Aurizon Mines Ltd.: First Quarter Report March 31, 2004.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 13, 2004 Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial Aurizon (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ARZ ARZ Allgemeines Rechenzentrum GmbH (Innsbruck, Austria) ARZ Auto-Restricted Zone ARZ Aquatic Ruin Zone (Sonic 2 level) ) reports financial results for the first quarter of 2004, which have been prepared on the basis of available information up to May 4, 2004. This Management's Discussion and Analysis should be read in conjunction with the most recent annual financial statements of the Company. The first quarter was highlighted by the following activities at Casa Berardi: - Shaft sinking shaft sinking, excavation from the surface of an opening in the earth. Shafts, which are generally vertical, are usually distinguished from tunnels, which are horizontal. studies and related preparatory pre·par·a·to·ry adj. 1. Serving to make ready or prepare; introductory. See Synonyms at preliminary. 2. Relating to or engaged in study or training that serves as preparation for advanced education: work initiated. - Ramp extension completed and 113 Zone accessed at the 550 metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, level. - Definition drilling of 113 Zone confirming previous surface drill results. - Feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. awarded to Met-Chem. - Surface exploration drill program initiated in the East Mine area. Aurizon reported operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. of $472,000 in the first quarter of 2004, compared to cash flow of $281,000 for the same period of 2003. Gold production for the quarter matched forecast at 8,715 ounces and was 14% higher than the 7,672 ounces produced in the same period of 2003. CHANGE IN ACCOUNTING POLICIES Effective January January: see month. 1, 2004, the Company adopted a new accounting policy for revenue recognition, changing from the production method to the sales method. The Company has elected to apply this policy on a prospective basis. Previously, the Company recognized revenue from metals when they had been extracted and processed at the mill facilities. Under the new policy, revenue is recognized when the metals have been delivered and title is passed to a purchaser. Accounting Guideline guideline Medtalk A series of recommendations by a body of experts in a particular discipline. See Cancer screening guidelines, Cardiac profile guidelines, Gatekeeper guidelines, Harvard guidelines, Transfusion guidelines. 13, in respect of hedge accounting Why is hedge accounting necessary? Many financial institutions and corporate businesses (entities) use derivative financial instruments to hedge their exposure to different risks (eg interest rate risk, foreign exchange risk, commodity risk, etc). , became effective January 1, 2004 for the Company. As permitted by the new accounting guideline, the Company has elected not to apply hedge accounting to its derivative instruments Derivative instruments Contracts such as options and futures whose price is derived from the price of an underlying financial asset. , and accordingly, gains or losses arising from the use of derivative instruments, both realized and unrealized, will be charged to operations. FINANCIAL RESULTS During the three months ended March 31, 2004, Aurizon incurred a net loss of $296,000, or nil cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $53,000, or nil cents per share, in the first quarter of 2003. Cash flow from operating activities increased 68% to $472,000 in the first quarter of 2004, compared to cash flow of $281,000 for the same period of 2003. The change in accounting policy for revenue recognition has resulted in the deferment deferment Delaying of an obligation. See Default, Medical student debt. Cf Forbearance. of revenues associated with 2,448 ounces of gold produced, but not sold. This represents 28% of the gold production for the quarter. This factor, mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by higher realized gold prices, resulted in a 16% decrease in revenue compared to the same period of 2003. Revenue from mining operations totaled $3.5 million in the first quarter of 2004 compared to $4.1 million for the same period of 2003. The average gold price realized per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. during the first quarter was US$413 compared to US$349 for the same period of 2003. Mine operating costs operating costs npl → gastos mpl operacionales in the first quarter of 2004 decreased to $2.7 million compared to $3.0 million in 2003. However, higher mining costs associated with a flatter dipping Zone 8 and a stronger Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents contributed to higher total cash costs per ounce of US$327 compared to US$260 in 2003. Depreciation and depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able expense increased in the first quarter of 2004 to $678,000, compared to $629,000 in the same period of 2003. On a per ounce basis, depreciation and amortization increased to US$85 in 2004 from US$58 in the same period of 2003, due to increased capital expenditures resulting from the shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound activities at Sleeping Giant Sleeping Giant may refer to: In geology:
Capital expenditures of $5.3 million were incurred during the first quarter of 2004, of which $4.1 million was invested at Casa Berardi and $1.2 million at Sleeping Giant. During the same period of 2003, $3.8 million was invested at both Casa Berardi ($2.8 million), and Sleeping Giant ($1.0 million). Financing activities during the first quarter of 2004 provided $164,000 from the exercise of incentive stock options and private placement warrants compared to $241,000 received in the same period of 2003. OPERATIONS The Sleeping Giant Mine produced 17,430 ounces of gold during the first quarter, matching forecast, 14% higher than the 15,344 ounces produced in the first quarter of 2003. Aurizon's share of 2004 production was 8,715 ounces. The average ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly of 11.8 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. was 6% higher than plan, although 3% lower than the grade achieved in same period of 2003.
