Consolidated Balance Sheets
As at April 30
(expressed in thousands of Canadian dollars)
|
ASSETS
|
2008 | 2007 | ||
|---|---|---|---|---|
| Current | ||||
| Cash and cash equivalents | $ | 9,524 | $ | 21,473 |
| Short-term deposits | 259 | 58 | ||
| Accounts Receivable | 3,542 | 3,722 | ||
| Investments (Note 5) | 1,357 | – | ||
| Prepaid expenses | 418 | 227 | ||
| 17,108 | 27,487 | |||
| Deferred Financing Fees (Note 12) | – | 74 | ||
| Prepaid Fuel | 285 | 471 | ||
| Property, Plant and Equipment (Note 7) | 4,577 | 6,140 | ||
| Resource Property Costs (Note 8) | 173,716 | 193,982 | ||
| $ | 193,678 | $ | 226,147 | |
| LIABILITIES | ||||
| Current | ||||
| Accounts payable and accrued liabilities | ||||
| – Trade | 2,949 | 7,219 | ||
| – Due to related parties (Note 10) | 65 | 262 | ||
| Convertible Debentures (Note 12) | 18,575 | – | ||
| 21,589 | 7,481 | |||
| Future Income Tax Liabilities (Note 11) | 19,703 | 23,871 | ||
| Convertible Debentures (Note 12) | – | 17,223 | ||
| Asset Retirement Obligations (Note 13) | 637 | 600 | ||
| 41,929 | 49,175 | |||
| SHAREHOLDER’S EQUITY | ||||
| Share Capital (Note 9) | 202,002 | 201,387 | ||
| Contributed Surplus (Note 9) | 10,228 | 8,537 | ||
| Equity Component of Convertible Debenture (Note 12) | 2,916 | 2,916 | ||
| Deficit | (63,397) | (35,868) | ||
| 151,749 | 176,972 | |||
| $ | 193,678 | $ | 226,147 | |
| Nature of Operations and Basis of Consolidation (Note 1) | ||||
| Going Concern (Note 2) | ||||
| Commitments (Note 15) | ||||
| Subsequent Event (Note 16) | ||||
ON BEHALF OF THE BOARD:
“Catherine McLeod-Seltzer”, Director
“Eira Thomas”, Director
– See Accompanying Notes –