November 30, 2001 Operations & Deficit

Financial Statements

TRS.CDNX Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT

	3 Months Ended November 30, 2001	9 Months Ended November 30, 2001	3 Months Ended November 30, 2000	9 Months Ended November 30, 2000
EXPENSES
Amortization	$ -	$ -	$ -	$ -
Bank charges and interest	110	442	1,884	3,103
Management fees	5,200	16,200	3,100	10,800
Office and miscellaneous	2,754	12,450	2,092	6,242
Professional fees	2,109	18,304	1,217	13,944
Property investigation	-	1,100	-	-
Telephone	999	2,582	504	1,779
Transfer agent and regulatory fees	3,778	12,507	1,437	7,280
Travel and promotion	300	3,027	-	1,367
	(15,250)	(66,612)	(10,234)	(44,515)
OTHER ITEMS
Interest and other income	-	-	-	50
Write-off of deferred exploration (Note 7)	-	-	-	-
Write-off of mineral properties (Note 6)	-	-	-	-
	-	-	-	50
Loss for the period	(15,250)	(66,612)	(10,234)	(44,465)
Deficit, beginning of period	(3,622,384)	(3,571,022)	(3,531,073)	(3,496,842)
Deficit, end of period	$(3,637,634)	$(3,637,634)	$(3,541,307)	$(3,541,307)
Loss per common share	$ (0.002)	$ (0.007)	$ (0.001)	$ (0.005)

The accompanying notes are an integral part of these financial statements.