SLEEPING GIANT PRODUCTION
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First Quarter March 31
2004 2003
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Tonnes milled 47,418 40,582
Ore grade (grams/tonne) 11.8 12.1
Gold production - ounces 17,430 15,344
Aurizon's 50% share 8,715 7,672
Gold sold 6,267 7,672
Total cash costs/ounce - US$ $ 327 $ 260
Depreciation and amortization/ounce
- US$ $ 85 $ 58
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Total production costs/ounce - US$ $ 412 $ 318
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Difficult mining conditions resulting from a variable-dipping flat Zone 8 together with a production changeover (programming) changeover - The time when a new system has been tested successfully and replaces the old system. associated with the completion of the shaft sinking, and a strong Canadian dollar, have resulted in a corresponding increase in total cash costs to US$327 per ounce, compared to the US$260 per ounce achieved for the same period of 2003. The total cash costs in the first quarter were 6% higher than plan. Operating costs per tonne increased to $162, 13% higher than plan, and 9% higher than the comparable period in 2003. Shaft infrastructure work associated with the completion of the shaft deepening in December December: see month. 2003 by 200 metres, continued during the first quarter of 2004. Aurizon's share of the shaft-related costs and total capital costs for the first quarter of 2004 was $433,000 and $1.2 million, respectively. CASA BERARDI During the first quarter of 2004, the exploration track drift drift, deposit of mixed clay, gravel, sand, and boulders transported and laid down by glaciers. Stratified, or glaciofluvial, drift is carried by waters flowing from the melting ice of a glacier. was extended by approximately 476 metres at the 550 metre level, to allow for detailed definition drilling of Zone 113. More than 8,500 metres of definition drilling was completed in 61 holes during the quarter. Results to date continue to confirm the continuity of the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Approximately 40,000 metres of definition drilling is planned for 2004. During the first quarter, Met-Chem Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Inc. was awarded the contract to complete an updated feasibility study at Casa Berardi. This study, scheduled for completion in October October: see month. 2004, will provide detailed mine plans, and updated capital and operating cost estimates for the West Mine area of the Casa Berardi project. As a result of the encouraging definition results to date, engineering and site preparation studies have been initiated in respect of a new production shaft. A trackless access to the new shaft has commenced at both the 550 and 280 metre levels. Construction of the shaft collar The shaft collar is a simple, yet important, machine component found in many power transmission applications - most notably motors and gearboxes. They are used as mechanical stops, locating components, and bearing faces. The simple design lends itself to easy installation. is estimated to begin during the third quarter of 2004. OUTLOOK As at March 31, 2004, cash and working capital exceeded $22 million and the Company remains debt free. Aurizon's forecast gold production for 2004 is 34,500 ounces at a total cash cost of US$295 per ounce, based on an average Canadian dollar exchange rate of 1.33. A change of 0.05 in the Canadian dollar exchange rate impacts total cash costs by approximately US$10 per ounce.
