Consolidated Statements of Loss and Deficit
For the years ended

(expressed in thousands of Canadian dollars except for loss per share and weighted average number of shares outstanding)

    April 30, 2008   April 30, 2007
Administrative Expenses        
Administration fees and rent $ 192 $ 126
Professional fees   393   1,975
Office and sundry   678   201
Property management fees     (57)
Regulatory and shareholder communication expense   708   735
Salaries and benefits   1,114   1,435
Stock-based compensation (Note 9k)   1,143   1,446
         
Loss Before the Following   (4,228)   (5,861)
         
Other Income (Expenses)        
Write-off of resource property costs   (26,334)   (16,500)
Write-down of investments   (513)  
Interest expense   (70)   (537)
Gain on settlement of debt     321
Interest income   739   883
Loss on sale of a mineral property interest   (5,465)  
Loss on sale of investments     (16)
    (31,643)   (15,849)
         
Loss Before Income Taxes   (35,871)   (21,710)
Future income tax recovery (Note 11)   8,342   2,145
Total Loss After Income Taxes   (27,529)   (19,565)
         
Non-Controlling Minority Interest     428
         
Net Loss for the Year   (27,529)   (19,137)
Deficit – Beginning of year   (35,868)   (16,731)
Deficit – End of Year $ (63,397) $ (35,868)
         
         
Loss per Share – Basic and Diluted $ (0.14) $ (0.15)
         
Weighted Average Number of Shares Outstanding   198,496,752   131,409,520

– See Accompanying Notes –