(81,987) |
(212,284) |
(42,724) |
(149,148) |
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Deficit, beginning of period |
(4,275,721) |
(4,145,424) |
(3,656,886) |
(3,550,462) |
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Deficit, end of period |
$ (4,357,708) |
$ (4,357,708) |
$ (3,699,610) |
$ (3,699,610) |
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Basic and diluted earnings (loss) per common share |
$ (0.005) |
$ (0.01) |
$ (0.003) |
$ (0.007) |
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Weighted average number of common shares outstanding |
19,531,464 |
19,114,425 |
17,026,050 |
15,651,500 |
The accompanying notes are an integral part of these financial statements.
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3 Months Ended November 30, 2003 |
9 Months Ended November 30, 2003 |
3 Months Ended November 30, 2002 |
9 Months Ended November 30, 2002 |
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CASH
FLOWS FROM OPERATING ACTIVITIES |
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Income (loss) for the period |
$ (81,987) |
$ (212,284) |
$ (42,724) |
$ (159,148) |
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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 |
(51,643) |
51,948 |
(14,137) |
(22,672) |
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Increase (decrease) in accounts payable |
(52,969) |
(93,561) |
154,244 |
132,254 |
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Increase (decrease) in subscriptions
receivable |
- |
- |
45,500 |
(40,500) |
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Net cash used in operating activities |
(186,599) |
(253,897) |
142,883 |
(80,066) |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Issuance of capital stock |
147,596 |
419,842 |
45,000 |
885,000 |
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Increase (decrease) in due to related parties |
20,865 |
943 |
33,170 |
25,138 |
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Share subscriptions received |
422,000 |
422,000 |
12,000 |
12,000 |
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Net cash provided by financing activities |
590,461 |
842,785 |
90,170 |
922,138 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Mineral properties, net of recoveries |
(74,000) |
(2,000) |
(62,000) |
(365,500) |
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Deferred exploration costs, net of recoveries |
(467,336) |
(717,863) |