Common Shares (Toronto Stock Exchange - ARZ)
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March 31, Dec. 31,
2004 2003
Issued 97,572,619 97,362,619
Fully-diluted 107,262,826 107,262,826
Weighted average 97,519,286 81,762,760
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Summary of Quarterly Results
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2004 2003
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1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
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Revenue $3,681,446 $5,402,401 $4,804,490 $3,683,087
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Net Earnings
(Loss) ($ 296,191) ($ 90,662) $ 7,927 ($ 212,209)
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Earnings (Loss)
per share - Basic
and diluted (0.00) ($ 0.00) ($ 0.00) ($ 0.00)
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2003 2002
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1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
Revenue $4,169,655 $4,317,317 $4,028,592 $4,243,485
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Net Earnings
(Loss) ($ 52,916) ($ 971,294) ($ 626,836) ($1,058,038)
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Earnings (Loss)
per share - Basic
and diluted (0.00) ($ 0.02) ($ 0.01) ($ 0.02)
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CORPORATE Due to other commitments, Mr. Gerard Gerard is a male forename of Germanic origin, variations of which exist in many Germanic and Romance languages. The name derives from Old Germanic 'ger' ('spear') and 'hard' ('hard/strong/brave'). Its meaning is 'strong/brave with the spear'. Gagne Gagne or Gagné is a surname, and may refer to:
Aurizon is a Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. gold producer with operations and exploration activities in the Abitibi Abitibi may mean:
Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. , one of the world's most prolific gold and base metal regions. Aurizon owns fifty percent (50%) of the Sleeping Giant Mine and one hundred percent (100%) of the Casa Berardi property, both of which are located in the Abitibi region. Aurizon shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "ARZ" and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol "AZK AZK Artikel Zur Krankenpflege (German: articles on health care; Willich, Germany) ". U.S. Registration: Form 20-F (File #0-22672) This report contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ", including, but not limited to, statements regarding the Company's expectations as to the market price of gold, strategic plans, future commercial production, production targets and timetables, mine operating costs, capital expenditures, work programs, exploration budgets and mineral reserve and resource estimates. Forward-looking statements express, as at the date of this report, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, factors associated with fluctuations in the market price of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , mining industry risks and hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , environmental risks and hazards, uncertainty as to calculation of mineral reserves and resources, requirement of additional financing, risks of delays in construction and other risks more fully described in Aurizon's Annual Report on Form 20-F filed as an alternative form of AIF AIF Annual Information Form AIF Apoptosis-Inducing Factor AIF Agence Intergouvernementale de la Francophonie (French: Intergovernmental Agency for Francophony) AIF Australian Imperial Force with the Securities Commissions of the provinces of British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. and Quebec, with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission, and with the Toronto Stock Exchange. This 20-F document is available on Sedar at www.sedar.com.
Consolidated Balance Sheets (unaudited) - As at
(all figures in Canadian Dollars)
March 31, December 31,
2004 2003
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$ $
ASSETS
CURRENT
Cash and cash equivalents 22,463,078 27,080,839
Bullion settlements - 781,685
Accounts receivable 1,390,596 1,498,872
Refundable tax credits 1,736,703 1,736,703
Prepaids 565,515 469,755
Inventories 2,023,063 1,058,177
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TOTAL CURRENT ASSETS 28,178,955 32,626,031
RECLAMATION DEPOSITS 573,761 428,650
PROPERTY, PLANT AND EQUIPMENT 8,088,767 7,985,842
MINERAL PROPERTIES 41,867,941 37,570,739
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TOTAL ASSETS 78,709,424 78,611,262
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LIABILITIES
CURRENT
Accounts payable and accrued
liabilities 4,901,072 4,717,569
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4,901,072 4,717,569
ASSET RETIREMENT OBLIGATIONS 2,669,781 2,622,431
FUTURE INCOME TAXES 967,320 967,320
LONG-TERM LIABILITIES 651,405 651,405
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TOTAL LIABILITIES 9,189,578 8,958,725
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SHAREHOLDERS' EQUITY
SHARE CAPITAL (Note 3)
Common shares issued - 97,572,619
(2003 - 97,362,619) 121,914,473 121,750,973
CONTRIBUTED SURPLUS 742,943 742,943
STOCK BASED COMPENSATION 414,000 414,000
DEFICIT (53,551,570) (53,255,379)
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TOTAL SHAREHOLDERS' EQUITY 69,519,846 69,652,537
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TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 78,709,424 78,611,262
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The attached notes form an integral part of these consolidated
financial statements
Approved on behalf of the Board,
Brian Moorhouse, Robert Normand,
Director Director
Consolidated Statements of Operations and Deficit (unaudited) -- For
the three months ended March 31,
2004 2003
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$ $
REVENUE (As Restated)
Mining operations 3,456,986 4,114,749
Interest and other income 224,460 54,906
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3,681,446 4,169,655
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EXPENSES
Operating costs 2,699,311 3,017,210
Depreciation and depletion 678,334 629,469
Accretion 22,097 44,130
Administrative and general costs 552,460 472,611
Gain on sale of property, plant and
equipment (37,500) -
Foreign exchange gain (42,529) -
Capital taxes 79,141 42,524
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3,951,314 4,205,944
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EARNINGS (LOSS) FOR THE PERIOD
BEFORE INCOME TAXES (269,868) (36,289)
INCOME TAX EXPENSE (26,323) (16,627)
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NET LOSS FOR THE PERIOD (296,191) (52,916)
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DEFICIT - BEGINNING OF PERIOD
AS PREVIOUSLY REPORTED (53,255,379) (54,319,868)
CHANGE IN ACCOUNTING POLICY (Note 2) - 1,365,643
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DEFICIT - AS RESTATED (53,255,379) (52,954,225)
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DEFICIT - END OF PERIOD (53,551,570) (53,007,141)
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LOSS PER SHARE - Basic and diluted (0.00) (0.00)
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Weighted average number of common
shares outstanding 97,519,286 63,296,637
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Consolidated Statements of Cash Flow (unaudited) - For the three
months ended March 31,
2004 2003
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$ $
(As Restated)
OPERATING ACTIVITIES
Net loss for the period (296,191) (52,916)
Add (deduct) items not requiring an
outlay of cash:
Depreciation and depletion 699,692 652,714
Accretion 22,097 44,130
Gain on sale of property,
plant and equipment (37,500) -
Unrealized foreign exchange gain (42,529) -
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345,569 643,928
Decrease (increase) in non-cash
working capital items 126,298 (363,216)
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471,867 280,712
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INVESTING ACTIVITIES
Property, plant and equipment (266,058) (143,851)
Reclamation deposits (145,111) -
Mineral properties (4,946,959) (3,668,618)
Proceeds on disposal of property,
plant and equipment 105,000 5,000
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(5,253,128) (3,807,469)
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FINANCING ACTIVITIES
Issuance of shares 163,500 241,205
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163,500 241,205
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DECREASE IN CASH AND CASH
EQUIVALENTS (4,617,761) (3,285,552)
CASH AND CASH EQUIVALENTS -
BEGINNING OF PERIOD 27,080,839 12,441,888
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CASH AND CASH EQUIVALENTS - END OF
PERIOD 22,463,078 9,156,336
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Notes to Consolidated Financial Statements (unaudited)
(all figures in Canadian dollars)
1. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting on a basis consistent with those outlined in the Company's audited financial statements for the year ended December 31, 2003. These notes do not include all of the information and disclosures required by Canadian generally accepted accounting principles for annual financial statements. These interim financial statements should be read in conjunction with the most recent annual financial statements of the Company. The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. have not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. . 2. Change in Accounting Policies a) Revenue Recognition Effective January 1, 2004, the Company has elected to apply a new CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Accounting Standard, EIC EIC Editor-In-Chief EIC Euro Info Centre (DIN) EIC Earned Income Credit EIC Excellence in Cities (UK) EIC Enterprise Interaction Center (Interactive Intelligence) 141, for revenue recognition, on a prospective basis. Previously the Company recognized revenue from metals when they had been extracted and processed at the mill facilities. Under the new standard, revenue is recognized when the metals have been delivered, and title is passed to a purchaser. The adoption of the new standard has resulted in a decrease in bullion BULLION. In its usual acceptation, is uncoined gold or silver, in bars, plates, or other masses. 1 East, P. C. 188. 2. In the acts of Congress, the term is also applied to copper properly manufactured for the purpose of being coined into money. settlements of $781,685 and an increase in inventories of $1,079,012. The effect on operations for the period ended March 31, 2004 was an increase in the net loss of $33,296. b) Hedging Transactions The CICA has issued Accounting Guideline 13, "Hedging Relationships," (AcG 13) which is effective January 1, 2004 for the Company. AcG 13 addresses the identification, designation DESIGNATION, wills. The expression used by a testator, instead of the name of the person or the thing he is desirous to name; for example, a legacy to. the eldest son of such a person, would be a designation of the legatee. Vide 1 Rop. Leg. ch. 2. 2. , documentation, and effectiveness of hedging transactions for the purposes of applying hedge accounting. It also establishes conditions for applying or discontinuing hedge accounting. The Company does not intend to apply hedge accounting to its derivative instruments and accordingly gains or losses arising from the use of derivative instruments, both realized and unrealized, will be charged to operations. For the quarter ended March 31, 2004, this resulted in an unrealized foreign exchange gain of $42,529 being charged to operations. c) Asset Retirement Obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. On January 1, 2003, the Company retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin adopted the new CICA Accounting Standard, section 3110 for asset retirement obligations. The adoption of the new standard in 2003 resulted in a $1,365,643 credit to the opening deficit. 3. Share Capital a) Warrants Warrants issued pursuant to private placements as at March 31, 2004 and the changes during the periods ended on those dates is presented below. One warrant is exchangeable for one common share:
Three months Three months
ended March 31, ended March 31,
2004 2003
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Weighted- Weighted-
average average
exercise exercise
Shares price Shares price
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Outstanding at beginning
of period 6,886,207 $2.32 5,358,055 $0.75
Exercised (50,000) $1.35 (94,100) $0.65
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Outstanding at end of
period 6,836,207 $2.33 5,263,955 $0.75
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b) Incentive Stock Options The Company maintains an incentive stock option plan ("the plan") covering officers, directors and certain key employees. The exercise price of the options is equal to the fair value of the common shares at the date of grant and the options are fully vested vested adj. referring to having an absolute right or title, when previously the holder of the right or title only had an expectation. Examples: after 20 years of employment Larry Loyal's pension rights are now vested. (See: vest, vested remainder) and exercisable in full at the date of grant. The maximum number of options available under the plan may not exceed 7,000,000 shares. The status of stock options granted to officers, directors and employees as at March 31, 2004 and the changes during the periods ended is presented below:
Three months Three months
ended March 31, ended March 31,
2004 2003
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Weighted- Weighted-
average average
exercise exercise
Shares price Shares price
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Outstanding at beginning
of period 3,014,000 $1.31 4,087,000 $0.93
Exercised (160,000) $0.60 (226,800) $0.79
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Outstanding at end of
period 2,854,000 $1.35 3,860,200 $0.94
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4. Commitments At March 31, 2004, the Company has a commitment to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. $4,995,000 of eligible flow through expenditures at Casa Berardi prior to December 31, 2004, of which $2,808,000 has been incurred to date. |
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